VeriTeQ Corp. (fka VTEQ)

[trader53]

VTEQ - Huge Partnership News !!

VTEQ - Analysis / Targets

Targets 0.0009 / 0.0012 / 0.002 / 0.004 / 0.02 / 0.035
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=113548438

VeriTeQ Corporation Executes Term Sheet for Exclusive License of Its Q Inside Safety Technology for Breast Implant Market With $1.75 Million Upfront Payment

Licensee Will Have 24-Month Option to Purchase Q Inside Safety Technology for the Breast Implant Market for $10 Million

DELRAY BEACH, Fla., Feb. 12, 2015 (GLOBE NEWSWIRE) -- VeriTeQ Corporation (OTC Markets: VTEQD) ("VeriTeQ"), a provider of implantable medical device identification and radiation dose measurement technologies, announced today that that it has executed a term sheet with Establishment Labs, S.A., ("EL"). Under the proposed agreement, VeriTeQ would exclusively license its intellectual property, safety data test and FDA file reference, and business opportunities related to its Q Inside Safety Technology for the breast implant market to EL, and EL would pay an upfront license fee of $1.75 million.

EL would also have a 24-month option to purchase VeriTeQ's Q Inside Safety Technology business for the breast implant market for $10 million, minus the license fee. VeriTeQ expects to continue to operate its business for the breast implant markets as well as other proprietary applications for its Q Inside Safety Technology.

The parties also intend to jointly develop a pressure-sensing radio frequency identification ("RFID") product to detect pressure thresholds in breast implants and other medical devices.

"Our partnership with Establishment Labs is very strong, and we see many benefits from granting this exclusive license for the breast implant market to EL," said Scott R. Silverman, Chairman and CEO of VeriTeQ. "Not only will EL deliver cash upfront to us, but also we believe this agreement will ultimately result in increased sales of our products, both to EL and other manufacturers of breast implants, which is advantageous to both companies."

The parties agreed to work towards finalizing more formal documentation/contracts within 90 days.