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Friday, 08/05/2022 8:34:53 AM
Friday, August 05, 2022 8:34:53 AM
BIEL has been busy since executing the OEM agreement with KT Health in December; the Company is now working with their three major channel partners, i.e., KT Health and Scott Specialties in the OTC space, and Medi-Launch in the prescription medical market, to solidify new orders after strong initial product launches that took place in Q1 2021. The Company is also pushing forward on the international sales front. In addition to re-acquiring their CE mark (which allows the Company to sell in most international countries) in late 2020, it also obtained MDSAP certification in Q1 2021, which now allows for product distribution in Canada, Australia, and New Zealand. More recently BIEL’s distribution partner in Mexico received authorization from Mexican FDA (Cofepris), which allows for the importation of the RecoveryRx® device into Mexico. Novro Med S.A. de C.V. has contracted for the exclusive distribution rights for RecoveryRx® in Mexico and it is expected that they will receive their initial stocking order during the 2nd quarter, 2022. The Company also entered into a distribution agreement with Madrid / Spain based PRIM Group for the distribution of its RecoveryRx device throughout Spain. As per latest filings BIEL is topping well over $100,000 a month in sales.