PR Non-Invasive Monitoring Systems, Inc. (NIMS) Enters into Agreement with SingLin Technology, Ltd. for Development and Supply of Exer-Rest(TM) and ``Somno-Ease'' to NIMS
Thursday October 4, 10:24 am ET
NORTH BAY VILLAGE, Fla.--(BUSINESS WIRE)--Gary Macleod, NIMS Chief Executive Officer, announced that, "Non-Invasive Monitoring Systems, Inc. (OTCBB:NIMU - News) has entered into a Product and Development and Supply Agreement with SingLin Technology, Ltd. (SingLin), Taichung, Taiwan. According to NIMS' specifications, SingLin will manufacture NIMS' patented Exer-Rest(TM) motorized platform that moves a supine subject repetitively head to foot about 140 times per minute. This motion platform has the appearance and functionality of either a cot or twin bed in standard and extra-long dimensions. Exer-Rest is currently being tested in a controlled pilot study for temporary relief of musculoskeletal pain associated with osteoarthritis of the hip(s) prior to the launch of a pivotal trial to be submitted to FDA for approval to market in the United States. The Exer-Rest will be marketed and sold in the Canada, UK, Europe, South America and India by NIMS and in the Far East by SingLin. NIMS will receive a royalty on each device sold by SingLin."
Dr. Marvin Sackner, Chairman of the Board of Directors of NIMS, added that, "The Exer-Rest has the potential to serve as a non-invasive, drug-free, holistic alternative to drugs for the relief of the often debilitating pain of osteoarthritis." Dr. Sackner further stated that, "NIMS' patented "Somno-Ease," which will also be manufactured by SingLin, will be marketed and sold in the American and foreign markets to consumers as a motorized bed with gentle back and forth movements to soothe adults in the same way a mother soothes her baby as she pushes the baby carriage back and forth."
Gary Macleod, Chief Executive Officer, indicated that, "NIMS has made a commitment to purchase a mix of Exer-Rest and Somno-Ease devices with an estimated cost of $2.2 million after acceptance of the final designed products. Delivery to the public should commence in the first or second quarter of 2008." He added that, "This commitment to such improved technologies propels NIMS to world leadership in therapeutic, low frequency, whole body movement devices for the sick and well."
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The Statements which are not historical facts contained in this press release are forward-looking statements that involve certain risks and uncertainties including but not limited to risks associated with the uncertainty of future financial results, additional financing requirements, development of new products, government approval processes, the impact of competitive products or pricing, technological changes, the effect of economic conditions and other uncertainties detailed in the Company's filings with the Securities and Exchange Commission.
Contact:
Non-Invasive Monitoring Systems, Inc., North Bay Village
Gary Macleod, 305/861-0075
gmacleod@nims-us.com
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Source: Non-Invasive Monitoring Systems, Inc.
