MMRGlobal and VisiInc PLC Announce License Agreement and Exchange of Equity in Connection With New eHealth Product Pipeline...
LOS ANGELES, CA and PERTH, WESTERN AUSTRALIA -- (MARKET WIRE) -- 06/16/11 -- MMRGlobal, Inc. (MMRF:$0.047,0$0.001,02.17%) ("MMR") and VisiInc PLC (www.deutsche-boerse.com) today announced that following the recent signing of their agreement, MMR will grant to VisiInc an exclusive license to its proprietary eHealth patent portfolio in Australia with additional rights in certain areas of Eastern Europe. As partial additional consideration for the granting of the patents, VisiInc has granted one million warrants to MMR and MMRGlobal (MMRF:$0.047,0$0.001,02.17%) has granted one million warrants to VisiInc. The terms are based on revenue performance criteria for both companies as well as other additional customary terms and conditions.
MMRGlobal (MMRF:$0.047,0$0.001,02.17%) and VisiInc agreed to launch MMRGlobal's (MMRF:$0.047,0$0.001,02.17%) patented consumer and professional ehealth products and services, including the MyMedicalRecords Personal Health Record (PHR) (www.mmrvideos.com) and MMRPro for healthcare professionals (www.mmrprovideos.com), to the eHealth technology market in Australia, which is currently projected to be as much as $2.4 billion in 2012 (USD$2.6 billion). As part of the transaction, MMR plans on using Visi as its communications pipeline for distributing MMR's personal health records and professional document management systems through the Visi platform and network wherever reasonably possible worldwide. Both companies believe that the combined service will represent the fastest high resolution document imaging, scanning, storage and sharing health record system for paper and large-sized radiological scans and files.
The system will also allow real-time collaboration of medical records and images regardless of a participant's location and connectivity (including dial-up) anywhere in the world.
According to Jacques Blandin, Chief Executive Officer and Founder of VisiInc PLC, "Both companies felt it would be appropriate to share what we believe could represent significant equity appreciation created by this transaction with the respective shareholders of each other's company through the exchange of warrants."
In a separate release today, VisiInc announced the integration plans of Open Inventor for the Visi platform and Vistime product. This move will significantly accelerate the integration time on numerous global projects relating to health, medical, aerospace, engineering, geosciences, mining and education markets. This integration will provide a preferred solution for all types of 3D imaging, including X-ray, CT, MRI, ultrasound, optical, and electron microscopy. Fast, efficient rendering of all types of geometry also makes it effective for many other applications, including image processing and analysis, PACS, DICOM, therapy and surgery planning, implant design, forensic medicine, education, training, and even molecular modeling.
