On September 27, 2012, the Company signed an agreement with VisiInc PLC, which is incorporated in this filing as Exhibit 10.1, for the sale of a minimum of 1,275 MMR Pro systems through a large reseller of medical products and services to health care professionals. As of September 30, 2012, we had delivered the first 25 MMRPRo systems. In addition, the agreement obligates VisiInc PLC to purchase a minimum of 50 MMRPro by the first quarter of 2013. MMRPro will be bundled with other Visi products and marketed as VISI MMRPro. The VISI MMRPro systems are being sold through the Seagate VAR and OEM channels, which includes a syndicate of Seagate VARs, as well as through the Burkhart Dental channel, as part of a Seagate/Visi/MMR/Via3 product bundle. The entire product bundle will be featured at the Synnex VAR conference "Varnex" in Las Vegas on November 14, 2012 to an estimated 700 VAR partners.
The bundle offering also includes Seagate's Network Attached Storage ("NAS") Boxes (NAS440), which, when connected to VISI MMRPro, will store documents and images created in the VISI MMRPro system in the NAS boxes, as well as in MMRPro.
Initially, the Agreement calls for exclusivity in the dental market through Burkhart Dental ("Burkhart"), which has an estimated 24,000 dental office clients. Burkhart has already begun the process of installing MMRPro systems in several of its dental clients' offices. Although the Agreement is based on selling exclusively to the dental channel, VISI has subsequently requested exclusive rights to include, legal, accounting and other verticals. As a result, the Company believes the number of units may increase.
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