21 Jul 2011 07:00
PuriCore Reaches Settlement with Misonix in Litigation Companies Agree to Distribution Deal to Expand Wound Care Sales
MALVERN, PENNSYLVANIA, AND STAFFORD, UK, 21 July 2011 - PuriCore(LSE: PURI), the water-based clean technology company focused on developing and commercialising proprietary, green solutions that safely, effectively, and naturally kill infectious pathogens, today announces that PuriCore plc (the "Company" or "PuriCore") has reached agreement for the settlement of its claim against Misonix, Inc., for breaches of warranty under the sale and purchase agreement ("SPA") in connection with PuriCore's acquisition of Labcaire from Misonix in August 2009.
As part of the settlement, PuriCore will no longer be liable for $1 million in commission payments as defined in the SPA, and Misonix will reimburse PuriCore $650,000 towards costs and fees of the litigation to date. The companies simultaneously have agreed to enter into a distribution agreement for a private label version of PuriCore's wound care solution for use principally in conjunction with the Misonix line of ultrasonic systems. As part of this agreement, Misonix has the obligation over a three-year period either to purchase product or pay a minimum of $2 million in gross margin value to PuriCore.
Chris Wightman, Executive Chairman of PuriCore, said:
"This settlement marks a successful conclusion to the litigation. Additionally, this distribution agreement enables PuriCore to expand the sales footprint of its innovative wound care solution into ultrasonic devices, enabling effective cleansing and debridement treatment for patients with chronic and acute wounds."
Enquiries:
Financial Dynamics Susan Quigley Ben Brewerton +44 (0) 20 7831 3113 | PuriCore Chris Wightman Executive Chairman +44 (0) 20 7318 5942 |
About PuriCore
PuriCore plc (LSE: PURI) is a water-based clean technology company focused on developing and commercialising proprietary green solutions that safely, effectively, and naturally kill infectious pathogens without causing harm to human health or the environment. PuriCore's patented, proprietary technology mimics the human body's production of the natural antimicrobial hypochlorous acid, offering a safe and non-hazardous approach to disinfection and sanitisation. The Company's products are used in a broad range of markets that depend upon controlling contamination, including food retail and floral operations, wound care, and potential new applications in Agriculture. Hypochlorous acid is proven to be safe, environmentally friendly, and fast acting against a broad range of infectious pathogens, including major public health threats of C.difficile, E.coli, HIV, Human and Animal Influenza (including H1N1 and H5N1), Legionella, MRSA, M.tuberculosis, Norovirus, and Salmonella. PuriCore is headquartered in Malvern, Pennsylvania.
To receive additional information on PuriCore, please visit our website at www.puricore.com, which does not form part of this press release.