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22 Jul 2011 07:00
For immediate release | 22 July 2011 |
Surgical Innovations Group plc
("SI" or "the Group")
SI extends distribution agreement with SI US for a further 5 years
Surgical Innovations Group plc (AIM: SUN), the designer and manufacturer of innovative medical devices, announces that it has signed a 5 year extension to its agreement with SI US, the Group's exclusive US Master distributor. In order to maintain exclusive rights, SI US has committed to distribute SI branded products to a minimum value of $8.0 million to Surgical Innovations over the 5 year period.
SI US will distribute the Logi®Range and LogiCut® product range together with the reusable line and has been granted first refusal to all future SI branded products within the agreement period. The Group retains the right to manufacture and distribute all devices under the SI brand in all other markets.
Graham Bowland, Chief Executive Officer of SI, said: "This agreement extension with SI US strengthens the Group's strategy of developing its Resposable® portfolio in the strategically important US market and gives us confidence for the future. We look forward to developing our partnership with SI US over the next 5 years."
Enquiries:
Surgical Innovations Group plc
Doug Liversidge, Chairman
Graham Bowland, Chief Executive Officer Tel: +44 (0) 113 230 7597
graham.bowland@surginno.co.uk www.surginno.com
Seymour Pierce Limited
Freddy Crossley / Sarah Jacobs Tel: +44 (0) 20 7107 8000
Corporate Broking
Marianne Woods www.seymourpierce.com
Media enquiries:
The Communications Portfolio
Ariane Comstive / Caolan Mahon Tel: +44 (0) 20 7536 2028 / 2029
ariane.comstive@communications-portfolio.co.uk Mob: +44 (0) 7785 922 354
Notes to Editors:
About Surgical Innovations Group plc
Surgical Innovations Group plc specialises in the design and manufacture of innovative devices for use in minimally invasive surgery (MIS) and industrial markets.
As well as manufacturing single-use and reusable instruments for the laparoscopic market, the Group has pioneered its flagship Resposable® instrumentation combining both single use and reusable components, ensuring ongoing revenue streams and delivering the optimum procedure performance to cost ratio.
Over 130 people are employed at the Group's 32,000 square feet facility in Leeds, with in-house design, plastic injection moulding and manufacturing equipment, producing products to the highest quality standards.
For more information, see www.surginno.com
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