LifeWave intends to take legal action against MedOne for breach of contract.
LifeWave Hi-Tech Medical Devices Ltd. (TASE:LIFE) today notified the Tel Aviv Stock Exchange (TASE) that the Scandinavian and Baltic states distributor of its Best Sore Treatment (BST) electrical stimulation product for the treatment of chronic wounds, Finland-based MedOne Oy has terminated its efforts to penetrate the product's market. LifeWave intends to take legal action for breach of contract.
LifeWave did not disclose the reason for MedOne's action, but the company was apparently unable to sell it, and gave up.
LifeWave's share fell 4.7% by mid-afternoon to NIS 6.47, giving a market cap of NIS 99 million.
Published by Globes [online], Israel business news - www.globes-online.com - on October 1, 2009
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