LifeWave Hi-Tech Medical Devices Ltd. (TASE:LIFE) has not yet signed detailed distribution contracts with distributors in Germany, Italy, and three other countries, even though the deadlines to do so have passed. The company is still operating on the basis of the term sheets signed with the distributors, which it says are binding and are being applied.
Lifewave said the reason for the delay is that “the bulk of the company’s efforts are being directed to the expansion of the marketing network for its products worldwide.”
Lifewave told “Globes”, “The company’s lawyers (an external legal department) are due to formulate the international contracts together with the company’s marketing staff, who are busy with current marketing activity, which is a priority. In any event, there is no difference in terms of the legal validity of the agreements.”
Lifewave has a market cap of NIS 290 million, a third of its peak value in April, but 2.16 times its IPO value.
Published by Globes [online], Israel business news - www.globes.co.il - on July 25, 2007
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