The healthcare startup also reported that it's close to signing a replacement for its chairman.
Medical device startup LifeWave Hi-Tech Medical Devices Ltd. (TASE:LIFE) has announced a further distribution agreement for its Bedsore Treatment System (BST) and peripherals. The company said it had signed a memorandum of understanding for a four-year distribution agreement with a distributor in Austria which, if realized in full, will generate €4.6 million in revenue. The distributor also undertook in the agreement to forward an immediate order for 40,000 BST peripherals.
LifeWave has now signed distribution agreements with six countries in Europe, including Germany and Italy. The company said its success in extending its penetration of the European market represented important milestones in its development.
LifeWave also said that it was now negotiating the final terms of its distribution agreements with its European distributors and with Israel's Meuhedet Health service. The company also said it will be announcing the appointment of a new chairman to replace Aviv Bushinsky, who stepped down last week to avoid being sacked by the LifeWave board.
Published by Globes [online], Israel business news - www.globes.co.il - on September 2, 2007
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