Qray Ltd., which has developed a visible light therapy therapy for chronic wounds, chronic pain symptoms, oral ulcers, and a range of skin disorders, has signed its first distribution agreement in Europe. The company will distribute its Vireo Thera device, which has EU CE Market certification, in Serbia.
The local distributor has undertaken to take care of all registration and permit procedures, and to market the product. It has also undertaken to order a minimum of €550,000 worth of the product in the first year of the contract, €600,000 in the second year, and €650,000 a year during the extension period, if the parties agree to one.
Qray is a subsidiary of Shladot Metal Works Ltd. (TASE:SLAD).
Published by Globes [online], Israel business news - www.globes-online.com - on March 28, 2010
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