ORANGEBURG, N.Y., June 2, 2011 (GLOBE NEWSWIRE) -- Vision-Sciences, Inc. (Nasdaq:VSCI) announced today the signing of a comprehensive three-year equipment supply agreement with Novation LLC, one of the nation's largest group purchasing organizations (GPO). This agreement will allow the members of VHA Inc., University HealthSystem Consortium (UHC) and Provista to access Vision-Sciences' brand of high performance, flexible endoscopy systems that utilize the company's pioneering EndoSheath technology.
The agreement is effective June 1, 2011, and represents the first agreement for Vision-Sciences and Novation. The agreement covers Vision Sciences' entire fiberoptic and video-based line of advanced flexible endoscopes offered directly to the U.S. market, including the company's innovative 5000 Series video systems for laryngoscopy, stroboscopy, esophagoscopy, and bronchoscopy. Founded in 1998, Novation is the leading healthcare supply contracting company for more than 25,000 members of VHA Inc. and the University HealthSystem Consortium (UHC), two national health care alliances, and 5,500 members of Provista, LLC, representing more than 30,000 sites.
"We are very excited by the opportunity presented with our agreement with Novation," stated Vision-Sciences' Interim CEO Warren Bielke. "We are pleased to make our technology available to all of the members Novation serves. We believe our products are unlike any others on the market, and will offer healthcare facilities a distinct set of benefits that can't be provided by other companies."
Vision-Sciences' 5000 Series flexible endoscopy lines are advanced, high performance platforms enabling high resolution, CCD-based endoscopic imaging with the most streamlined, integrated video processor on the market. This exceptional design allows for unparalleled equipment portability in any healthcare setting. Both the 5000 Series and the company's 4000 Series fiberoptic line are designed to utilize EndoSheath technology, a sterile, disposable barrier that offers enhanced patient safety and improved practice efficiency over conventional difficult-to-clean flexible endoscopes.
The unique EndoSheath technology provides a sterile, durable, protective microbial barrier between the endoscope and patient. Not simply a cover, it is designed to combine an exceptionally strong disposable with the reusable endoscope, allowing a high performance endoscopic instrument for the practitioner, while ensuring a sterile insertion tube for every patient. Providing unparalleled practice efficiency, EndoSheath technology offers a cost-effective alternative to expensive, conventional endoscope inventory, less exposure to toxic chemicals for healthcare staff, and simplified cleaning and disinfection routines, which are currently a major concern in the healthcare industry.
Forward-Looking Statements
Except for the historical information provided, the matters discussed in this release include forward-looking statements for the purposes of the safe harbor protections under The Private Securities Litigation Reform Act of 1995. These forward-looking statements generally can be identified by phrases such as Vision-Sciences or its management "believes," "expects," "allows," "anticipates," or other words or phrases of similar import. Similarly, statements in this release that describe our business strategy, outlook, objectives, plans, intentions, or goals are also forward-looking statements. All such forward-looking statements are subject to certain risks and uncertainties that could cause our actual results to differ materially from those in forward-looking statements. Other risk factors are detailed in our most recent annual report and other filings with the Securities and Exchange Commission. We do not assume any obligation to update any forward-looking statements as a result of new information or future events or developments.
Vision-Sciences, Inc. designs, develops, manufactures and markets unique flexible endoscopic products utilizing sterile disposable sheaths, the Slide-On® EndoSheath® Technology, which provide the users quick, efficient product turnover while ensuring the patient a contaminant-free product.
Vision‑Sciences owns the registered trademarks Vision Sciences®, Slide-On®, EndoSheath®, EndoWipe® and The Vision System®. Information about Vision-Sciences' products is available at www.visionsciences.com.
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