TORONTO, Nov. 15, 2017 (GLOBE NEWSWIRE) -- Ventripoint Diagnostics Ltd. (“Ventripoint” or the “Company”) (TSX-V:VPT) is pleased to announce that it has signed a memorandum of understanding establishing a partnership with the SEED Group, a group of diversified companies owned and chaired by The Private Office of Sheikh Saeed Bin Ahmed Al Maktoum of Dubai, United Arab Emirates. The partnership will initially focus on creating awareness with hospitals, doctors and officials of the unique features of the VMS-PLUS through research, conferences and opportunities designed to demonstrate its population health applications. Simultaneously, regulatory approvals for full clinical use will be obtained so sales efforts can begin in the new year.
"We are very excited about the potential of this strategic partnership with Ventripoint and are very proud to introduce their innovative healthcare solution into the region. At SEED Group, we specialize in assisting unique firms, like Ventripoint, with establishing a presence in the United Arab Emirates as they expand beyond their home markets. UAE is fast building its reputation as an icon for innovation and creativity, attracting companies like Ventripoint, which is a natural fit into the country's national innovation and healthcare hub strategy," stated Hisham Al Gurg, CEO of the SEED Group and The Private Office of Sheikh Saeed Al Maktoum.
World Expo 2020 will be held in Dubai and is expected to attract 33 million visitors. By 2020 UAE plans to make Dubai a major healthcare hub by showcasing the latest medical updates and innovations, treatment modes and technologies, including Ventripoint’s, and growing its market to be worth around USD $12B by the time of Expo 2020.
Dr. George Adams, CEO of Ventripoint, stated "The SEED Group has already introduced us to leading cardiologists and hospitals in the region, who have expressed their interest in acquiring the VMS-PLUS and demonstrating its application within the healthcare environment. We see Dubai as an excellent starting place for our expansion plans into the Middle East. It's a unique ecosystem that thrives on innovation and is always ready to rapidly adopt new technologies like the VMS-PLUS. Some of the most creative and ambitious projects in the world are in the UAE. Finding a local partner for the region was one of our targets for 2017.”
Michael Slage has been appointed as a consultant to the Company to be the primary liaison with the SEED group. Mr. Slage was formerly an International Relations Specialist for NASA and has been instrumental in negotiating contracts and investment worth over $350 million dollars for companies such as Boeing, GSK, Johnson & Johnson and Bayer.
About SEED Group
Over the past 16 years, the SEED Group has formed strategic alliances with leading global companies representing diverse regions and industries. These companies have propelled their business interests and goals in the Middle East & North Africa (MENA) region through the support and strong base of regional connections of the SEED Group. The Group's goal is to create mutually beneficial partnerships with multinational organizations and to accelerate their sustainable market entry and presence within the MENA region. The SEED Group has been a key point in the success of all its partners in the region helping them reach their target customers and accelerate their businesses. The Private Office was established by Sheikh Saeed Bin Ahmed Al Maktoum to directly invest in or assist potential business opportunities in the region which meet The Private Office's criteria.
About Ventripoint Diagnostics Ltd.
Ventripoint has created tools to monitor patients with heart disease, a leading cause of death in developed countries. VMS is the first cost-effective and accurate tool for measuring heart function. The Company has developed a suite of applications for all major heart diseases and imaging modalities including congenital heart disease, left or right heart failure and normal hearts - a multi-billion dollar market potential.
For further information please contact:
Dr. George Adams, President & CEO
telephone: (519) 803-6937
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FORWARD-LOOKING STATEMENTS: The statements made in this press release that are not historical facts contain forward-looking information that involves risk and uncertainties. All statements, other than statements of historical facts, which address Ventripoint’s expectations, should be considered forward-looking statements. Such statements are based on management’s exercise of business judgment as well as assumptions made by and information currently available to management. When used in this document, the words "may", "will", "anticipate", "believe", "estimate", "expect", "intend" and words of similar import, are intended to identify any forward-looking statements. You should not place undue reliance on these forward-looking statements. These statements reflect a current view of future events and are subject to certain risks and uncertainties as contained in the Corporation's filings with Canadian securities regulatory authorities. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results could differ materially from those anticipated in these forward-looking statements. The Corporation undertakes no obligation, and does not intend, to update, revise or otherwise publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof, or to reflect the occurrence of any unanticipated events. Although management believes that expectations are based on reasonable assumptions, no assurance can be given that these expectations will materialize.