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CORRECTING and REPLACING Integrity Applications Signs Three Additional Distribution Agreements for Its GlucoTrack® Model DF-F Glucose Monitoring Device
|By Business Wire
|March 10, 2014 12:21 PM EDT
First graph of release should read: Integrity Applications, Inc.
(OTCQB:IGAP), developer of the GlucoTrack® model DF-F
noninvasive blood glucose measurement device, has entered, through its
wholly-owned subsidiary, Integrity Applications Ltd., into distribution
agreements for the GlucoTrack device in Italy, Thailand and Uruguay. The
distribution agreement with Italy represents the company’s first such
agreement in a European Union member country. According to the
International Diabetes Federation, a total of about 3.6 million people
with diabetes live in Italy, 3.2 million people with diabetes live in
Thailand and 144,000 people with diabetes live in Uruguay.
The corrected release reads:
INTEGRITY APPLICATIONS SIGNS THREE ADDITIONAL DISTRIBUTION AGREEMENTS
FOR ITS GLUCOTRACK® MODEL DF-F GLUCOSE
Agreement in Italy Marks First European Distribution Agreement for
Also Secures Distribution Agreements for Thailand and Uruguay
Integrity Applications, Inc. (OTCQB:IGAP), developer of the GlucoTrack®
model DF-F noninvasive blood glucose measurement device, has entered,
through its wholly-owned subsidiary, Integrity Applications Ltd., into
distribution agreements for the GlucoTrack device in Italy, Thailand and
Uruguay. The distribution agreement with Italy represents the company’s
first such agreement in a European Union member country. According to
the International Diabetes Federation, a total of about 3.6 million
people with diabetes live in Italy, 3.2 million people with diabetes
live in Thailand and 144,000 people with diabetes live in Uruguay.
Mikrolink srl was appointed as the exclusive distributor of the
GlucoTrack device in Italy, effective March 11, 2014. Distribution in
Thailand and Uruguay is expected to commence on March 11, 2014 and March
24, 2014, respectively. Based on the minimum purchase forecasts
contained in these distribution agreements, Integrity Applications
anticipates that these distributors will purchase from it an aggregate
of $1.7 million of GlucoTrack model DF-F devices in the first 12 months.
Lorenzo Bragagni, General Manager at Mikrolink, said, “We are pleased to
be working with Integrity Applications as the first distributor of the
GlucoTrack device in a European Union member country. We appreciate the
capabilities and value this device will offer people with diabetes in
Italy and see it as a bold new option for glucose monitoring.”
Avner Gal, President and CEO of Integrity Applications, said, “These
distribution agreements now bring our total number to six for GlucoTrack
and as always, we are enthusiastic about the possibility of providing
diabetes patients in a growing number of territories with a new,
noninvasive option for monitoring blood glucose. We are especially
pleased that we are now poised, through our Italian distributor, to
enter the European market. We expect to enter into additional
distribution agreements, both in Europe and elsewhere, as we continue to
seek to build a distribution network to support future international
sales of the GlucoTrack Model DF-F device.”
GlucoTrack features a small sensor that clips to the earlobe and
measures the wearer’s blood glucose level by taking measurements using
three technologies. The measurements are analyzed using a proprietary
algorithm and displayed on a small handheld device, the size of a mobile
phone. The derived blood glucose measurement is also announced verbally,
making it suitable for the elderly and vision-impaired diabetes
patients. The company has obtained a CE Mark for its GlucoTrack Model
DF-F in Europe (June 2013) and intends to seek Food and Drug
Administration approval for GlucoTrack in the United States.
To watch a video detailing the benefits of GlucoTrack, please visit the
following link: http://www.integrity-app.com/the-glucotrack/
About Integrity Applications, Inc.
Integrity Applications, Inc. is a medical device company focused on the
design, development and commercialization of non-invasive glucose
monitoring devices for use by people with diabetes. Integrity
Applications has developed the GlucoTrack model DF-F non-invasive
glucose monitoring device, which is designed to help people with
diabetes obtain blood glucose level measurements without the pain,
inconvenience, incremental cost and difficulty or discomfort of
conventional (invasive) spot finger stick devices. Integrity
Applications works primarily through its wholly-owned Israeli
subsidiary, A.D. Integrity Applications, Ltd. For more information
please visit www.integrity-app.com.
This news release contains forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. Statements
contained in this news release that are not statements of historical
fact may be deemed to be forward-looking statements. Without limiting
the generality of the foregoing, words such as "expect," and "will," are
intended to identify forward-looking statements. Readers are cautioned
that certain important factors may affect Integrity Applications’ actual
results and could cause such results to differ materially from any
forward-looking statements that may be made in this news release.
Factors that may affect Integrity Applications’ results include, but are
not limited to, the ability of Integrity Applications to successfully
commercialize the GlucoTrack DF-F; the ability of the GlucoTrack DF-F to
achieve acceptable pricing, adequate third party reimbursement or market
acceptance; the ability of Integrity Applications to manage its growth
and the expansion of its operations to include commercialization
activities; risks relating to the use of third party manufacturers;
risks relating to the development of Integrity Applications’ sales,
marketing and distribution capability, either on its own or through
collaborations with marketing partners; and the additional risk factors
described in Integrity Applications’ filings with the U.S. Securities
and Exchange Commission, including its Annual Report on Form 10-K for
the year ended December 31, 2012.
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