SEOUL, Korea, Oct. 21, 2005 (PRIMEZONE) -- Meridian Co., Ltd. (Meridian) (OTCBB:MRDAF) today announced that it has acquired 100 percent of the issued and outstanding shares of Rapha & Health Co., Ltd., a Korean-based distributor of medical device products.
Terms of the deal included a one-time cash payment of 50,000,000 Korean Won. As a wholly owned subsidiary of the company, Rapha & Health Co., Ltd. will become an exclusive distributor of all Meridian's products for the Korean market. The company's separate wholly owned subsidiary, Meridian Medical Inc. of Vancouver, will maintain the exclusive right to distribute Meridian Co., Ltd. products throughout North America.
Additionally, Rapha & Health Co., Ltd. will enter into a joint partnership with HealthTech Valley Co., Ltd., for the exclusive distribution of Meridian's latest commercially launched product, Lipo-laser.
The patented Lipo-laser's non-invasive treatment is considered one of the most innovative methods to liquefy adipose tissue. The demand for this type of treatment is expected to grow rapidly not only in the plastic surgery profession, but in any clinical setting that treats obesity such as spas and wellness centers.
Rapha & Health Co., Ltd. will be managed by its President and CEO, Ms. Hyeon-Sook Yoon, currently heading the sales management team of Meridian Co., Ltd. In addition to Hyeon-Sook Yoon, the Board of Directors will comprise Sang-Woo Yoon and Ki-Yeul Lee, both of whom are part of the overall management team with Meridian Co., Ltd.
About Meridian Co., Ltd.
Meridian is an established leader in the research/development, manufacturing and sales of integrative medical diagnostic equipment. The company sells its products and equipment to a wide array of customers in the global health care industry. The company presently holds a total of 18 worldwide patents on its technology, and has received FDA, as well as other international regulatory approvals for many of its products.
Meridian is committed to the ongoing global research and advancement of integrative medical products that contribute to the better health of humanity.
This press release may contain certain forward-looking information and statements concerning the company's operations, performance and financial condition. These statements are based upon a number of uncertainties and contingencies, many of which are beyond the control of the company. Actual results may differ materially from those expressed or implied by such forward-looking statements. This document is not intended to be and is not an advertisement for any securities of the company.
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