MONTVALE, N.J., Feb. 5, 2009 (GLOBE NEWSWIRE) -- Ivivi Technologies, Inc. (Nasdaq:IVVI), a leader in non-invasive, electrotherapy systems, and Grupo Venta Internacional, S.A. de C.V. (GVI), a Mexican company dedicated to providing surgical equipment and cutting edge technology, today announced that they have signed a definitive agreement granting GVI the exclusive right to sell certain of Ivivi's targeted pulsed electromagnetic field (tPEMF(tm)) products in Mexico into the plastic and reconstructive surgery, maxillofacial surgery and cosmetic surgery markets as well as to ear/nose/throat specialties, obstetric/gynecology specialties and hospitals. The agreement was effective January 1, 2009.
Under the agreement, GVI will purchase Ivivi's SofPulse(r) and SofPulse(r) Duo Disposable units at a specified price per unit and will be required to meet or exceed certain revenue/unit objectives. The agreement also provides for a minimum opening order and has a three-year initial term.
Gabriela Gonzalez, Commercial Director of GVI commented, "The SofPulse(r) should provide an excellent addition to the suite of products we carry, especially for the aesthetics marketplace. Our key opinion leaders reviewed Ivivi's tPEMF(tm) technology and were particularly impressed with the documented clinical evidence. Last year, we provided equipment for over 100,000 procedures in breast augmentation/reconstruction and liposuction. We believe the accelerated pain relief and anti-inflammatory effects seen with this product will be well received by patients who are anxious for a quick recovery."
"We look forward to working with GVI to bring the SofPulse technology to the Mexican market," commented David Saloff, Executive Vice President, Chief Business Development Officer. "GVI is the exclusive distributor in Mexico for several large U.S. corporations in industries that include the fast growing market for plastic and reconstructive surgery. We expect that GVI's strong distribution network will enhance the ability for Ivivi's products to penetrate this marketplace."
The Company's SofPulse(r) products are cleared in the U.S. by the FDA and are indicated for the adjunctive use in the palliative treatment of post-operative pain and edema in superficial soft tissue. Per our agreement, GVI has taken all the necessary steps and has received all necessary approvals to distribute our SofPulse(r) products in Mexico.
About Ivivi Technologies, Inc.
Based in Montvale, NJ, Ivivi Technologies, Inc. is a medical technology company focusing on designing, developing and commercializing its proprietary electrotherapeutic technology platform, with a primary focus on developing treatments for cardiovascular disease. Ivivi's research and development activities are focused specifically on targeted pulsed electromagnetic field, or tPEMF(tm) technology, which, by creating a therapeutic electrical current in injured soft tissue, is believed to modulate biochemical and physiological healing processes to help reduce related pain and inflammation. The Company's most recent clinical studies have shown reductions in anginal pain and increases in blood flow to the heart in certain cardiac patients; however, additional studies are required in this area. The Company expects to develop new tPEMF(tm) devices and to seek strategic partners to pursue the cardiac market and others, such as osteoarthritis, neurology and other inflammatory-related conditions if FDA marketing approvals or clearances can be achieved in these areas.
About Grupo Venta Internacional, S.A. de C.V.
Grupo Venta Internacional, S.A. de C.V., founded in 1990, is a company dedicated to providing surgical equipment and cutting edge technology with the highest quality standards. Specialties include Plastic and Reconstructive Surgery, Neurosurgery, Maxillofacial Surgery, Orthopedics, Otolaryngology and Antiaging.
Forward-Looking Statements
This release contains "forward-looking statements" made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including those related to strategic partnerships and future sales. Forward-looking statements reflect management's current knowledge, assumptions, judgment and expectations regarding future performance or events. Although management believes that the expectations reflected in such statements are reasonable, they give no assurance that such expectations will prove to be correct and you should be aware that actual results could differ materially from those contained in the forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, including, but not limited to, the Company's limited operating history, history of significant and continued operating losses and substantial accumulated earnings deficit, difficulties with its financial accounting controls, the failure of the market for the Company's products to continue to develop, the inability for customers to receive third party reimbursement, the inability to obtain additional capital, the inability to protect the Company's intellectual property, the loss of any executive officers or key personnel or consultants, competition, changes in the regulatory landscape or the imposition of regulations that affect the Company's products and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission, including the Company's Form 10-KSB for the fiscal year ended March 31, 2008. The Company assumes no obligation to update the information contained in this press release.