DANVILLE, Calif., Sept. 22, 2010 (GLOBE NEWSWIRE) -- S3 Investment Company, Inc. (Pink Sheets:SIVC) today updated the progress of its Redwood Medical subsidiary in securing additional regulatory approvals for the first product it will distribute in the China market. Redwood Medical, which represents companies seeking to import Western medical technologies and products into China, has an exclusive distribution agreement to distribute the product in China market, which is seeing increased demand for the best available medical technologies for a growing number of hospitals and clinics in the country.
Redwood Medical's first product has already secured SFDA clearance, China's equivalent of FDA clearance, and can be sold in the country. Additional approvals are currently being sought for the reagents that are utilized as part of the product's operation. The clearance process includes clinical trials in two Chinese hospitals.
"Redwood Medical is making excellent progress with the additional approvals for its first product to be distributed in the China market," said S3 Investment Company Chairman and CEO Jim Bickel. "While this process is time consuming, it is expected to be well worth the effort, given the size of the market in China and the usefulness of the product in a variety of medical settings including clinics and hospitals (both civilian and military). There are tens of thousands of hospitals in China and additional hospitals and clinics are being built to serve China's growing healthcare needs. The fact that the product can be operated by non-medical personnel with only the lowest level of training makes the market for this device in China even larger. Much of China's population cannot easily reach major urban hospitals to receive treatment, and this device is also expected to be highly attractive to the numerous smaller medical facilities throughout China.
"In addition to updating the work by Redwood Medical, I would like shareholders to be aware that we are preparing to further expand the Redwood subsidiary operations. As the world has seen over the last decade, China is a massive, vibrant market, and there are opportunities to expand the family of Redwood businesses beyond Redwood Capital and Redwood Medical, without placing any additional capital burden on S3. We plan to formalize the next stage of this expansion in the coming weeks and will announce the new operations as soon as possible. There will also be some re-branding to further clarify how these companies are related to each other and to the public company."
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About S3 Investment Company, Inc.
S3 Investment Company, Inc. (http://www.s3investments.com) and its Redwood Group International subsidiary are focused on facilitating the success of two subsidiaries operating in the China market. Redwood Capital, Inc. assists private Chinese companies in accessing the North American capital markets by utilizing a network of investment banking relationships to achieve reverse merger transactions. For more information, please visit http://www.redwoodcapinc.com. Redwood Medical, Inc. assists companies seeking to import and distribute Western medical technologies and products into the China market.
Any statements contained herein related to future events are forward-looking statements and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance on forward-looking statements. S3 Investment Company, Inc. undertakes no obligation to update any such statements to reflect actual events.