PHOENIX and VANCOUVER, British Columbia, July 23, 2014 (GLOBE NEWSWIRE) -- Eternity Healthcare Inc. (OTCBB:ETAH), a medical device and diagnostic company, announced today that it has signed an agreement with Shanghai Yin Jun Investment & Development Inc., to establish a Joint Venture manufacturing operation in China.
Shanghai Yin Jun will invest initially US$3 million dollars into the Joint Venture company. Eternity Healthcare, Inc. will be responsible for clinical trials, regulatory approval and marketing of the product worldwide. The JV Company will manufacture certain medical devices that have mass marketing appeal, with the possibility of having several million dollars in sales annually. After covering all the expenses, including manufacturing, promotion and marketing payments by the JV Company, the remaining profit will be divided equally between Eternity Healthcare, Inc. and Shanghai Yin Jun Investment group.
Shanghai Yin Jun Investment group has the option to convert their 50% holding in the JV Company into Eternity Healthcare, Inc. stock for 4 million Common shares within the next 30 months at the price of $0.75 per share. Once this happens, Eternity Healthcare, Inc. will then own 100% of the JV Company.
About Eternity Healthcare Inc. (OTCBB:ETAH)
Eternity Healthcare Inc. is a medical device and diagnostic company with state of the art technologies to address human and veterinary markets. Certain products of the Company have completed their prototype testing and received approval for sale and marketing, while several other products are still under development. For more information on the Company, please visit the Company website at www.eternityhealthcare.com.
Safe Harbor Statement
This release includes forward-looking statements. These forward-looking statements generally can be identified by phrases such as ETAH or its management "believes," "expects," "anticipates," "foresees," "forecasts," "estimates" or other words or phrases of similar import. Similarly, statements herein that describe the Company's business strategy, outlook, objectives, plans, intentions or goals also are forward-looking statements. All such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those in forward-looking statements.