BEIJING, Nov. 20, 2014 (GLOBE NEWSWIRE) -- Dehaier Medical Systems Ltd. (Nasdaq:DHRM) ("Dehaier" or the "Company"), which develops, assembles, markets and sells medical devices and wearable sleep respiratory products in China, today announced that it has signed a new software license and strategic cooperation agreement (the "New Agreement") with Israel-based WideMed Technologies Ltd. ("WideMed") during the MEDICA trade fair ("MEDICA"), which took place November 16 -19, 2014 in Düsseldorf, Germany.
Delegates from both the Chinese and Israeli governments witnessed the signing of the New Agreement this week at MEDICA. The New Agreement gives Dehaier six more years of exclusive right in China to offer WideMed's cost-effective, portable home sleep diagnostic and analysis software solution, Morpheus OX. Both parties also agreed to leverage WideMed's innovative cloud-based automatic sleep diagnostic and analysis software and Dehaier's cost-effective wearable hardware solution to fully cooperate on the development and marketing of turnkey solution systems for Obstructive Sleep Apnea Syndrome ("OSAS") both in China and abroad. Dehaier will further research and develop the wearable sleep diagnostic device for sale in international markets and will actively pursue international certifications for the device.
As previously disclosed, the Company's wearable sleep respiratory solution system has been adopted by 58 major hospitals and medical examination centers across 14 provinces and cities in China since its official launch in August 2014, and the Company is accelerating the pace of delivering the systems to more medical institutions nationwide.
Mr. Ping Chen, Chief Executive Officer of Dehaier, commented, "We are excited to extend and broaden our strategic partnership with WideMed and believe the combined strength of the two companies will allow us to deliver competitive solutions systems for the emerging OSAS market both in and outside China. We are pleased with the market's reception of our wearable sleep respiratory solution systems for OSAS since its official launch in August, and we are increasingly confident about the growth prospects of our sleep respiratory business and firmly believe it can evolve into a key growth driver for Dehaier in coming years."
Mr. Yaacov Bar-Lev, Chairman of WideMed Technologies Ltd., stated: "Today's announcement reflects a deeper partnership between two companies with a common goal of delivering affordable, easy-to-use sleep respiratory solution systems for millions of people who suffer OSAS, and we look forward to continuing our strong business relationship with Dehaier in the years to come."
About WideMed Technologies Ltd.
Established in 2000, WideMed Technologies Ltd. is an Israeli company in the growing bio-medical signal diagnostics and treatment market. Leveraging its innovative signal processing algorithms, the company offers comprehensive signal analysis and workflow management services and solutions. Morpheus® Ox, awarded 18 patents, FDA and CE certifications, is WideMed's cost-effective, portable home sleep diagnostic and monitoring software solution which enables a sleep test in the comfort of patient's own bedroom through easy-to-use, watch-size diagnosis device. More information may be found at http://www.widemed.com.
About Dehaier Medical Systems Ltd.
Dehaier is an emerging leader in the development, assembly, marketing and sale of medical products, including medical devices and wearable sleep respiratory products. The company develops and assembles its self-branded medical devices and sleep respiratory products from third-party components. The company also distributes products designed and manufactured by other companies, including medical devices from IMD (Italy), HEYER (Germany) and Timesco (UK). Dehaier's technology is based on six patents and eleven software copyrights. More information may be found at http://www.dehaier.com.cn.
Forward-looking Statements
This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, fulfillment of bids and contracts, changes in technology, economic conditions, the impact of competition and pricing, government regulation, and other risks contained in reports filed by the company with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by or on behalf of the company, are expressly qualified by the cautionary statements and any other cautionary statements which may accompany the forward-looking statements. In addition, the company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.