MONTVALE, N.J., Oct. 24, 2008 (GLOBE NEWSWIRE) -- Ivivi Technologies, Inc. (Nasdaq:IVVI), a leader in non-invasive, electrotherapy systems, today announced that it has signed a non-binding term sheet with RecoverCare, LLC, a nationwide leader in the chronic wound care field, for the exclusive right to distribute, sell and rent the Company's targeted pulsed electromagnetic field (tPEMF(tm)) products into long term acute care hospitals (LTACHs) and VA long term care facilities and other facilities as agreed to by both parties in the United States.
Under the proposed agreement, RecoverCare will purchase products from Ivivi, who in return will be responsible for providing initial training and ongoing technical and warranty support. In addition, Ivivi will receive a specified revenue share based on RecoverCare's gross monthly rental fees, subject to certain minimums. RecoverCare will also service current Ivivi LTACH accounts for which Ivivi will receive a specified revenue share.
The proposed agreement is expected to have a three-year initial term. The letter of intent is non-binding and is subject to negotiation and execution of a definitive agreement between Ivivi and RecoverCare. A formal launch is expected to follow within 90 days of finalization of an agreement between the parties. There can be no assurance that the parties will be able to finalize an agreement on the terms set forth in the non-binding letter of intent or at all.
About RecoverCare
RecoverCare delivers wound care, bariatric care and safe patient handling solutions to healthcare facilities nationwide and Canada via 80-plus service centers. The company serves acute care and long-term acute care hospitals, skilled nursing facilities, rehabilitation hospitals, hospice, and home care patients. RecoverCare's product lines include therapeutic mattresses for wound care, bariatric equipment for care of obese patients and specialty beds and patient transfer equipment for safe patient handling. In addition to providing just-in-time equipment rental programs, RecoverCare also supplies clinical expertise and procurement flexibility to deliver cost efficient, clinically effective patient outcomes. The company also manufactures bariatric beds and safe enclosure bed systems under the Camtec division, and patient lifts and transfer devices under the T.H.E. division. RecoverCare is nationally headquartered in Radnor, PA, and has regional operations centers in Bensalem, PA, Tampa, FL, Olathe, KS, and Houston, TX. For more information, log on to www.recovercare.com.
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 will be focused in this area. The Company also expects to seek strategic partners to pursue other markets, such as osteoarthritis, neurology and other inflammatory-related conditions if FDA marketing approvals or clearances can be achieved in these areas.
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 the ability to execute a definitive agreement with RecoverCare on the terms proposed or at all. 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.