DEURLE, BELGIUM--(Marketwire - November 30, 2010) - Remedent, Inc. (
SCF will provide all the necessary financing to a joint venture between both entities, where Remedent/Glamsmile will be the majority owner and provide all the necessary product and support to open the Studios. Glamsmile will operate and manage the Studios under the same formula for success as it does in Europe and Asia. It is anticipated that both Studios will open prior to the conclusion of our year end, namely March 31, 2011.
"The direct retail model of opening Studios in both Asia and Europe has been the reason for our financial turnaround as opposed to our previous wholesale (B2B) model via a distributor. This has led to two consecutive profitable quarters since the beginning of our financial year, April 1, 2010. In addition to western Europe, we will continue with our Glamsmile Studio expansion in Asia as well where we anticipate opening our Shanghai superstore in early 2011. I am very excited about our new venture with SCF for western Europe which will give us further exposure into two new markets, namely Milan and Brussels. The locations for our two new Studios have already been determined and they will be based in the most affluent shopping areas of both major cities. I look forward to the opening of both these two new locations where we expect the financial success to continue as we have experienced with our other Studios located in both Europe and Asia," said Guy DeVreesse, the CEO of Remedent.
SCF currently has investments in both the pharmaceutical and health care industries. "The Glamsmile concept is unique and we are very excited about introducing beautiful smiles into new markets," said Mr. Bernardo Ruzziconi, SCF, Chief Executive Officer.
About Remedent.
Remedent, Inc. specializes in the research, development, manufacturing and marketing of oral care and domestic dentistry products. The company serves the professional dental industry with breakthrough technology for dental veneers. These products are supported by a line of professional veneer whitening and teeth sensitivity solutions. Headquartered in Belgium, Remedent distributes its products to more than 35 countries worldwide. For more information, go to www.remedent.com
Forward-Looking Statements
Statements in the press release that are "forward-looking statements" are based on the current expectations and assumptions that are subject to risks and uncertainties. Such forward-looking statements involve known and unknown risks, uncertainties and other unknown factors that could cause Remedent's actual operating results to be materially different from any historical results or from any future results expressed or implied by such forward-looking statements. In addition to statements that explicitly describe these risks and uncertainties, readers are urged to consider statements that contain terms such as "believes," "belief," "expect", "intends," "anticipate," "anticipates," "plans," "projects," "project," to be uncertain and forward looking. Actual results could differ materially because of facts such as Remedent's ability to achieve the synergies and value creation contemplated by the proposed transaction. For further information regarding risks and uncertainties associated with Remedent's business, please refer to the risks described in Remedent's filings with the Securities and Exchange Commission, including but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q. We undertake no duty to revise or update any forward-looking statements to reflect events or circumstances after the date of the press release.
Contact Information:
CONTACT:
Stephen Ross
310 922 5685
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