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KELOWNA, BC, Oct. 1 /CNW/ - WearAir Oxygen Inc. (WAO), a sister company
to WearAir Industrial Inc. (WAI), recently received its first royalty check
from Delphi Medical Systems Corporation (DMS) as part of its exclusive
worldwide technology licensing agreement with WAO (the "Licensing Agreement").
DMS entered into the Licensing Agreement to manufacture and distribute
portable medical oxygen concentrators with a new high efficiency gas
separation cycle developed and patented in the BC Okanagan by WAO to support
patients with chronic airways obstruction.
WearAir Oxygen Inc. is a local Kelowna, British Columbia company with a
mission to improve respiratory patients' quality of life through an innovative
proprietary oxygen concentration technology. The Licensing Agreement includes
the patents and patent applications, the rights to manufacture and distribute
oxygen concentrators based on this intellectual property, and the ability to
use the underlying technology for contract manufacturing customers and
Delphi Medical Systems Corporation anticipates using these technologies
for its OEM customers and distributors for portable oxygen concentrators
Ideal for use with ambulatory patients for homecare or in alternate site
settings, the oxygen concentrators have been designed to be high-performance
systems that are easy to use by the patient.
"We're excited about this agreement and the WearAir technologies, which
strengthen Delphi Medical Systems' portfolio in respiratory therapy," said a
Delphi Medical Systems spokesman.
"We welcome this opportunity to work with Delphi Medical Systems," said
Guy Gaiser, President and CEO, WearAir Oxygen/Industrial, Inc. "With this
licensing agreement, we hope to continue to provide advanced technologies to
fill the needs of respiratory patients around the world," said Gaiser. "We
look forward to leveraging Delphi's strengths in design, cost, manufacturing
Concurrently, WAI is in the process of raising funds to support the
completion of its one ton of oxygen per day industrial prototype. The focus of
this project is to scale up the original WAO gas separation technology for
industrial applications. The alpha version of the prototype has been developed
by Adsorption Research Inc. in Columbus, Ohio and will be further refined as a
beta unit for final testing and evaluation. The WAI board has authorized WAI
to issue up to 2,000,000 common voting shares at $0.60 per share. A
substantial portion of this share offering was subscribed for by existing
shareholders under a closed offering that completed on August 15, 2008. WAI
has now opened the offering to other investors and is currently welcoming
inquiries from prospective new investors who may be interested in learning
more about this exciting opportunity. The proceeds will be used to complete
the one ton of oxygen per day industrial prototype while WAI seeks a suitable
industrial gas partner with a sophisticated technical group in 2009.
This press release and the information contained herein does not
constitute a solicitation of investment by WAO or WAI and is not intended
for distribution in the United States of America or to US Persons, as
that term is defined under Regulation S made under the United States
Securities Act of 1933 as amended. Investments in WAI can only be made in
compliance with all applicable securities rules.
For further information:
For further information: on either WearAir Oxygen Inc. or WearAir
Industrial Inc., please visit its website at: www.WearAir.com or contact Mr.
Gaiser at (250) 215-0008