CAMPBELLVILLE, ON, Sept. 11 /CNW/ - NIR Diagnostics Inc. (TSX Venture:
NID), a leading-edge developer of near-infrared medical instruments, today
announced that Shaklee Corporation of Pleasanton, California, advised NIR
Diagnostics on September 8, 2007 that it is Shaklee's position that the
conditions were not met that would entitle NIR Diagnostics to a $1,000,000
success fee in connection with the delivery of the in-vivo food supplement
prototype device using NIR Diagnostics' proprietary infrared technology, as
stipulated in the strategic alliance agreement announced on August 9, 2006.
It is the position of NIR Diagnostics that it is entitled to the
$1,000,000 success fee in accordance with the terms and conditions of the
strategic alliance agreement and the Company has notified Shaklee that NIR
Diagnostics intends to engage the mediation provisions set out in the
agreement to attempt to resolve the matter. The dispute relates to whether the
performance specifications as outlined in the agreement were met and whether a
two-day delay brought about by a common carrier while the device was in
transit is relevant to a determination of timely delivery.
As of September 8, 2007, the 13.3 million conditional common share
purchase warrants held by Shaklee pursuant to the terms of the strategic
alliance agreement expired.
About NIR Diagnostics
NIR Diagnostics is a leader in the development of near-infrared,
spectroscopic medical diagnostics. The Company has an extensive portfolio of
optical, electronic and algorithm related patents in the field of in-vitro and
in-vivo blood analysis.
This press release contains information that is forward-looking
information within the meaning of applicable securities laws. In some cases,
forward-looking information can be identified by the use of terms such as
"may", "will", "should", "expect", "plan", "anticipate", "believe", "intend",
"estimate", "predict", "potential", "continue" or the negative of these terms
or other similar expressions concerning matters that are not historical facts.
Particularly, statements about the planned development of diagnostic devices,
the potential efficacy of such devices and the success of its arrangements
with key strategic partners are forward-looking information.
Forward-looking information, by its nature necessarily involves risks and
uncertainties including, without limitation, the difficulty of predicting
regulatory approvals, market acceptance and demand for new products, the
protection of intellectual property connected with devices, the impact of
competitive products, and other similar or related risks and uncertainties.
Additional risks and uncertainties affecting the Company are discussed in the
Risks and Uncertainties section of the MD&A for the year ended December 31,
2006 available on SEDAR at www.sedar.com. If any of these risks or
uncertainties were to materialize or if the factors and assumptions underlying
the forward-looking information were to prove incorrect, actual results could
vary materially from those that are expressed or implied by the
forward-looking information contained herein. The Company disclaims any
intention or obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
For further information:
For further information: Duncan MacIntyre, President, CEO and Executive
Vice Chairman, NIR Diagnostics Inc., (905) 854-5727, (905) 854-5729 Fax,
E-mail: firstname.lastname@example.org, Internet: www.nirdiagnostics.com; Ross
Marshall, Investor Relations, (416) 815-0700 ext. 238, (416) 815-0080 Fax,
E-mail: email@example.com, Internet: www.equicomgroup.com