Contract includes initial order worth Cdn$250,000
QUEBEC CITY, July 17 /CNW/ - Medical Intelligence Technologies Inc.
(TSX-V: MIZ), a pioneer in the development of applied telecommunications and
information technologies in the health and safety sector, announced today that
it has signed a licensing agreement to grant exclusive commercialization
rights for its products and services (Vega GPS Bracelet, PERSmobile GPS
Emergency System, and Urgentys GPS Lone Worker) to LUXGSM, the largest
wireless operator in Luxembourg.
This new agreement includes the purchase of an operating licence for the
Medical Intelligence software along with an initial order for 300 devices,
representing a value of (euro) 161,000 (CDN $254,403). The agreement also
includes monthly royalties, which will be paid by LUXGSM as the units are
activated by subscribers. Revenues will be accounted for upon delivery of the
units and installation of the software, which is scheduled for the fourth
quarter of 2008.
"This first agreement in a new territory shows the flexibility of our new
licensing business model and illustrates the potential to easily export our
technology to other regions," said Philippe P. Huneault, President and CEO of
Medical Intelligence Technologies Inc. "We are also considering applying this
new approach in a number of other countries in order to get our products and
services to market quickly with limited capital investment. This will help us
to leverage the market knowledge and established distribution channels of our
partners to increase sales."
"We are enthusiastic about opening new wireless markets within our
territory. The Vega GPS Bracelet, the PERSmobile GPS Emergency System, and the
Urgentys GPS Lone Worker will allow us to offer our customers value-added
services that improve the security and mobility of wearers," said Marc
Rosenfeld, President and CEO of LUXGSM.
LUXGSM is the leading wireless operator in Luxembourg with over 57%
market share and more than 250,000 customers. Its success to date has resulted
from its focus on high quality services and attention given to customers. The
development of personal care services is a primary focus for LUXGSM, who will
oversee the distribution of all Medical Intelligence products, and will
provide telesecurity services with the help of local partners.
About Medical Intelligence Technologies
Medical Intelligence Technologies is an early innovator in the personal
telesecurity industry, integrating information and telecommunications
technologies into the healthcare sector. The Company designs portable medical
devices for people with health or safety concerns. For more information,
please visit www.medicalintelligence.ca or www.medicalmobile.com.
LUXGSM is a result of the merger between CMD and Mobilux, two major
telecom providers in Luxembourg, LUXGSM is part of the group EPT ("Postes et
Télécommunications") and therefore has access to the best telecom expertise
and technologies. For further information on LUXGSM, please visit the
Company's website: www.luxgsm.lu
Any statement in this press release that does not refer directly and
exclusively to historical facts can be considered to be a forward-looking
statement. These statements reflect the intentions, plans, expectations, and
beliefs of Medical Intelligence Technologies, and are subject to risks,
uncertainties, and other factors that are largely beyond the Company's
control, to the extent that the actual results may differ significantly from
those that are contemplated in the statements. Medical Intelligence
Technologies neither intends to nor is required to update or revise these
forward-looking statements based on new information or future events, or for
any other reason. The TSX Venture Exchange does not accept responsibility for
the adequacy or accuracy of this release.
For further information:
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