Company Now Better Positioned for Improved Performance
HALIFAX, March 7 /CNW/ - MedMira Inc., ("MedMira") (TSX Venture: MIR,
NASDAQ: MMIRF) a global market leader in premium rapid diagnostic solutions,
announced today that it is making steady progress toward sales and growth
opportunities in key global markets. Over the past several months the senior
management team has been busy laying the groundwork that will translate into
improved financial performance and long-term sustainable revenue streams. This
groundwork includes new pricing structures, building out the distributor
network, and cost containment initiatives.
MedMira implemented new pricing structures in 2006 to successfully
compete in the global marketplace and realize high volume orders in developing
markets. Evidence that this is working came in February 2007 with the
announcement of the Company's largest order to date for one million rapid HIV
tests from its Indian distributor. MedMira will deliver on this order over the
next several months and anticipates significant future orders as the market
"With this new pricing structure MedMira has proven that we can
successfully compete in price sensitive markets that hold enormous potential
for our product line," said Hermes Chan, President & CEO, MedMira. "We are
focused on growth and are taking aggressive steps to streamline our company in
order better position ourselves to capitalize on the opportunities ahead."
MedMira's sales team continues to build sustainable revenue streams
through a quality distributor network, recently signing distributors for
Spain, Italy, France and Portugal. The Company has also expanded its product
offering in the European Union, providing customers with greater flexibility
in test format and an extended shelf-life. MedMira's distributors and their
end-user customers have embraced this expanded product offering. The Company's
Italian distributor increased their most recent order of MiraCare(TM) HIV by
100% because of these new features.
In the US market, MedMira is beginning to see incremental growth in sales
as customers complete the transition from the previous version to Reveal(R)
G3, which was launched in October 2006. MedMira's US distribution partners are
also seeing an increase in new and returning customers interested in the
advanced ease-of-use features incorporated in the latest version of the
In addition to external focus on sales initiatives, MedMira has looked
inward and continued its cost containment plan which it began in 2006. The
Company is aiming to reduce operating costs by an additional 20% through
workforce reorganization, salary reductions for members of the management
team, and a decrease in general operating expenses.
Chan continued, "The initial plan that we announced in August 2006 has
reduced operating costs by 30% from the last half of our last fiscal year.
This further right-sizing will better position us to achieve our sales
objectives, delivering improved financial performance and increased
MedMira is a leading developer and manufacturer of flow-through rapid
diagnostics. The company's tests provide hospitals, labs, clinics and
individuals around the world with reliable, rapid diagnosis for diseases such
as HIV and hepatitis C in just three minutes. The company's tests are sold
under the Reveal(R), MiraWell(R), MiraCare(TM) and Multiplo(TM) brands in
global markets. MedMira's rapid HIV test is the only one in the world to
achieve regulatory approvals in Canada, the United States, China and the
The company's corporate offices and manufacturing facilities are located
in Halifax, Nova Scotia, Canada with a representative office in China. For
more information visit MedMira's website at www.medmira.com.
This news release contains forward-looking statements, which involve risk
and uncertainties and reflect the company's current expectation regarding
future events. Actual events could materially differ from those projected
herein and depend on a number of factors including, but not limited to,
changing market conditions, successful and timely completion of clinical
studies, uncertainties related to the regulatory approval process,
establishment of corporate alliances and other risks detailed from time to
time in the company quarterly filings.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this statement.
For further information:
For further information: Dr. James Smith, Investor Relations, (902)
450-1588, firstname.lastname@example.org; Andrea Young, Corporate Communications, (902)