MedX Receives First Order From Beijing Tagene Medical Co., Ltd.
MISSISSAUGA, ON, March 20, 2012 /CNW/ - MedX Health Corp., (TSXV.MDX) a global leader in drug free, non-invasive low level laser light therapy and light imaging systems, announced that they have received the first order from China through their distribution partner, Beijing Tagene Medical Co., Ltd. www.tagene.com This is the result of a project that began over two (2) years ago, working with Tagene and the Chinese FDA equivalent to gain approval to sell MedX products within China. The full line of MedX Health laser and light devices for both rehab and sports injuries, as well as the dental line of lasers, is now available to the Chinese population.
"We are pleased that all the regulatory hurdles are behind us and that our low level laser products for treating painful conditions, can now be sold to the largest population in the world," said Steve Guillen, President & CEO, and "we expect China to quickly become our largest customer and grow dramatically in the future."
About the Medical Device Market in China
China has the world's largest population. In 2008, it was officially estimated at 1,328.0 million. The province of Guangdong, in south-central China, had the largest population, with 95.4 million, equal to 5.7% of the total. Eastern China was the most populated region of the country, inhabited by 382.4 million people in 2008. The area includes Shanghai, China's largest city, with a population of 18.9 million.
In 2009, the Chinese government committed 850 billion yuan (US$124 billion) to develop the country's healthcare system over a three-year period. The plan is to create a solid platform for universal healthcare access for all by 2020. The Chinese government expanded the health insurance program to cover all rural residents by the end of 2008. Urban health insurance was already well established, covering nearly all working citizens, and the government plans to cover all urban dwellers, including the unemployed and children who were not covered previously.
The prospects for medical device spending is huge; the government has committed heavily in the construction of thousands of hospitals, healthcare centers, clinics and this will inevitably lead to spending on capital goods, most notably medical devices, equipment and furniture at an unprecedented rate in a relatively short space of time. Espicom estimates medical device market growth to be in the region of 13.1%; one of the fastest growing markets in the world. High rates of growth are not uncommon in the Asian region, but on the back of a huge market size, China's growth is particularly pronounced.
About MedX Health Corp.
MedX is a twelve (12) year old Canadian company, headquartered in Mississauga, Ontario (Toronto), and is a global leader in the design, manufacturing and distribution of quality low level laser and light therapy technologies for use in numerous medical settings, including rehab/chiropractic, dental, wound care, and veterinary medicine, providing patients with drug free and non-invasive treatment of tissue damage and pain. MedX laser and light products are FDA approved, Health Canada cleared, and CE Mark approved for use in North America as well as the European Union. Recently, MedX acquired MoleMate for the early diagnosis of skin cancer, and is expanding existing worldwide sales in the UK and Australia, through the launch of this technology in the US and Canada. www.simsys-molemate.com For a complete profile of MedX Health Corp. and its products visit www.medxhealth.com.
This press release does not constitute an offer of any securities for sale. This press release contains certain forward-looking statements within the meaning of applicable Canadian securities legislation. These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ, including, without limitation, the company's limited operating history and history of losses, the inability to successfully obtain further funding, the inability to raise capital on terms acceptable to the company, the inability to compete effectively in the marketplace, the inability to complete the proposed acquisition and such other risks that could cause the actual results to differ materially from those contained in the company's projections or forward-looking statements. All forward-looking statements in this press release are based on information available to the company as of the date hereof, and the company undertakes no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this press release.
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For further information:
President and Chief Executive Officer
MedX Health Corp. [email protected]
Phone: (905) 670-4428