SAN FRANCISCO, Dec. 16 /PRNewswire-FirstCall/ -- Medizone International, Inc. (OTC Bulletin Board: MZEI) reported that its Board of Directors and the Board of Medizone New Zealand Ltd., a joint venture in which Medizone International Inc. holds a 50% interest, agreed on December 14, 2009 to unwind the joint venture and reconvey to Medizone International all global marketing rights of the company's intellectual property. Medizone International's Chairman, Edwin G. Marshall said, "Time has eroded the relevance of the joint venture we established in 1995 and the partnership no longer fits with the business plan of Medizone International moving forward. We have mutually agreed that it is in the best interest of both Medizone New Zealand Ltd., and Medizone International, Inc., to find a fair basis to terminate the marketing rights and to wind up the joint venture." The transaction should be concluded by December 31, 2009.
The parties agreed that Medizone International Inc. would pay Solwin Investments Ltd., the New Zealand principal in Medizone New Zealand Ltd. $125,000 in shares of Medizone International common stock priced at $0.40 per share, $0.015 above the closing market price on the day agreement was reached. The joint venture held licensing and marketing rights for Medizone products in Australia and its territories, New Zealand and its territories, the South Pacific Islands, the Philippines, Indonesia, Viet Nam, Cambodia, Laos, Thailand, Malaysia and Singapore. Noted Marshall, "In recapturing all marketing and licensing rights to these territories, Medizone International now retains global marketing and licensing rights for all of its future products, paving the way for implementation of its revised business plan."
Medizone International, Inc., is a research and development company engaged in developing its AsepticSure(TM) technology to decontaminate and sterilize hospital surgical suites, emergency rooms, intensive care units, schools and other critical infrastructure. Full-scale mock-up trials are scheduled to begin in January at its research laboratories located in Innovation Park, Queens University in Kingston, Ontario, Canada.
This Press Release contains certain forward looking statements that involve substantial risks and uncertainties, including, but not limited to, the results of ongoing clinical studies, economic conditions, product and technology development, production efficiencies, product demand, competitive products, competitive environment, successful testing and government regulatory issues. Additional risks are identified in the company's filings made with the Securities and Exchange Commission.
Investor Relations: 415-868-0300 / web site: www.medizoneint.com E-mail: email@example.com
SOURCE Medizone International, Inc.
|SOURCE Medizone International, Inc.|
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