WINTER PARK, Fla. and ASSAGO MI, Italy, Oct. 5 /PRNewswire/ -- GENICON and SIAD Healthcare S.p.A. announced today the formation of a new strategic partnership. Under this new partnership, SIAD Healthcare S.p.A. has made an equity investment in GENICON. With its minority ownership, SIAD Healthcare S.p.A. will have a position on GENICON's Board of Directors, which will be filled by Professor Joseph LaPalombara of Yale University.
In August of 2006, GENICON and SIAD Healthcare S.p.A. entered into a distribution agreement, for the country of Italy, under which SIAD Healthcare started to market GENICON's minimally invasive surgery products within the Italian market.
"I am pleased with this investment and strategic partnership as this will boost some of our R&D programs and will help us to build proper foundations for solid growth of our business in Europe," said Gary Haberland President & CEO of GENICON.
"Our decision to acquire a minority ownership share in GENICON strengthens our partnership and provides a strong signal to the surgical community in Italy, about SIAD Healthcare's long-term commitment to the Minimally Invasive Surgery market," said Bernardo Sestini, President of SIAD Healthcare S.p.A. "Our partnership will help both organizations to grow and will provide several future business opportunities."
GENICON was founded in 1998, and is a privately held corporation based in Winter Park, Florida. The company is focused solely within the Minimally Invasive Surgical market and is an emerging leader in the concept, design, manufacture, and distribution of patented surgical products that are used throughout the global healthcare system.
SIAD Healthcare S.p.A. is part of the Italian Group SIAD S.p.A. Founded
in 1927 and currently headquartered in Bergamo, Italy, SIAD Group is a well
recognized player within the industrial and medical gas industry. SIAD
Healthcare S.p.A. markets a wide range of medical devices for the surgical
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