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Biozoom Exercises Purchase Option Under Joint Venture Agreement With Spectroscopic Technology Developer, Opsolution
Date:6/14/2013

AGOURA HILLS, Calif., June 14, 2013 /PRNewswire/ -- Biozoom (OTC QB: BIZM) exercised its option, under a joint venture agreement, to acquire 19.9% of Opsolution, a research and development company dedicated to advancing spectroscopic technology.  Pursuant to the joint venture between the two companies, Opsolution assigned to Biozoom all of its rights to Opsolution's future intellectual property, whether developed or acquired, including licenses and royalty rights. In exchange, Biozoom agreed to fund Opsolution's ongoing research and development activities by matching certain grant funds awarded to Opsolution by the German government.  Under Biozoom's asset purchase agreement with Opsolution, executed in parallel with the joint venture, Biozoom acquired all of Opsolution's existing tangible and non-tangible assets.

"Both companies can concentrate on what they do best," said Hardy Hoheisel, CEO of Biozoom. "Opsolution can focus on the R & D, while Biozoom aggressively pursues large-scale sales opportunities and relationships with distribution partners in the health and wellness industry."

The joint venture agreement gives Biozoom access to intellectual property and patents as they are developed and acquired. "Opsolution is conducting the research that we hope will enable our next generation Biozoom scanner to measure common medical values, including cholesterol and blood sugar levels. We believe this will lead to wide adoption by the healthcare community when the new scanner is perfected," said Hoheisel.

Opsolution developed the ground-breaking technology to miniaturize laboratory-quality spectroscopy, enabling the creation of Biozoom's mobile handheld device. This miniaturization was based on collaboration with one of the world's leading optical engineering companies, Carl Zeiss. This optics technology is at the heart of the current scanner, the
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SOURCE Biozoom
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