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Corgenix Medical Corp. and the ELITech Group Establish Strategic Alliance
Date:7/19/2010

DENVER and PARIS, July 19 /PRNewswire-FirstCall/ -- Corgenix Medical Corporation (OTC Bulletin Board: CONX), a worldwide developer and marketer of diagnostic test kits, and the ELITech Group, a Paris, France-based, privately held group of companies and worldwide manufacturer and distributor of in-vitro diagnostic equipment and reagents, today announced a broad strategic alliance. Terms of the agreement include:

  • Strategic Investment – ELITech will initially purchase 8,333,334 shares of Corgenix common shares at $0.15 per share. ELITech is also committing to invest another $750,000 in Corgenix common stock at the same price over the subsequent 12 months upon the successful completion by Corgenix of the two events specified below; warrants also issued at $0.15 could potentially result in an additional $1 million investment.
  • International Distribution – ELITech will become the master distributor for Corgenix outside of North America, significantly expanding global market coverage for Corgenix.
  • Product Development – Corgenix and ELITech will co-develop new tests by combining Corgenix products and technologies with several of the ELITech proprietary instrument systems.

"We are extremely pleased that the ELITech Group has chosen to establish this relationship with Corgenix," said Douglass Simpson, Corgenix President and Chief Executive Officer. "Investment in our company at a significant premium to the current market price is evidence of ELITech's very strong belief in Corgenix."


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SOURCE Corgenix Medical Corporation
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