Breast-sensor company Scantek has signed a letter of intent to form a European joint venture with Arturo Madariaga Mazzinghi, principal of Commercial Balear De Multipropiedad, of Palma de Mallorca, Spain.
The joint venture will manufacture, market, and sell medical devices and products exclusively in Europe. Currently, the Denville, NJ-based vendor's BreastCare/BreastAlert differential temperature sensor will be manufactured and sold under this agreement, which is expected to be finalized in May. BreastCare/BreastAlert has received its CE Mark.
Upon signing the final agreement, Madariaga will pay Scantek $400,000 for the exclusive license and distribution rights for Europe. Scantek will own 64% of the new company's common stock, while Madariaga will own 36%.
By AuntMinnie.com staff writersApril 27, 2001
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