Zynex, Inc. (OTCBB: ZYXI), a provider and developer of non-invasive medical devices for electrotherapy and stroke rehabilitation, neurological diagnosis and cardiac monitoring, announced that it entered into an exclusive letter of intent, through its subsidiary Zynex NeuroDiagnostics, Inc., to acquire substantially all of the assets of NeuroDyne Medical, Corp. subject to certain conditions, including satisfactory completion of due diligence and final documentation.
NeuroDyne Medical, Corp., located in Cambridge, Massachusetts, is an 18 year old FDA-GMP compliant manufacturer of advanced medical devices for non-invasive measurement of sEMG and autonomic nervous systems. The devices are used for evaluation and treatment of neurological and neuromuscular disorders as well as education and research. NeuroDyne’s products include medical instruments, sensors, disposable electrodes and software that offer sEMG, EKG, EEG, respiration, skin temp, EDR, EDL, peripheral blood flow, IBI, heart rate, and heart rate variability. The products are sold world wide and are used by healthcare providers, educators and researchers. NeuroDyne has over 2,000 customers that include companies such as the U.S. Air Force, Harvard University Health Services, MIT, Mayo Clinic, Procter and Gamble and Johnson and Johnson.
Thomas Sandgaard, CEO of Zynex, commented, "This potential acquisition is strategic for us, as we believe it will provide us a rapid entrance into the neurodiagnostic market and will allow us to diversify our current product offerings. NeuroDyne also has established global sales channels that should help our international sales growth. Tahir Chaudhry, founder and CEO of NeuroDyne, has built a good business and we are excited to work with him to finalize the acquisition and integration into Zynex NeuroDiagnostics.”
Tahir Chaudhry, CEO of NeuroDyne, commented, "I believe Zynex offers the ideal platform to further advance the already proven NeuroDyne product mix and accelerate the global reach into the neurodiagnostic market. Zynex has a proven track record of high growth and I believe that the addition of NeuroDyne will be a good strategic fit.”
Zynex, Inc. (founded in 1996), operates under three primary business segments; Zynex Medical, Zynex NeuroDiagnostics and Zynex Monitoring Solutions. Zynex Medical engineers, manufactures, markets and sells its own design of electrotherapy medical devices for standard digital electrotherapy, used for pain relief, pain management and stroke and spinal cord injury rehabilitation. Zynex Medical’s product lines are fully developed, FDA-cleared, commercially sold, and have been developed to uphold the Company's mission of improving the quality of life for patients suffering from impaired mobility due to stroke, spinal cord injury, or debilitating and chronic pain. Zynex NeuroDiagnostics, currently in the development stage, has been established to market EMG, EEG, sleep pattern, auditory and nerve conductivity neurological diagnosis devices through product development or acquisitions. Zynex Monitoring Solutions, currently in the development stage, has been established to develop and market medical devices for non-invasive cardiac monitoring.
For additional information, please visit: http://www.ir-site.com/zynex/default.asp.
NeuroDyne Medical, Corp., located in Cambridge, Massachusetts, is an 18 year old FDA-GMP compliant manufacturer of advanced medical devices for non-invasive measurement of sEMG and autonomic nervous systems used for evaluation and treatment of neurological and neuromuscular disorders as well as education and research.
For additional information, please visit: http://www.neurodynemedical.com/.
Safe Harbor Statement
Certain statements in this release are "forward-looking" and as such are subject to numerous risks and uncertainties. Actual results may vary significantly from the results expressed or implied in such statements. Factors that could cause actual results to materially differ from forward-looking statements include, but are not limited to, the inability to agree on final transaction terms with NeuroDyne, the need to obtain additional capital in order to grow our business, our ability to engage additional sales representatives, the success of such additional sales representatives, the need to obtain FDA clearance and CE marking of new products, the acceptance of new products as well as existing products by doctors and hospitals, larger competitors with greater financial resources, the need to keep pace with technological changes, our dependence on the reimbursement from insurance companies for products sold or rented to our customers, acceptance of our products by health insurance providers, our dependence on third party manufacturers to produce our goods on time and to our specifications, implementation of our sales strategy including a strong direct sales force, the uncertain outcome of pending material litigation and other risks described in our filings with the Securities and Exchange Commission including the “Risk Factors” section of our Annual Report on Form 10-K for the year ended December 31, 2010.