|By Business Wire||
|March 10, 2014 12:21 PM EDT||
First graph of release should read: Integrity Applications, Inc. (OTCQB:IGAP), developer of the GlucoTrack® model DF-F noninvasive blood glucose measurement device, has entered, through its wholly-owned subsidiary, Integrity Applications Ltd., into distribution agreements for the GlucoTrack device in Italy, Thailand and Uruguay. The distribution agreement with Italy represents the company’s first such agreement in a European Union member country. According to the International Diabetes Federation, a total of about 3.6 million people with diabetes live in Italy, 3.2 million people with diabetes live in Thailand and 144,000 people with diabetes live in Uruguay.
The corrected release reads:
INTEGRITY APPLICATIONS SIGNS THREE ADDITIONAL DISTRIBUTION AGREEMENTS FOR ITS GLUCOTRACK® MODEL DF-F GLUCOSE MONITORING DEVICE
Agreement in Italy Marks First European Distribution Agreement for Integrity
Also Secures Distribution Agreements for Thailand and Uruguay
Integrity Applications, Inc. (OTCQB:IGAP), developer of the GlucoTrack® model DF-F noninvasive blood glucose measurement device, has entered, through its wholly-owned subsidiary, Integrity Applications Ltd., into distribution agreements for the GlucoTrack device in Italy, Thailand and Uruguay. The distribution agreement with Italy represents the company’s first such agreement in a European Union member country. According to the International Diabetes Federation, a total of about 3.6 million people with diabetes live in Italy, 3.2 million people with diabetes live in Thailand and 144,000 people with diabetes live in Uruguay.
Mikrolink srl was appointed as the exclusive distributor of the GlucoTrack device in Italy, effective March 11, 2014. Distribution in Thailand and Uruguay is expected to commence on March 11, 2014 and March 24, 2014, respectively. Based on the minimum purchase forecasts contained in these distribution agreements, Integrity Applications anticipates that these distributors will purchase from it an aggregate of $1.7 million of GlucoTrack model DF-F devices in the first 12 months.
Lorenzo Bragagni, General Manager at Mikrolink, said, “We are pleased to be working with Integrity Applications as the first distributor of the GlucoTrack device in a European Union member country. We appreciate the capabilities and value this device will offer people with diabetes in Italy and see it as a bold new option for glucose monitoring.”
Avner Gal, President and CEO of Integrity Applications, said, “These distribution agreements now bring our total number to six for GlucoTrack and as always, we are enthusiastic about the possibility of providing diabetes patients in a growing number of territories with a new, noninvasive option for monitoring blood glucose. We are especially pleased that we are now poised, through our Italian distributor, to enter the European market. We expect to enter into additional distribution agreements, both in Europe and elsewhere, as we continue to seek to build a distribution network to support future international sales of the GlucoTrack Model DF-F device.”
GlucoTrack features a small sensor that clips to the earlobe and measures the wearer’s blood glucose level by taking measurements using three technologies. The measurements are analyzed using a proprietary algorithm and displayed on a small handheld device, the size of a mobile phone. The derived blood glucose measurement is also announced verbally, making it suitable for the elderly and vision-impaired diabetes patients. The company has obtained a CE Mark for its GlucoTrack Model DF-F in Europe (June 2013) and intends to seek Food and Drug Administration approval for GlucoTrack in the United States.
To watch a video detailing the benefits of GlucoTrack, please visit the following link: http://www.integrity-app.com/the-glucotrack/
About Integrity Applications, Inc.
Integrity Applications, Inc. is a medical device company focused on the design, development and commercialization of non-invasive glucose monitoring devices for use by people with diabetes. Integrity Applications has developed the GlucoTrack model DF-F non-invasive glucose monitoring device, which is designed to help people with diabetes obtain blood glucose level measurements without the pain, inconvenience, incremental cost and difficulty or discomfort of conventional (invasive) spot finger stick devices. Integrity Applications works primarily through its wholly-owned Israeli subsidiary, A.D. Integrity Applications, Ltd. For more information please visit www.integrity-app.com.
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the generality of the foregoing, words such as "expect," and "will," are intended to identify forward-looking statements. Readers are cautioned that certain important factors may affect Integrity Applications’ actual results and could cause such results to differ materially from any forward-looking statements that may be made in this news release. Factors that may affect Integrity Applications’ results include, but are not limited to, the ability of Integrity Applications to successfully commercialize the GlucoTrack DF-F; the ability of the GlucoTrack DF-F to achieve acceptable pricing, adequate third party reimbursement or market acceptance; the ability of Integrity Applications to manage its growth and the expansion of its operations to include commercialization activities; risks relating to the use of third party manufacturers; risks relating to the development of Integrity Applications’ sales, marketing and distribution capability, either on its own or through collaborations with marketing partners; and the additional risk factors described in Integrity Applications’ filings with the U.S. Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2012.