KENNEWICK, Wash., March 26, 2013 (GLOBE NEWSWIRE) — Advanced Medical Isotope Corporation (“AMIC”) (ADMD), a company engaged in the production and distribution of medical isotopes, has entered into a strategic alliance with GSG International GMbH to collaborate in the joint development of technologies for the production of medical isotopes and the marketing and distribution of related isotopes, equipment and services.
The first endeavor of the strategic alliance (“Alliance”) will be the worldwide distribution of Molybendum-99 (Mo-99) and related Technetium-99 generators and kits acquired or manufactured by GSG on behalf of the Alliance. AMIC initially will have exclusive rights for sale and distribution in North America, South America and China. Subject to the parties’ performance, AMIC may thereafter obtain additional rights.
The Company and GSG also are commencing a technical review of their respective technologies, rights and business lines to determine the other products and services to be included in their Alliance.
GSG is the Switzerland-based member of Gamma Service Group International, an innovative provider of advanced services, equipment and solutions for production and handling of radionuclide materials with operations in Switzerland, Germany and Russia.
James C. Katzaroff, Chairman and CEO of AMIC, stated: “We are excited about the prospects for our alliance with GSG. The Gamma Service Group has a premier reputation for quality and innovation in a broad range of isotopes, equipment and services. GSG’s established presence in Europe, combined with AMIC’s products and relationships in North America and other key territories, will meaningfully enhance AMIC’s ability to meet the needs of our current and future customers.”
Katzaroff added: “This is a particularly opportune time to begin the distribution of Mo-99 because major suppliers of the isotope are experiencing both scheduled and unscheduled downtimes. Additionally, one of the major suppliers of Mo-99 has announced that it will exit the market by 2017 when its reactors reach retirement age.”
AMIC’s alliance with GSG is the first step in the Company’s expanded business strategy. While continuing to develop and bring to market its innovative portfolio of radionuclides and related medical products, AMIC intends to obtain additional rights to sell, market and distribute third-party medical isotopes in North America and selected international territories.
Katzaroff explained: “We intend to accelerate AMIC’s revenue-generating activities to support our development of proprietary products. Market development and distribution arrangements generally do not require material capital investment and can provide an expedited path to revenue and profit, while expanding the marketing opportunities for our proprietary products.”
Implementation of the Alliance’s businesses is subject to the execution of further agreements, technical reviews and any required financing.
In establishing and implementing its alliance with GSG, AMIC is advised by Kenin M. Spivak, chairman of Spivak Management Inc. and AMIC’s legal advisors.
About Gamma Services Group
Since its founding more than 20 years ago, the Gamma Services Group has expanded to nearly a dozen innovative companies in Switzerland, Germany and Russia, each specialized in development, manufacturing, consulting or sale of advanced products or services in production and handling of radionuclide materials. The Group’s main areas of activity include development and installation of radionuclide production units, including Mo-99 and Tc-99m, medical, including blood irradiation, safety and measurement devices and hot cells; production and sales of sealed sources, radionuclides and radiopharmaceuticals and services in handling, storage, recycling and disposal of radioactive sources, products and installations and global consulting and project management for the development of technology and safety for radiation equipment.
About Advanced Medical Isotope Corporation
Advanced Medical Isotope Corporation (ADMD) is a company engaged in the production and distribution of medical isotopes for advanced diagnostic and non-surgical therapeutic application. AMIC’s goal is to empower physicians, medical researchers, and ultimately patients by providing them with essential medical isotopes that, until recently, have not been feasible or economical, in an effort to detect and cure human disease. For more information, please visit our website, www.isotopeworld.com
The Advanced Medical Isotope Corporation logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=5139
Safe Harbor Statement
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by the use of the words “may,” “will,” “should,” “plans,” “expects,” “anticipates,” “continue,” “estimates,” “projects,” “intends,” and similar expressions. Forward-looking statements involve risks and uncertainties that could cause results to differ materially from those projected or anticipated. These risks and uncertainties include, but are not limited to, AMIC’s ability to successfully execute its expanded business strategy, including by entering into definitive agreements with suppliers, commercial partners and customers; general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, delays in completing various engineering and manufacturing programs, changes in customer order patterns, changes in product mix, continued success in technical advances and delivering technological innovations, shortages in components, production delays due to performance quality issues with outsourced components, regulatory requirements and the ability to meet them, government agency rules and changes, and various other factors beyond the Company’s control.
Advanced Medical Isotope Corporation
James C. Katzaroff
6208 W. Okanogan Ave.
Kennewick, WA 99336