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NovaRay Medical, Inc. Enters Into Distribution Agreement for China and Southeast Asia With TCL Medical Systems for NovaRay's ScanCath(TM) Cardiovascular Imaging System

Wed, 02/15/2012 - 2:45am
The Associated Press

(http://www.novaraymedical.com/)

NovaRay Medical, Inc. of Newark, California, USA ("NovaRay"),

developer of high-performance medical x-ray fluoroscopy systems,

announced today that it has entered into a collaboration agreement

with TCL Medical Systems / Beijing Sinopharm Hundric Medline Info.

Tech. Co., Ltd of Beijing, P.R. China ("TCL Medical") for joint

product development, manufacturing and distribution in China and

Southeast Asia of NovaRay's ScanCath cardiovascular system. NovaRay

has developed a new cardiovascular catheterization imaging system

incorporating a number of unique and proprietary developments that

addresses the growing issues of radiation hazards in the cath lab

while providing the image quality capabilities not available with

current imaging systems.

NovaRay with its development partner, Triple Ring Technologies, Inc.,

and TCL Medical will collaborate on product development of the

ScanCath system for the commercialization and manufacturing for China

and the rest of world markets.

TCL Medical has paid NovaRay an undisclosed amount for an exclusive

market distribution rights for ScanCath products for the China and

Southeast Asia market.

"The completion of this transaction with such a distinguished partner

is an endorsement of NovaRay's unique and exciting ScanCath

cardiovascular imaging system," said Marc Whyte, President and Chief

Executive Officer of NovaRay. "With our partnership with TCL Medical,

NovaRay is now well positioned to bring our ScanCath system, based on

our proprietary technology, to market. We plan on rolling out

ScanCath systems starting early next year in various parts of the

world."

Hu Hai, General Manager of TCL Medical adds: "NovaRay's ScanCath

systems positions our company at the forefront of imaging technology

in China's rapidly growing medical imaging market. ScanCath will

enable us to capture a significant share of that growing market."

The worldwide market for medical cardiovascular x-ray fluoroscopy

systems is approximately US$1.8 billion per year. The demand for

cardiovascular fluoroscopy systems remains strong due to the continued

growth of image-guided minimally invasive procedures.

Interventional cardiology procedures require sophisticated x-ray

imaging to accurately deploy small devices such as stents. These

procedures can be lengthy and are associated with high radiation

exposures to patients and cath lab staff. NovaRay's ScanCath system

is designed to offer high image quality and unique imaging

capabilities while providing up to 90% reduction in radiation exposure

to the patient and up to 80% reduction to the cath lab staff.

Heartstream Corporate Finance B.V. of Naarden, the Netherlands, acted

as advisor to NovaRay on the transaction.

About NovaRay

(http://www.novaraymedical.com/(http://www.novaraymedical.com/)):

NovaRay is a developer of high-performance x-ray imaging systems and

is a Delaware corporation based in Newark, California. NovaRay works

closely with Triple Ring Technologies, Inc. for development of the

products and manufacturing of the imaging chain

(http://www.tripleringtech.com/(http://www.tripleringtech.com/)).

About TCL Medical (http://med.tcl.com/en/(http://med.tcl.com/en/)):

TCL Medical Systems / Beijing Sinopharm Hundric Medline Info. Tech.

Co., Ltd of Beijing, P.R. China ("TCL Medical") is a subsidiary of TCL

Corporation. TCL Corporation is a large public company established in

1981 and is a global leader and technology innovator in consumer

electronics, mobile communications, and home appliances. TCL

Corporation formed TCL Medicalin 2009 with the intent to build a large

medical business in Asia with cutting edge medical technology and is

based in Beijing China.

Certain statements in this release are forward-looking statements

within the meaning of Section 27A of the Securities Act of 1933, as

amended, and Section 21E of the Securities Exchange Act of 1934, as

amended. They include statements regarding continued growth and

existence of issues related to radiation hazards, unavailability of

image quality capabilities in imaging systems, continued collaboration

among NovaRay, Triple Ring Technologies, Inc. and TCL Medical, ability

to bring ScanCath system based on proprietary technology to market,

timing of ScanCath systems roll out, continued rapid growth of China's

medical imaging market, ability to capture significant share of

China's medical imaging market, continued strength of cardiovascular

fluoroscopy systems demand, continued growth of image-guided minimally

invasive procedures and other statements regarding NovaRay's or

management's intentions, hopes, beliefs, expectations,

representations, projections, plans or predictions of the future. Such

statements involve risks and uncertainties that may cause actual

results to differ materially from those set forth in these statements.

Factors that could cause actual results to differ materially include

risks and uncertainties, including, but not limited to, the

possibility that NovaRay may not be able to secure additional funding,

the possibility that NovaRay may not be able to produce and market

successfully any of its products, the possibility that NovaRay's

products will not be sufficiently accepted by physicians, hospitals

and other potential customers, the possibility that NovaRay will not

obtain or maintain necessary regulatory clearances or approvals

relating to NovaRay's products, and other factors, including those

factors described in the Forms 10-KSB and S-1 for NovaRay and other

filings NovaRay filed with the Securities and Exchange Commission. Any

forward-looking statements contained in this document speak only as of

the date hereof, and NovaRay does not undertake any obligation to

update any forward-looking statement to reflect events or

circumstances after the date of this document, whether as a result of

new information, future events or otherwise.

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