Biofield Corporation's 51% Owned Subsidiary Agrees to Deal Appointing McKinley Infocapital as Korean Exclusive Distributor of Breast Cancer Diagnostic System; Contract has Pot...
NEW YORK, April 8, 2011 /PRNewswire/ -- Biofield Corp. (OTC Pink: BZEC) announced today that its 51% owned subsidiary, Sky Unicorn Holdings Ltd., has engaged McKinley Infocapital as its exclusive distributor in Korea for its flagship product, the Biofield Breast Diagnostic System (BDS). McKinley Infocapital, an international business consulting and investment management firm, has formed MacKay Life Sciences Korea to market and promote the BDS in Korea.
The agreement provides for an initial purchase order in the amount of $660,000, and it further provides for an initial deposit of $330,000 on that first order. The terms also include a total minimum order of $900,000 for the first year of the engagement. The duration of the agreement features a term of four years from the effective date. If the annual minimum purchase volume requirements are met, the total potential value of the agreement is $15.3 million over that timeframe, although, to date, no payments have been made or received under the agreement. The conditions and terms of the distribution agreement are subject, in all respects, to the BDS obtaining the approval of the Korea FDA for import and sale of the product in Korea.
At the signing ceremony for the exclusive distribution agreement, McKinley Infocapital President, Mr. Halen Bach, expressed, "McKinley Infocapital is very excited to have achieved this milestone and looks forward to expanding the penetration of the MacKay Life Science BDS in both Korea and other Asian Countries where it operates with a large network of corporate clients."
After patient trials were conducted earlier this year in Korea at the CHA Hospital and the Seoul National University Hospital, Biofield President David Hong was thrilled with the positive feedback that was received from the surgeons and physicians that participated in or observed the patient trials. Participating experts expressed that the BDS "is a significant break-through in enabling c