3rd Mar 2015 09:37
LONDON (Alliance News) - Toumaz Ltd said Tuesday that it has agreed to terminate its North American distribution deal with NantHealth LLC for its SensiumVitals wireless monitoring system, which it says will allow it to address the US market in a "more focused manner".
Toumax provides wireless semiconductor and software technologies for healthcare and consumer audio.
As a result of this decision the North American distribution rights for SensiumVitals revert to Toumaz in return for an undisclosed payment. Toumaz says this undisclosed payment will have a "minimal impact" on its overall cash position.
It will position a small business development team in the US to support its existing customers, and follow leads that NantHealth generated, as well as evaluation its options for an accelerated deployment in the US.
"This is an important forward step for the group. Our experience in both the US and Rest of World territories highlights the need for a fully focused business development team to manage the introduction of SensiumVitals," said Chief Executive Officer Anthony Sethill in a statement.
"Interest in the SensiumVitals system is strong and, with our own dedicated business development team, we will be able to accelerate the rate of deployments in North America," Sethill added.
Shares in Toumaz are trading up 2.8% at 4.62 pence Tuesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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