Remedent, Inc. Announces Restructuring of Its OTC Division
16 Dezember 2008 - 5:53PM
Business Wire
Remedent, Inc. (OTCBB:REMI), an international company specializing
in the research, development, manufacturing of oral care and
cosmetic dentistry products, announced today that it has
restructured its OTC division, consistent with its strategic plan
to separate the OTC division from the Professional/veneer business
and the organization as a whole. This restructuring will provide
both additional cash to Remedent as well as the elimination of all
current and future overhead of the OTC division. The restructuring
involved a sale of approximately half the interest of the OTC
division led by Mr. Robin List, the Company�s former Chief
Executive Officer and director to Mr. List and Concordia Fund BV, a
non affiliated foreign investment firm. The assets, liabilities and
income/expense of the OTC division will ultimately be held by a
Dutch holding company, namely Remedent BV (hereinafter referred to
as BV), that will be led by Mr. List with current Remedent
directors maintaining Board control of this BV. The BV will be
responsible for all operating overhead expenses on a go forward
basis as well as future financing and growth of the OTC division.
Remedent, Inc plans on consolidating both divisions in its
financial statements based on its percentage of ownership after the
sale as well as its Board control over the BV subsidiary. Concordia
Fund-BV, will provide financing and stewardship for the ongoing
operations of the BV group. Concordia Fund-BV has agreed to invest
working capital of one million Euro into the BV to strengthen its
financial resources that will be reflected in our consolidated
balance sheet. Mr. Guy De Vreese, Chairman of Remedent, Inc stated,
"This restructuring will give us the best of both worlds. We can
now aggressively pursue our Professional/veneer business both with
Den-Mat principally in the USA and by ourselves in promising growth
territories such as China, Australia and Western Europe. At the
same time, Remedent also gets to share in the upside of the OTC
business without the financial responsibility." In connection with
this sale, Mr. List resigned as director and CEO of Remedent, Inc.
enabling him to focus on the management of the OTC business, namely
OTC BV and its subsidiaries. Mr. De Vreese, the current Chairman
and leader of the Professional division, will lead the Company as
CEO. In connection with the sale, Mr. List also returned the shares
he currently owns in Remedent back to the Company that will result
in a 4% reduction in the number of outstanding shares of Remedent.
Mr. De Vreese will be leading a conference call to discuss in more
detail the above referenced transaction. The call will be held on
December 17, 2008 at 9:00 am EST. To access the call, dial
877-407-8037 (domestic) and 201-689-8037 (internationally) about
5-10 minutes prior to 9:00 AM EST. The conference call will also be
available on replay starting at 12:00 noon EST on December 17,
2008, and ending on January 17, 2009. For the replay, U.S.
participants please dial (877) 660-6853 (replay account # 313,
replay conference # 307225). The access number for the replay for
callers outside the U.S. is (201) 612-7415 (replay account # 313,
replay conference # 307225). About Remedent, Inc. Remedent, Inc., a
publicly-traded company on the OTCBB, specializes in the research,
development, manufacturing and marketing of oral care and cosmetic
dentistry products. With offices in California, Belgium and
Singapore, Remedent distributes its products in more than 35
countries. Forward-looking Statement Statements in this press
release that are not statements of historical or current fact
constitute "forward looking statements." Such forward-looking
statements involve known and unknown risks, uncertainties and other
unknown factors that could cause the Company's actual operating
results to be materially different from any historical results or
from any future results expressed or implied by such
forward-looking statements. In addition to statements that
explicitly describe these risks and uncertainties, readers are
urged to consider statements that contain terms such as "believes,"
"belief," "expects," "expect," "intends," "intend," "anticipate,"
"anticipates," "plans," "plan," to be uncertain and
forward-looking. The forward-looking statements contained herein
are also subject generally to other risks and uncertainties that
are described from time to time in the Company's filings with
Securities and Exchange Commission.
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