Remedent, Inc. ("Remedent" or the "Company") (OTCBB: REMI), an
international company specializing in research, development, and
the manufacturing of oral care and cosmetic products, announced
today the closing of a strategic financing with IDG-Accel China
Growth Fund III L.P. ("IDG-Accel Fund"), IDG-Accel China III
Investors L.P. ("IDG-Accel Investors Fund"), Crown Link Group
Limited ("Crown Link") (IDG-Accel Fund, IDG-Accel Investors Fund
and Crown Link collectively referred to as the "IDG-Accel
Investors") and GlamSmile Dental Technologies Ltd. ("GlamSmile
Asia"), an entity in which Remedent owns approximately 29%. On
February 10, 2012 the IDG-Accel Investors acquired a 31.4% equity
stake in GlamSmile Asia for $7 million in cash. As a result of the
strategic investment, Remedent owns 29.4% of GlamSmile Asia while
IDG-Accel Investors and Gallant Network Limited ("Gallant"), a
BVI-based entity owned and controlled by GlamSmile's CEO David Lok,
own 31.4% and 39.2%, respectively. Both GlamSmile Asia and Remedent
plan to use the proceeds from the financing to open new GlamSmile
dental clinics in China and to invest in new cutting edge dental
technologies repectively.
The details of the transaction are as follows:
1. IDG-Accel Investors acquired 11.4% ownership interest of
GlamSmile Asia from Remedent for $2,000,000. 2. IDG-Accel Investors
directly acquired 20% ownership interest of GlamSmile Asia for
$5,000,000. 3. Mr. Hugo Shong, the Founding Partner of IDG Capital
Partners, was appointed to the board of directors of GlamSmile Asia
to serve on the board with Mr. Guy De Vreese and Mr. David Lok
IDG-Accel Fund, a prominent private equity investment firm
managed by IDG Capital Partners, is a joint venture between media
giant International Data Group and venture capital firm Accel
Partners. IDG, a media firm that has invested in China since the
early 1990s, has benefited from its early presence in China. And
Accel, the first venture firm to invest serious capital into
Facebook, brings its Silicon Valley expertise to the table. Since
1992, IDG Capital Partners has invested in over 200 emerging growth
companies such as Baidu, Sohu, Soufun, Ctrip, and Kanghui.
GlamSmile Asia believes that IDG's involvement will provide its
expertise and relationships to help GlamSmile Asia improve
operational efficiencies, find strategic partners, accelerate
growth in Asia, and overcome regulatory hurdles.
GlamSmile Asia intends to use the proceeds from this investment
to open several directly owned clinics in China, and Remedent plans
to launch it ex-China GlamSmile franchise clinic expansion, and
develop new dental technologies.
"We could not be happier with our strategic relationship with
IDG," said Mr. Guy De Vreese, Chairman and CEO of Remedent. "An
investment from a trusted and experienced investor like IDG
significantly enhances our profile and resources in China and
validates the significant value in both GlamSmile Asia and Remedent
branded technologies. We look forward to working with Mr. Shong,
founding partner of IDG, and his talented team to further expand
our dental business in China."
About Remedent
Remedent, Inc. specializes in the research, development and
manufacturing and the marketing of oral care and cosmetic dental
products. The Company serves the professional dental industry with
breakthrough technology for dental veneers. These products are
supported by a line of professional veneer whitening and tooth
sensitivity solutions. Headquartered in Belgium, Remedent
distributes its products to more than 55 countries in the
worldwide. For more information, go to www.remedent.com.
About IDG
IDG-Accel Fund is a private equity investment fund formed in
limited partnership in the Cayman Islands. The Fund focuses on
investment in various sectors, such as TMT, medicare, consumer,
energy, and others. The Fund is managed by IDG Capital Partners, a
leading investment management team in China with over 18-years of
investment experience and industry knowledge, who was among the
first to introduce foreign venture capital investment into China in
early 1990s and has since then invested in around 200 successful
portfolios, such as Baidu, Sohu, Tencent, Soufun, Ctrip, Home Inns,
Hanting, Kanghui and etc. Over 60 of its portfolios have
successfully completed IPO or M&A.
About MZ Group
MZ Group (www.mz-ir.com) is a wholly owned subsidiary of @titude
Global (www.attitude-global.com) in North America. MZ Group is the
world's largest independent global investor relations and corporate
communications firm, providing innovative, customized services to
domestic and multinational companies through a unique, fully
integrated "one-stop-shop" business model. With offices in New
York, Chicago, San Diego, São Paulo, Beijing, Shanghai, Hong Kong
and Taipei, MZ Group has 300+ professionals serving more than 530
clients located throughout 10 countries.
Forward-Looking Statements
Statements in this press release that are "forward-looking
statements" are based on current expectations and assumptions that
are subject to risks and uncertainties. Such forward-looking
statements involve known and unknown risks, uncertainties and other
unknown factors that could cause Remedent'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," "projects," "project," to be
uncertain and forward-looking. Actual results could differ
materially because of factors such as Remedent's ability to achieve
the synergies and value creation contemplated by the recent
financing and proposed business plans. For further information
regarding risks and uncertainties associated with Remedent's
business, please refer to the risk factors described in Remedent's
filings with the Securities and Exchange Commission, including, but
not limited to, its annual report on Form 10-K and quarterly
reports on Form 10-Q. We undertake no duty to revise or update any
forward-looking statements to reflect events or circumstances after
the date of this press release.
For more information, please contact: Company Remedent,
Inc. Stephen Ross CFO Phone: +1-310-922-5685 E-mail:
docktor99@aol.com Investor Relations MZ Group Scott Powell
Senior Vice President Phone: +1-212-301-7130 E-mail:
scott.powell@hcinternational.net
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