WESTBURY, N.Y., July 16, 2014 /PRNewswire/ -- Vasomedical, Inc.
("Vasomedical") ("the Company") (OTC BB: VASO) today announced the
signing on June 27, 2014 of a Value
Added Reseller Agreement ("VAR Agreement") with GE Healthcare
("GEHC"), a division of General Electric Company (NYSE: GE), to
become a national value added reseller for GE Healthcare IT's
Radiology PACS (Picture Archiving and Communication System)
software solutions and related services, including implementation,
management and support. This multiyear VAR Agreement focuses
primarily on existing customer segments currently served by
VasoHealthcare, a wholly owned subsidiary of Vasomedical, on behalf
of GE Healthcare and is effective immediately.
"The VAR Agreement with GE Healthcare IT is another significant
step in our diversification strategy, as it immediately places the
Company into the rapidly growing business of information technology
and service provision. Healthcare information technology and
healthcare connectivity are important game changers for the
improvement of healthcare quality, increased efficiency and
enhanced accuracy, all at reduced costs. They are among the
very few industries that are enjoying double-digit annual growth
rate," commented Dr. Jun Ma,
President and CEO of Vasomedical, Inc. "This new business
opportunity will also provide our service business model with
recurring revenue for the future," he continued.
"It is a great honor to be selected by GE HCIT, one of the major
healthcare IT solutions providers, as a national Radiology PACS
value added reseller. Also, it is certainly a reflection of
the success with our VasoHealthcare subsidiary, which has been an
exclusive United States
representative for various GEHC diagnostic imaging products in
certain market segments for the last four years. We believe
that our strong nationwide reach and deep customer relationships of
Vasomedical in the healthcare market will provide us with a
tremendous advantage as we enter into this high growth business,"
Dr. Ma concluded.
"We're excited to have entered into this comprehensive VAR
agreement with Vasomedical," said David
Hale, VP & General Manager of GE Healthcare IT for the
US. "The VAR channel is an important part of our growth
strategy and Vasomedical is ideally positioned to help us grow in
specific market segments with our Radiology PACs software
solutions."
Vasomedical has committed significant commercial resources,
including capital, incremental sales management and leadership
personnel, and will start the new business in multiple
phases. The initial phase will be the marketing and sales of
GE Healthcare IT Radiology PACS software solutions in specific
segments and will be followed by implementation and service
provisioning upon certification by GE HCIT.
About Vasomedical
Vasomedical, Inc.
is a diversified medical technology company specializing in the
manufacture and sale of medical devices and in the domestic sale of
diagnostic imaging products. The Company operates through
three wholly owned subsidiaries: Vasomedical Solutions, Inc.,
Vasomedical Global Corp. and Vaso Diagnostics, Inc. d.b.a.
VasoHealthcare. Vasomedical Solutions manages and coordinates the
design, manufacture and sales of EECP® Therapy systems
and other medical equipment operations; Vasomedical Global operates
the Company's China-based
subsidiaries; and VasoHealthcare is the operating subsidiary for
the exclusive sales representation of GE Healthcare diagnostic
imaging products in certain market segments. Additional information
is available on the Company's website at
www.vasomedical.com.
Except for historical information contained in this release,
the matters discussed are forward-looking statements that involve
risks and uncertainties. When used in this release, words such as
"anticipates", "believes", "could", "estimates", "expects", "may",
"plans", "potential" and "intends" and similar expressions, as they
relate to the Company or its management, identify forward-looking
statements. Such forward-looking statements are based on the
beliefs of the Company's management, as well as assumptions made by
and information currently available to the Company's management.
Among the factors that could cause actual results to differ
materially are the following: the effect of business and economic
conditions; the effect of the dramatic changes taking place in the
healthcare environment; the impact of competitive procedures and
products and their pricing; medical insurance reimbursement
policies; unexpected manufacturing or supplier problems; unforeseen
difficulties and delays in the conduct of clinical trials and other
product development programs; the actions of regulatory authorities
and third-party payers in the United
States and overseas; uncertainties about the acceptance of a
novel therapeutic modality by the medical community; continuation
of the GEHC agreement; and the risk factors reported from time to
time in the Company's SEC reports. The Company undertakes no
obligation to update forward-looking statements as a result of
future events or developments.
Investor Contacts:
Todd
Fromer / Garth Russell
KCSA Strategic Communications
Phone: 212-896-1215 / 212-896-1250
Email: tfromer@kcsa.com / grussell@kcsa.com
Media Contacts:
Lewis
Goldberg / Samantha Wolf
KCSA Strategic Communications
212-896-1216 / 212-896-1220
lgoldberg@kcsa.com / swolf@kcsa.com
SOURCE Vasomedical, Inc.