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– Worldwide Distribution Agreement Covers Key Medical Isotopes –
KENNEWICK, Wash., March 26, 2013 (GLOBE NEWSWIRE) -- Advanced Medical Isotope Corporation ("AMIC") (OTCBB:ADMD), a company engaged in the production and distribution of medical isotopes, has entered into a strategic alliance with GSG International GMbH to collaborate in the joint development of technologies for the production of medical isotopes and the marketing and distribution of related isotopes, equipment and services.
The first endeavor of the strategic alliance ("Alliance") will be the worldwide distribution of Molybendum-99 (Mo-99) and related Technetium-99 generators and kits acquired or manufactured by GSG on behalf of the Alliance. AMIC initially will have exclusive rights for sale and distribution in North America, South America and China. Subject to the parties' performance, AMIC may thereafter obtain additional rights.
The Company and GSG also are commencing a technical review of their respective technologies, rights and business lines to determine the other products and services to be included in their Alliance.
GSG is the Switzerland-based member of Gamma Service Group International, an innovative provider of advanced services, equipment and solutions for production and handling of radionuclide materials with operations in Switzerland, Germany and Russia.
James C. Katzaroff, Chairman and CEO of AMIC, stated: "We are excited about the prospects for our alliance with GSG. The Gamma Service Group has a premier reputation for quality and innovation in a broad range of isotopes, equipment and services. GSG's established presence in Europe, combined with AMIC's products and relationships in North America and other key territories, will meaningfully enhance AMIC's ability to meet the needs of our current and future customers."
Katzaroff added: "This is a particularly opportune time to begin the distribution of Mo-99 because major suppliers of the isotope are experiencing both scheduled and unscheduled downtimes. Additionally, one of the major suppliers of Mo-99 has announced that it will exit the market by 2017 when its reactors reach retirement age."