TORONTO, ONTARIO--(Marketwire - May 24, 2012) - Gemoscan Canada, Inc. (TSX VENTURE:GES)(MUN:1GE) ("Gemoscan") announced today that it has entered into an agreement with Haemodek Limited ("Haemodek"), an Israeli corporation, for the exclusive right to use and commercialize its HEMOCODE™ FOOD INTOLERANCE SYSTEM, in Israel. The agreement also provides Haemodek with a first right of refusal and opportunity to commercialize HEMOCODE™, in Greece, Cyprus and Turkey. The HEMOCODE™ System is based on Gemoscan's proprietary technology and processes, which are considered to be the industry's most comprehensive method for managing food sensitivities.
The agreement has an initial term of five years, provides for an initial one-time license fee and monthly-earned royalty payments to Gemoscan by Haemodek.
"We are very excited by the prospect of commercializing what we believe is the best and most comprehensive food intolerance management program, for Israel. HEMOCODE™ will be quickly welcomed by high tech, health conscious Israeli consumers as the recognized leader in personal wellness solutions," said Berl Bessin, President of Haemodek.
According to an April 2012 report by Global Industry Analysts, Inc. the global food allergy and intolerance products market is expected to surpass $26.5 billion by 2017. Already used successfully by thousands of Canadians, Gemoscan's food intolerance management solutions employ patented technology to simplify the recognition and management of food sensitivities. Using just a few drops of blood and factoring an individual's medical history Gemoscan's systems manage immune-based reactions to common foods and additives.
"It is extremely gratifying to our team that Haemodek is taking the lead in commercializing our food intolerance system technology for consumers in a high-growth, technologically advanced, international market such as Israel where increasingly, consumers are becoming more interested in their health and wellness. Gemoscan's food intolerance system programs are unparalleled in the market and can help consumers take control of their lifestyle issues by identifying complementary natural solutions for well-being," said Brian Kalish, Gemoscan President and Chief Executive Officer. "We intend to continue to leverage our first to market, direct to consumer, industry leading position through regular improvement of our cutting edge platforms. With our first mover advantage and game changing solutions in commercializing food sensitivity management programs for consumption at retail, we stand to be a considerable force in the ever emerging global market for food intolerance products and services."
ABOUT GEMOSCAN CANADA, INC.
Gemoscan is an industry leader in food intolerance management and maintains a first-to-market position with Canada wide distribution through select retail partners. Founded in 2003, using its proprietary patented technology, Gemoscan develops, owns and markets comprehensive food sensitivity and dietary management solutions for consumers, including the HEMOCODE™ Food Intolerance System, a personalized naturopathic nutritional program that promotes well-being. Gemoscan is the first and only provider to commercialize a food intolerance management solution directly to consumers in partnership with retailers, and today offers the most comprehensive services available.
Gemoscan Canada, Inc. trades its shares on the Toronto Venture Exchange (TSX-V) under the symbol GES and is quoted on the Munich, Frankfurt and Stuttgart Stock Exchanges under the symbol 1GE.
ABOUT THE HEMOCODE™ FOOD INTOLERANCE SYSTEM
The HEMOCODE™ Food Intolerance System is a personalized naturopathic nutritional program that promotes dietary well-being. It uses patented technology and services to provide consultation and recommendations to simplify the management of food sensitivities. The HEMOCODE™ Food Intolerance System is one of a growing number of wellness services and products offered by pharmacies as complementary medical choices. Complementary medicine is an adjunct to conventional medical practice, incorporating alternative modalities and therapies with a focus on lifestyle and wellness. A statistically significant base of practitioners and those using HEMOCODE™ report improved dietary wellness and satisfaction.
ABOUT HAEMODEK LIMITED
Haemodek Limited was founded by successful international entrepreneurs, through a network of private investment funds, initiated to specifically take advantage of rapidly emerging trends in the biotechnology, health and wellness markets. Haemodek is the exclusive licensee of the HEMOCODE™ Food Intolerance System in Israel.
This news release contains certain "forward-looking information". All statements, other than statements of historical fact that address activities, events or developments that Gemoscan believes, expects or anticipates will or may occur in the future. These forward-looking statements reflect the current expectations or beliefs of Gemoscan based on information currently available to Gemoscan. Forward-looking statements are subject to a number of significant risks and uncertainties and other factors that may cause the actual results of Gemoscan to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on Gemoscan. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, Gemoscan disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although Gemoscan believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.