GHENT, BELGIUM--(Marketwired - March 20, 2017) - Remedent, Inc. ("Remedent" or the "Company") (OTC PINK: REMI) is pleased to announce that it has entered into an agreement in relation to a settlement of secured debt extended by Excelsior Medical (HK) Co., Ltd ("Excelsior") and Asia Best Healthcare Co., Ltd ("ABH").
Excelsior and ABH, the creditors, have agreed to waive the repayment of a material portion of the remaining debt owed by forgiving 50% of the principal amount due. Under the agreement Remedent agreed to remit US$ 1,000,000 to the creditors to pay off the remaining US$ 2,247,537 of debt and accrued interest outstanding. Accordingly, a $500,000 payment was made by Remedent to each creditor at the beginning of the month. The Company has now effectively payed off the remaining balance of its long term debt obligations and deleveraged its balance sheet.
Guy de Vreese, Remedent, Inc. CEO, commented: "Needless to say that we are very happy to have resolved this long standing debt with Excelsior and ABH. As part of our restructuring plan, Remedent now has retired all bank debt and credit lines as well as this commercial debt. Remedent has strengthened its balance sheet which will allow us to further implement our new digital strategies in the months and years to come."
Remedent, Inc., through its subsidiaries, researches, designs, develops, manufactures, and distributes oral care and cosmetic dentistry products. The company primarily offers professional cosmetic solutions called GlamSmile and River 8, including a prefab veneer that enables dentists to make sure patients always obtain a permanent white smile and a perfectly aligned dentition when minor reshaping is required. In addition Remedent is launching a host of digital applications that accompany digital mouth scanners. The company is at the forefront of the digital workflow and with its applications like veneer design and communication software including SmileMe Mirror, Remedent is poised to establish itself as a premier provider of dental care digital solutions.
This news release contains forward-looking statements that include risks and uncertainties. When used in this news release, the words "estimate", "project", "anticipate", "expect", "intend", "believe", "hope", "may" and similar expressions, as well as "will", "shall" and other indications of future tense, are intended to identify forward-looking statements. The forward-looking statements are based on current expectations and apply only as of the date on which they are made. Except as may be required by law, the Corporation undertakes no obligation and disclaims any responsibility to publicly update or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise. The factors that could cause actual results to differ materially from those indicated in such forward-looking statements include changes in market conditions, exchange rate, and unforeseen difficulties in operations that could affect revenue and costs. Other factors such as uncertainties regarding government regulations could also affect the results. Other risks may be set out in Remedent's periodic reports. The forward-looking information contained herein is made as of the date of this news release.