SOURCE: Zynex, Inc.

Zynex,  Inc.

March 18, 2013 08:00 ET

Zynex Signs Strategic Agreement With Neurovirtual, Enters EEG and Sleep Diagnostic Market

LONE TREE, CO--(Marketwire - Mar 18, 2013) - Zynex, Inc. (OTCQB: ZYXI), a provider and developer of non-invasive medical devices for electrotherapy and stroke rehabilitation, neurological diagnostics and cardiac monitoring, announces that it signed a strategic sales, marketing and distribution agreement with Florida based Neurovirtual.

Zynex, through its wholly-owned subsidiary Zynex NeuroDiagnostics Inc., will have exclusive rights to sell, market and distribute Neurovirtual's electroencephalography (EEG) and sleep diagnostic devices within the United States. Zynex believes that the combined EEG and sleep diagnostic market in the US approximates several hundred million dollars annually. 

Neurovirtual, headquarted in Doral, Florida, has developed, manufactured, marketed and serviced EEG and sleep diagnostic devices for over 14 years providing services in all 50 states and throughout 35 countries.

Thomas Sandgaard, Zynex President and CEO commented, "We are very excited to enter this exclusive strategic agreement with Neurovirtual for the US market. Neurovirtual products are superior to the industry and represent a key element of our strategy to gain share in the neurodiagnostics market. We believe the agreement with Neurovirtual will provide us with a significant revenue opportunity in our Zynex NeuroDiagnostics subsidiary."

Ed Faria, Neurovirtual's CEO stated, "This is a very significant step for Neurovirtual. As a private company, there is only so much market penetration we can do. This agreement will allow Neurovirtual to access resources capable of making our products a top leader in the US. We will be providing direct technical and customer support to both new and existing customers, with virtually no changes to product warranty or support. At Neurovirtual, we strive to always improve the effectiveness and efficiency of our sales and marketing efforts while maintaining a high level of product quality and customer satisfaction. We believe that by providing Zynex with an exclusive distribution sales agreement in the US, and by focusing more on development of new products and technical support, we will achieve that goal."

About Neurovirtual

Neurovirtual is a leading provider of Neurology and Sleep Diagnostic devices, selling and serving its systems in over 35 countries around the world.

Additional information is available at www.neurovirtual.com

About Zynex
Zynex (founded in 1996), operates under three primary business segments; Zynex Medical, Zynex NeuroDiagnostics and Zynex Monitoring Solutions. Zynex Medical engineers, manufactures, markets and sells its own design of electrotherapy medical devices for electrotherapy, used for pain management and rehabilitation. Zynex Medical's product lines are fully developed, FDA-cleared and commercially sold world-wide. Zynex NeuroDiagnostics, sells the company's proprietary NeuroMove device designed to help stroke and spinal cord injury patients and is currently expanding into markets for EMG, EEG, sleep pattern, auditory and nerve conductivity neurological diagnosis devices through product development and acquisitions. Zynex Monitoring Solutions, currently in the development stage, was established to develop and market medical devices for non-invasive cardiac monitoring.

For additional information, please visit: http://www.ir-site.com/zynex/default.asp.

Safe Harbor Statement
Certain statements in this release are "forward-looking" and as such are subject to numerous risks and uncertainties. Actual results may vary significantly from the results expressed or implied in such statements. Factors that could cause actual results to materially differ from forward-looking statements include, but are not limited to, the need to obtain additional capital in order to grow our business, our ability to engage additional sales representatives, the success of such additional sales representatives, the need to obtain FDA clearance and CE marking of new products, the acceptance of new products as well as existing products by doctors and hospitals, larger competitors with greater financial resources, the need to keep pace with technological changes, our dependence on the reimbursement from insurance companies for products sold or rented to our customers, acceptance of our products by health insurance providers, our dependence on third party manufacturers to produce our goods on time and to our specifications, implementation of our sales strategy including a strong direct sales force, the uncertain outcome of pending material litigation and other risks described in our filings with the Securities and Exchange Commission including the "Risk Factors" section of our Annual Report on Form 10-K for the year ended December 31, 2011.

Contact Information

  • Contact:
    Zynex, Inc.
    Anthony Scalese
    CFO
    303-703-4906