Following Acceptance of $2.4M Quote, Preeminent Visual Solutions Creator will Develop Customized Products for Medical Supplies Giant
OMER, Israel , July 24, 2020 (GLOBE NEWSWIRE) -- ScoutCam (OTC: SCTC), a leading developer and manufacturer of customized visual solutions and supplementary technologies, today announced the acceptance of ScoutCam's $2.4 million quote from a Fortune 500 multinational healthcare corporation. According to the terms of this commitment, the two companies will work together to develop a complete visualization solution that incorporates ScoutCam’s single-use miniature video cameras for a minimally invasive surgical end-user product.
Today’s announcement was preceded by the signing of a Development Strategy Agreement in November 2019, which will continue to govern the remainder of the existing engagement through mid-2021.
“Forecasts from our biotech partners show that upon successful completion of the development project, ScoutCam is expected to sell tens of thousands of single-use cameras annually in the upcoming years, which may generate tens of millions of dollars in revenue per year,” said Dr. Yaron Silberman, CEO of ScoutCam. “Overall, this is an incredible honor, and we are proud to share the advancements that may come as a result of this partnership with patients and doctors that stand to benefit from the use of the finished products.”
For more information on ScoutCam as well as the company’s additional developments and products, please visit: https://www.scoutcam.com/
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About ScoutCam
ScoutCam is a leading provider of customized visual solutions for organizations across a variety of industries in the form of highly resistant micro cameras and supplementary technologies. ScoutCam devices are used across the medical, aerospace, industrial, research and defense industries. For more information please visit: https://www.scoutcam.com/.
Cautionary Note Regarding Forward Looking Statements
Information set forth in this news release contains forward-looking statements that are based on the Company’s expectations, beliefs, assumptions and intentions regarding, among other things, its product-development efforts, business, financial condition, results of operations, strategies or prospects, as of the date of this news release. They are not guarantees of future performance. Forward-looking statements can be identified by the use of forward-looking words such as “believe,” “expect,” “intend,” “plan,” “may,” “should” or “anticipate” or their negatives or other variations of these words or other comparable words or by the fact that these statements do not relate strictly to historical or current matters. The Company cautions that all forward-looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond the Company's control. Such factors include, among other things: the Company’s ability to achieve the financial forecasts and sales in connection with the development project; risks and uncertainties relating to, inter alia, the economic success and effective integration of our approved patents; the spread of COVID-19, including any resultant restrictions on our business operations and/or its negative impact on our financial condition; the Company’s reliance on third-party suppliers; market acceptance of our products by prospect markets and industries; the Company's ability to raise sufficient funding in order to meet the Company’s business and financial goals; and certain other factors summarized in the Company’s filings with the SEC. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information.
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Gabriella Velez
scoutcam@5wpr.com
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