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Longport announces receipt of $525,000 distribution rights payment.
2004 APR 1 - (NewsRx.com & NewsRx.net) -- Longport, Inc., (LPTI) has received a payment of $525,000 from U.S. Medical Systems, Inc., a wholly owned subsidiary of Prime Rate Income & Dividend Enterprises, Inc., (PIDV) to convert the current distribution agreement between the two companies for the Longport Digital Scanner into an exclusive arrangement in the wound-care market for the next 3 years.
The wound care market is being defined as nursing homes, assisted-care living facilities, rehabilitation centers, and operating wound centers in the U.S. The payment described is in addition to the $500,000 previously paid to Longport by U.S. Medical as a deposit on the first 100 scanners to be delivered.
To maintain exclusivity U.S. Medical must purchase from Longport 300 machines in the first year, 600 machines in year 2, and 1000 machines in year 3 of ...
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