VTL - New Partnership
Sydney, Feb 14, 2024 AEST (ABN Newswire) - VGI Health Technology Limited (
NSX:VTL) is pleased to announce that it has entered into a non-binding Heads of Agreement with Hebei Visual Medical Technology Co. Ltd (HVMT), marking a significant step in VTL's distribution strategy into the market of the People's Republic of China (PRC).
Some Key Points of this Heads of Agreement include:
1. Non-Binding Heads of Agreement: VTL and HVMT have agreed on the terms of a non-binding Heads of Agreement, under which HVMT will become the distributor of VTL's patented and clinically-proven sports nutraceutical product, NE1 Elite(R), in the PRC.
2. Distributorship Role: HVMT is appointed as the distributor for NE1 Elite(R) in the PRC. This partnership leverages HVMT's deep expertise and extensive network in the Chinese healthcare industry to introduce NE1 Elite(R) to a vast and rapidly growing market.
3. Nature of Agreement: Initially, the distributorship will commence on a non-exclusive basis. It will transition to an exclusive agreement once HVMT achieves the pre-agreed sales targets, demonstrating the mutual commitment to the success of this venture.
4. Term Duration: The agreement is set for a total term of 2 years, with the option to extend for an additional 3 years via mutual agreement, reflecting the long-term strategic partnership between VTL and HVMT.
VTL and HVMT expect to enter into a definitive binding contractual agreement based on these Heads of Agreement by early March 2024.
About VGI Health Technology Limited
VGI Health Technology Limited (NSX:VTL) is an Australian public listed biotechnology company developing and commercialising novel dietary supplements and prescription medicines based on natural products (tocotrienols) which have wide therapeutic potential, including: Delayed Onset Muscle Soreness, muscle recovery, exercise endurance, Non-Alcoholic Fatty Liver Disease (NAFLD), Non-Alcoholic SteatoHepatitis (NASH), pancreatic cancer, hyperlipidaemia, hypertension and diabetes. VTL owns and controls patent and other intellectual property rights for novel approaches to non-invasively delivering tocotrienols directly to the target tissues. The Company has a product development program for evidence-based nutraceuticals and a clinical development program for prescription medicines.
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