Press Release Source: Immersion Corporation
Wednesday October 22, 6:30 am ET
SAN JOSE, Calif. -- Immersion Corporation (NASDAQ:IMMR), the leading developer and licensor of touch feedback technology (http://www.immersion.com/corporate/) announces a strategic distribution agreement for Immersion Medical surgical simulators in China with Tellyes Scientific Company, Ltd. of Tianjin, China. Tellyes is one of China’s leading suppliers of advanced medical education products, now in high demand for physician training and continuing education in this large, rapidly growing market.
“Healthcare is now a top priority in China, and we are experiencing a dramatic increase in the demand for training simulators, including virtual reality surgical simulators for medical education. The market for healthcare equipment and supplies is estimated at well over US$12 billion,” said Xiaofei (“Simon”) Leo, founder, owner, CEO, and president of Tellyes. “Our goal is to deliver high-tech, high-quality medical education products and perfect after-sales service. Collaborating with Immersion Medical increases our ability to sell the widest range of products to meet education and training needs throughout China.”
“Tellyes represents the new generation of medical education and training in China, and we are creating an exciting collaboration with tremendous business potential for both parties,” said David Barkay, Immersion Medical’s general manager and vice president, International. “In the short time we have worked together, Tellyes has already sold a number of our systems. With their competence in product development, marketing, sales, and service, we will further localize and customize our products for the Chinese market.”
With China transforming to a market-oriented economy, its healthcare system has been under significant reform. The government plans to introduce the concept of health care as a business, with key performance indicators being holistic patient care rather than disease treatment alone and greater focus on improved services especially in rural areas. These changes mean that healthcare entities can merge and compete for larger markets and that hospital administrators now typically make equipment buying decisions. (1,2,3)
Founded in 1998, Tellyes specializes in the development, manufacture, sales, and service of advanced medical education products. The company has built long-term cooperative relationships with over 3,000 medical colleges and hospitals and formed many collaborations with higher education institutes and research organizations. It owns 138 patents and 41 software copyrights and has passed the state High Technology Enterprise Certification as well as the Software Enterprise Certification. In addition to the company’s own product line, representation of domestic and foreign companies makes Tellyes one of the leaders in China’s medical education industry. Its well-established distribution network and excellent after-sales service increasingly win the trust and confidence of its clients. Tellyes has over 200 employees.
(1) Wang, Jie, Kenneth Kushner, John J. Frey III, Xue Ping Du, and Ning Qian. 2007. Primary Care Reform in the Peoples’ Republic of China: Implications for Training Family Physicians for the World’s Largest Country. Family Medicine; 39(9): 639-43.
(2) Rubin, Evelyn. 2006. The Red Hot Market for Medical Devices in China. Seeking Alpha. www.seekingalpha.com.
(3) Wannian, Liang and Daniel Kam Yin Chan. 2004. Community Health Care Reform and General Practice Training in China – Lessons Learned. Medical Education Online; 9:10. www.med-ed-online.org.
About Immersion Medical, Inc. (www.immersionmedical.com)
Immersion Medical, Inc. designs, manufactures, and markets computer-based surgical simulation training systems (http://www.immersion.com/medical/surgical_sim.php) worldwide. The medical and surgical simulators integrate proprietary computer software and tactile feedback robotics to create highly realistic medical simulations that help train clinicians. The company's key product lines are the Virtual IV system, Endoscopy AccuTouch® simulator, CathLabVR™ surgical simulator, and LaparoscopyVR™ surgical simulation system.
About Immersion (www.immersion.com)
Founded in 1993, Immersion Corporation is the recognized leader in developing, licensing, and marketing digital touch technology and products. Using Immersion’s advanced touch feedback technology (http://www.immersion.com/corporate), electronic user interfaces are more compelling, entertaining, and in many applications, safer and more productive. Immersion’s technology has helped manufacturers develop innovative and creative solutions for products such as hundreds of video games and leading video console gaming systems, medical training simulators installed around the world, driver controls for automotive manufacturers, and mobile phones, such as those from LG and Samsung. Immersion’s patent portfolio includes over 700 issued or pending patents in the U.S. and other countries.
Forward-looking Statements
This press release contains “forward-looking statements” that involve risks and uncertainties, as well as assumptions that, if they never materialize or prove incorrect, could cause the results of Immersion Corporation and its consolidated subsidiaries to differ materially from those expressed or implied by such forward-looking statements.
All statements, other than the statements of historical fact, are statements that may be deemed forward-looking statements, including any projections of earnings, revenues, or other financial matters; any statements of the plans, strategies, and objectives of management for future operations; any statements concerning specific products, services, markets, or market trends or consumer and market acceptance of force feedback products in general; any statements regarding proposed products or services or future economic conditions or performance; statements of belief; and any statement or assumptions underlying any of the foregoing. Immersion’s actual results might differ materially from those stated or implied by such forward-looking statements due to risks and uncertainties associated with our business, which include, but are not limited to, delay in or failure to achieve commercial demand for our products or a delay in or failure to achieve the acceptance of force feedback as a critical user experience.
For a more detailed discussion of these factors, and other factors that could cause actual results to vary materially, interested parties should review the risk factors listed in our most current Form 10-Q, which is on file with the U.S. Securities and Exchange Commission. The forward-looking statements in this press release reflect our beliefs and predictions as of the date of this release. We disclaim any obligation to update these forward-looking statements as a result of financial, business, or any other developments occurring after the date of this release.
Immersion, the Immersion logo, AccuTouch, CathLabVR, and LaparoscopyVR are trademarks of Immersion Corporation in the United States and other countries. All other trademarks are the property of their respective owners.
Contact:
A&R Edelman Allen Bush, +1-650-762-2940 (Media) abush@ar-edelman.com or The Blueshirt Group Jennifer Jarman, +1-415-217-7722 (Investor) jennifer@blueshirtgroup.com
Source: Immersion Corporation