Meditel Technologies Is Pleased To Announce An Exclusive Contract With Graphene Sensors
GS7 Sensors this will allow us to be able to meet the demands of Graphene Sensors and give us exclusivity to trial runs with this technology.
Mumbai, May 6, 2015 (Newswire.com) - This joint venture which also includes a twenty per cent stake in the company allows the realization of affordable medicine for everybody.
Over the next few months production will begin (through a third party manufacturer) the first of the
“GS7”Sensors this will allow the demand to be met able of Graphene Sensors and give exclusivity to trial runs with this technology.
In this joint venture Meditel will be bringing in a reliable service and a very large base of customers and the ability to make the GS7 an affordable reality.
While cost and pricing is a very important factor just like with medicine we never sacrifice this for quality.
The future serves us best if planned for it and standing shoulder to shoulder with Graphene Sensors to ensure the vision is made a priority in the medical industry.
The work with W.H.O (World Health Organization) has given a brighter vision and a desire to see a better tomorrow.
Not everything in life is possible this is something everybody has to accept at some point in their lives,
The choice is to ensure that the highest quality of life possible and this is something that can be achieved.
The use of the GS7 Sensor allows Meditel to stand out from the pack and move away from just concentrating on pharmaceuticals, it is always better to get ahead of the curve and prevent as much as try to cure.
This is what made this deal so attractive in the Eight year history ,the knowledge of knowing that certain things are inevitable can often feel like being on the losing side of the battle, people still get sick no matter what happens but now there is the ability to see into the future if you will.
The future of everybody’s health, see the risks see which illness is most likely to affect an individual or even a family and design a solution before it can even take root.
That is what is so impressive about Dr Harold Finchley’s vision, and Dr Caitlin Hamilton’s goal.
Case in point growing up, living in fear coming from a family that is prone to Cancer Dr Hamilton.
That really inspired everybody here; she refused to live in the shadow of this most dreadful disease she saw it as a challenge a crucible to either be defined by it or try to take the fear away for millions of woman like her that may have come from families like hers.
The resulting combination of these two minds may well have created one of the most important medical applications to come along in the twenty first century.
This puts us in a unique position as bold advances in this field are made and make Cancer treatable and ultimately to stop it being the “boogey man” in medicine when this company was started nobody had any idea that it would lead to over a Thousand employees and leading doing some of the most important work in modern medicine.
A medical doctor by training and an entrepreneur by nature, Dr. Subi Bharadwaj is responsible for the overall direction of Meditel and its strategic relationships with key partners, suppliers and customers. A serial entrepreneur, Dr. Subi Bharadwaj's previous ventures involved launching and growing successful IT outsourcing organizations. Dr. Subi Bharadwaj is a seasoned executive who has taken a "hands on" approach to leading his companies and has been involved in nearly all aspects of the business, including sales, marketing, fundraising, and recruiting.
Dr. Subi Bharadwaj has an MBBS from Kurnool Medical College and a MBA from the Wharton School of Business. As both a medical doctor and successful entrepreneur, Dr. Subi Bharadwaj brings experience and knowledge of the healthcare business to Meditel.
Purpose This Letter of Intent ("Letter") is intended to facilitate further discussions among) and Meditel Technologies and Graphene sensors concerning the creation of a Joint Venture for the purpose of engaging in the medical monitoring business. Except as otherwise expressly provided in Paragraph VII(A) below, herein, this Letter is intended to be binding on any party, but shall serve as the basis of definitive agreements ("Definitive Agreements"), drafts of which have been provided by, Meditel Technologies and Graphene Sensors.
II. Proposed Structure A. As soon as practicable after this Letter is executed and delivered by the parties, Graphene Sensors will form a new limited liability company ("Single Member LLC") under Delaware law which will be qualified to transact business Single Member LLC will be a disregarded entity for federal tax purposes and will not have a taxpayer identification number. The Single Member LLC will be funded initially by Meditel Technologies with a contribution of $36,000,000 in cash in exchange for the issuance of a leasing license for the GS7 Sensor.
B. On a date and time mutually acceptable to the parties, and presently anticipated to be June 1, 2015, will transfer pursuant to a Limited Liability Company Contribution and Subscription Agreement certain assets ("Asset Contribution") from GS7 to the Single Member LLC. These assets will include floating pipeline loans, tangible assets, including, furniture, fixtures, equipment, certain employees of Graphene Sensors (other than the Transferred Employees as defined hereunder) and other intangible assets identified by the parties which the parties expect to have a fair market value of Thirty Six Million Six Hundred Thousand Dollars.
C. Graphene Sensors will lease to Meditel Technologies and Meditel Technologies will purchase a twenty per cent interest in the Single Member LLC. Upon the consummation of the Sale, the Single Member LLC shall be defined herein as the "Joint Venture." The parties will cause the Joint Venture to obtain its own tax payer identification number. The Sale and the Asset Contribution shall be contingent upon: (i) Graphene Sensors and Meditel Technologies entering into a mutually satisfactory operating agreement with respect to the Joint Venture (the "Operating Agreement"); (ii) Graphene Sensors being comfortable that, upon the occurrence of the Sale, the Joint Venture will be an operating subsidiary exempt from state licensing requirements and otherwise fully authorized to engage in the medical monitoring business in ; (iii) (iv) a mutually acceptable Assignment and Bill of Sale between Graphene Sensors and Meditel ; (v) a mutually acceptable Service Agreement ("Service Agreement") (with a reasonable administrative fee not to exceed $2,000, 000 annually, with annual adjustments not to exceed 3% per year) between the Joint Venture and the Bank; (vi) a mutually acceptable Credit Agreement between the Joint Venture and the Bank; (vii) a mutually acceptable Pledge and Security Agreement between the Bank and the Joint Venture; (viii) a mutually acceptable demand note made by the Joint Venture in the principal amount of $10 million; and the following shall apply:
1. The Operating Agreement will provide for the timely distribution of financial statements, audits and reports and internal controls which will permit Graphene Sensors to comply with its SEC reporting and other requirements.
2. No legal opinions will be required by counsel for any of the parties in connection with the transactions contemplated by the Letter and the Definitive Agreements.
3. Except as provided herein, the economics and business terms in the Definitive Agreements shall reflect the pro-forma information prepared by Ventures and reviewed by Graphene Sensors. And the Board of Meditel Technologies.
4. Contributed Property to the Joint Venture will be treated under the traditional method defined in Treasury Regulation Section 1.704-3(b). The Operating Committee, as defined in the Operating Agreement, shall be required to approve the filing of any federal or state income tax return, the making of any tax election, compromising or settling any tax controversy, extending any statute of limitations relating to a tax matter, selecting or varying depreciation or accounting methods, changing the fiscal year of the Joint Venture or making any other material decision with respect to the treatment of any transaction of the Joint Venture for tax purposes.
D. Additionally Graphene Sensors will own a 30.9% interest in the Joint Venture.
E. The Joint Venture will reimburse Graphene Sensors its costs related to the formation of the Single Member LLC and in connection with Asset Capitalization. The Joint Venture will reimburse Graphene Sensors in connection with its costs. Additionally, no start-up fee will be paid by the Joint Venture to the Bank or Meditel.
III. Disclosure Graphene Sensors and Meditel have previously executed a confidentiality agreement that will govern all aspects of these negotiations and the Definitive Agreements. Notwithstanding anything therein to the contrary, the parties agree that a mutually acceptable press release describing the Letter may be issued by Graphene Sensors at the close of business Monday, February 27, 2015 and may be discussed by Graphene Sensors during its call with analysts on Monday, June 1, 2015.
IV. Transition Period A. The period from the date of this Letter until the date of the Sale shall be defined herein as the Transition Period.
B. During the Transition Period, Graphene Sensors and the Meditel will mutually agree on certain production costs being shared being during such Transition Period in accordance with its standard practices. Such operational costs shall be transferred and assigned by the Bank to the Joint Venture upon the date of the Sale.
C. Any leasing applications from Meditel that are received by the Bank during the Transition Period - or in the case of purchases, prior to the date on which the Joint Venture receives Approval - and remain unused at the time of the Sale - or, in the case of, at the time the Joint Venture receives Approval - will be sold to the Meditel according to the terms outlined.
D. Meditel Technologies acknowledge and agree that the "fully-committed" leasing of the GS7 sensor of Graphene Sensors on the date of this letter and the Intellectual rights shall be retained by Graphene Sensors, and any fees related thereto will remain with Graphene Sensors.
V. Additional Terms A. The parties anticipate that the Operating Agreement will provide that a termination fee ("Termination Fee") will be payable by Meditel Technologies to Graphene Sensors in certain instances set forth therein. The Termination Fee will be the greater of: (i) the amount generated by multiplying the Joint Venture highest annual profit (for either a partial or a full calendar year) during the previous three years by 1.0 (provided, that if the Termination Date is after the third anniversary of the date the Joint Venture commences accepting loan applications, the multiplier applied to the profit shall be 0.5 instead of 1.0); or (ii) $1,800,000 if the Termination Date is before the third (3rd) anniversary of the Asset Contribution by Graphene Sensors to the Joint Venture.
B. All leases, debts, and obligations of, and all claims against (both final and contingent, direct and indirect), Graphene Sensors, shall not be assigned to, or assumed by, the Joint Venture, except as otherwise expressly agreed to in the Definitive Agreements.
VI. Due Diligence Each of the parties reserves the right to complete additional due diligence to refine its understanding of this opportunity. This due diligence for the Bank and includes, but is not limited to, the following activities:
1. Interview existing personnel of Meditel Technologies
2. Review Meditel Technologies audited financial statements from 2013, 2014 and 2015, including income statements, balance sheet, pipeline reports and asset lists.
3. Review the lease agreements and the intellectual property currently held by Graphene Sensors.
4. Review of publicly disclosed documents regarding the background of officers and directors of Meditel Technologies.
5. Review the floating pipeline of Meditel Technologies to ensure that the pipeline loans transferred to the Joint Venture are able to be processed and funded according to the Bank's investor guidelines.
Upon mutual acceptance of these terms, Meditel will commence its due diligence. Simultaneous with the due diligence, Meditel shall prepare revised drafts of the Definitive Agreements with respect to the Joint Venture for review and execution as soon as practicable. The due diligence shall be completed on or before June 1, 2015.
VII. Non-Binding Statement of Certain Proposed Terms A. Except as provided in paragraph IX, this Letter constitutes a non-binding offer that may be cancelled or retracted by any party at any time prior to the execution of the Definitive Agreements. It is expressly agreed that the terms of the Definitive Agreements must be acceptable to each party in that party's commercially reasonable discretion. It is expressly agreed and understood that the aggregate amounts to be paid by the Bank and Meditel must comply in all respects with applicable laws and regulations, including without limitation the Federal Development's Regulation X, as well as all capital and other requirements of the Office of the Comptroller of the Currency; provided that the Bank and Graphene Sensors have no reasonable basis to conclude that the proposed terms hereof are not in compliance with such applicable laws and regulations.
B. This binding offer will expire if not accepted by Graphene Sensors by 5:00 PM CST on June 2, 2015.
VIII. Applicable Law and Forum This Letter shall be construed in accordance with Delaware law. Any dispute hereunder shall be litigated exclusively in a court of competent jurisdiction located in the State of Delaware.
IX. Binding Provisions notwithstanding anything herein to the contrary, the following provisions herein shall be binding: Paragraphs III, IV (D), VI and IX. In the event that Definitive Agreements are not entered into by June 1, 2015, any of the parties may, by written notice to the other parties, discontinue and otherwise terminate the arrangements described in paragraphs IV (A), (B) and (C). . In addition to the foregoing, the parties hereto acknowledge that they have an obligation to negotiate in good faith and dedicate adequate resources and use commercially reasonable efforts in connection with the consummating of the transactions contemplated in this Letter.
IN WITNESS WHEREOF, the duly authorized representative of the undersigned parties has entered into this Agreement to be effective immediately.