CRH Medical Announces International Expansion to China
VANCOUVER, BC, February 17, 2010– CRH Medical Corporation (CRM:TSX-V) announced today that it has signed a product distribution agreement with Rayfield Technologies to sell the Company’s proprietary hemorrhoid technology, the CRH O’Regan System™, in China.
Rayfield Technologies has developed a successful sales network throughout China. They employ a significant direct sales force in all provinces, with regional offices in Beijing, Shanghai, Guangzhou, Shenyang, Xian and Chongqing. Rayfield Technologies has strength at all levels of the Chinese healthcare system.
“China represents a significant opportunity for the Company. Its population of 1.3 billion has hemorrhoid prevalence rates higher than those reported in North America,” said Edward Wright, Chief Executive Officer. “One of the primary reasons we selected Rayfield Technologies as our partner is because they utilize similar physician training and support methodologies that CRH has used to build a successful Partnership Program in North America.”
Dr. Patrick Xu, Rayfield Technologies founder and CEO states, “Many people in China suffer from hemorrhoids. The CRH O’Regan System will provide this extremely underserved market with a safe and effective treatment technology.” Dr. Mark Noar, advisor and consultant to both the Chinese Academics Committee of Medicine and Rayfield Technologies states, “We have never experienced such an enthusiastic response to a product demonstration as we did when we demonstrated the CRH O’Regan System last fall in China.”
Edward Wright further states, “We will continue to identify partners worldwide that have similar training and support philosophies. We believe China is the first of many new markets where the CRH O’Regan System will be available in the future.”
About Rayfield Technologies:
Rayfield Technologies, which has been in business since 1997, was created in order to facilitate the introduction of new medical technology into the Chinese market. In doing so, Rayfield Technologies is one of the few companies that have developed a successful sales network which services all the provinces, encompassing the entire country of China. There are six sales offices which are located in Beijing, Shanghai, Guangzhou, Shenyang, Xian and Chongqing. The Rayfield Technologies team consists of both fulltime salespeople as well as product engineers. The key to the success enjoyed by Rayfield Technologies in China has been due in large part to the company’s ability to develop close working relationships at all levels in the Chinese healthcare system.
About Mark D. Noar, MD:
Dr. Mark Noar is a respected advisor and consultant to the Chinese Academics Committee of Medicine and senior officials at all levels of the Chinese healthcare system. He has been responsible for the evaluation and introduction of Western technology specifically for the Chinese and other Asian markets. In addition, Dr. Noar has been working closely with Rayfield Technologies, helping to develop and design successful educational programs for physicians in China and supervise the introduction of new medical technology. He maintains a private practice in Gastroenterology, based in Maryland, and is an early adopter of the CRH O’Regan System.
About CRH Medical Corporation:
CRH Medical Corporation specializes in the treatment of hemorrhoids utilizing its proven treatment protocol and patented proprietary technology. CRH’s single use, disposable, hemorrhoid technology is safe and highly effective in treating hemorrhoid grades I – IV. CRH Medical employs two commercialization strategies: First, it operates Centers for Colorectal Health facilities in the United States specializing in the treatment of hemorrhoids and fissures, and colon cancer screening. In addition CRH distributes its hemorrhoid banding technology, treatment protocols, operational and marketing expertise as a complete, “turn key” package directly to its partner physicians. The Company’s goal is to establish the CRH hemorrhoid technology as the standard for hemorrhoid treatment.
The information in this news release contains so-called “forward-looking” statements. These include statements regarding CRH Medical’s expectations and plans relating to its expansion plans for its Centers for Colorectal Health, statements about CRH Medical’s expectations, beliefs, intentions or strategies for the future, which may be indicated by words or phrases such as “anticipate”, “expect”, “intend”, “plan”, “will”, “we believe”, “CRH Medical believes”, “management believes”, and similar language. All forward-looking statements are based on CRH Medical’s current expectations and are subject to risks and uncertainties and to assumptions made. Important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements include: (i) the company’s ability to successfully recruit medical professionals for its Centers for Colorectal Health (ii) the company’s ability to manufacture its products; (iii) decisions, and the timing of decisions, made by the health regulatory agencies regarding the company’s products; (iv) the company’s ability to enter into distribution agreements for its products, and to complete and maintain corporate alliances relating to the development, commercialization and use of its technology and products; (v) market acceptance of its technologies and products; and (vi) the competitive environment and impact of technological change. CRH Medical bases its forward-looking statements on information currently available to it, and assumes no obligation to update them.