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GHENT, Belgium, April 29, 2019 (GLOBE NEWSWIRE) -- On March 29th, 2019 Remedent Inc. (OTCBB:REMI.OB) participated, through its 99,99% Belgian daughter company REMEDENT NV, in the contribution in kind of the Belgian company Metrics in Balance NV, stock listed on Euronext Access Paris (ISIN: BE0974328602) and having it registered office at 9000 Ghent, Zuiderlaan 1-3, box 8, Belgium (“MiB”).
Metrics in Balance NV is a company developing and refining the clinical concept that allows healthcare and dental professionals to diagnose the relationship between malocclusion and posture problems. By measuring occlusion as well as different elements of a patient’s posture, MiB can trace if a patient’s bite is getting them out of balance and causing discomfort our suboptimal performance. The data collected is then the starting point for amongst other splint therapy and other sort of occlusion therapy.
As a medical data collector MiB wishes to further strengthen its market position and invest in established and start-up companies who can create an added value for MiB or an accumulated economies of scale for the companies together.
One of those start-up companies that is expected to create an accumulated economies of scale for MiB and the start-up itself is the Belgian company SmileWise Corporate BVBA.
SmileWise Corporate BVBA is a start-up company that was founded in April 2018 by a group of dental industry experts with the purpose of helping private practices thrive in a increasingly competitive environment. Initially, SmileWise helps practices by offering an integrated approach to sales and marketing in the form of software as well as services, such as campaign management and education.
SmileWise core mission is to find the next big practice builder and help entrepreneurial dentists implement it into their practice and local market. SmileWise’s formula is to scout the world for new exciting clinical concepts, like the one of MiB, and integrate them into the dental practice to stay medically and commercially relevant.
By its foundation REMEDENT NV, Remedent Inc.’s subsidiary, held 1.200 of the in total 2.000 shares of SmileWise Corporate BVBA. So, REMEDENT NV held 60% of the total issued shares of SmileWise Corporate BVBA.
In May 2018 SmileWise Corporate BVBA together with other dental experts founded SmileWise Experience UK Ltd., a British company integrating the SmileWise’s core mission into the dental practices in the United Kingdom. By its foundation SmileWise Corporate BVBA held 5.100 of the in total 10.000 shares of SmileWise Experience UK Ltd. So, with 51% of the total issued shares in hands, SmileWise Corporate BVBA holds a majority participation in UK division of the SmileWise- concept.
The contribution in kind of REMEDENT NV in MiB took place by way of contribution of a current account for the amount of 110.271,27 euros on one hand and a contribution of 1.200 shares of SmileWise Corporate BVBA on the other hand. For these contributions in kind REMEDENT NV received 1.253.434 new issued shares of MiB in total.
Taking into account that REMEDENT NV already owned 63.112 shares of MiB on March 29th, 2019, the participation in the contribution in kind brought the total amount of MiB shares held by REMEDENT NV on March 29th, 2019 on 1.316.546. With a total of 4.390.523 MiB shares issued, REMEDENT NV is with its 1.316.546 MIB shares, circa 29,99% of the total amount of shares, a major shareholder of MiB.
With this significant participation in Metrics in Balance NV Remedent Inc. not only keeps it finger on the pulse on the worldwide developments within the dental industry and determine direction of the modern dentistry, it also can enlarging its own market by tagging along to the new manner of doing dentistry.
Remedent Inc. creates state-of-the-art dental technologies and marketing concepts. With brands like amongst others GlamSmile, Smile Me, and River 8 Remedent Inc. manufactures, markets and distributes its products and concepts to more than 25 countries worldwide. Remedent Inc. is publicly listed and focuses on B2B, delivering products to the dental professional, as well as B2C approaches.
On April 23th, 2019 the shares of Metrics in Balance NV noted on Euronext Access Paris (ISIN: BE0974328602) at a price of 6,99 euro per share (www.euronext.com). For more company information about Metrics in Balance NV, please visited MiB’s investors website (www.metricsinbalance.com/investor-relations/).
“This decision is important as this will allow Remedent to grow in the market and increase its commercial activities and is a new step in a more active presence in within the global dentistry,” comments Mr. Guy De Vreese, CEO of Remedent Inc. “The participation in Metrics in Balance NV will provide a new platform and will open new directions which will enable the company to further grow and to respect companies nature of being the creator of state-of-art dental technologies and related applications.”
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