Softlab9 signs LOI to acquire Kosan Medical Company
October 30, 2020 - Canada
Softlab9 Technologies has signed a letter of intent (LOI) for acquiring Kosan Medical Company. The company, in partnership with Kosan Medical, now will begin sales of personal protective gowns and coveralls in Canada. With the LOI, the Softlab9 gets 100 per cent exclusive rights to distribute isolation gowns, coveralls and other PPP in Canada.
As a result of the LOI, the company has secured 100 per cent exclusive rights to distribute isolation gowns, coveralls and other personal protective equipment in partnership with Kosan Medical through their existing medical device establishment license registered with Health Canada. The products are manufactured in Vancouver, British Columbia, and Softlab9, having competed its due diligence on the products, is confident they meet and exceed all standards required at a competitive price point for bulk sales.
It is expected that this arrangement will be finalised in the definitive agreement for the company's acquisition of Kosan Medical.
The company is currently preparing its own application for a proprietary medical device establishment license but “is pleased to be able to enter the market earlier than expected”.
Rahim Mohamed, CEO of Softlab9 said, "Partnering with Kosan Medical has allowed us to enter the PPE market in time to supply both federal and local customers with PPE in time for the winter and flu seasons. We anticipate the need for gowns to continue in the coming months and are equipped to supply a large portion of this demand with our existing supply agreements with our partners."
As a result of the LOI, the company has secured 100 per cent exclusive rights to distribute isolation gowns, coveralls and other personal protective equipment in partnership with Kosan Medical through their existing medical device establishment license registered with Health Canada. The products are manufactured in Vancouver, British Columbia, and Softlab9, having competed its due diligence on the products, is confident they meet and exceed all standards required at a competitive price point for bulk sales.
It is expected that this arrangement will be finalised in the definitive agreement for the company's acquisition of Kosan Medical.
The company is currently preparing its own application for a proprietary medical device establishment license but “is pleased to be able to enter the market earlier than expected”.
Rahim Mohamed, CEO of Softlab9 said, "Partnering with Kosan Medical has allowed us to enter the PPE market in time to supply both federal and local customers with PPE in time for the winter and flu seasons. We anticipate the need for gowns to continue in the coming months and are equipped to supply a large portion of this demand with our existing supply agreements with our partners."