Business Services Industry
Avitar, Inc. Grants License to Manufacture and Market Dental Material Dispensing Device
Business Wire, April 14, 1998
CANTON, Mass.--(BUSINESS WIRE)--April 14, 1998--
Notes Substantial Year Over Year Sales Growth Continuing
Avitar, Inc. (NASD OTC Bulletin Board: AVIT) today announced that it has granted an exclusive license for the manufacturing and marketing of Avitar's patented Dental Material Dispensing Devices and Consumable Cartridges to Danville Engineering of San Ramon, California. The license agreement provides for the payment to Avitar of a license fee as well as royalties from sales derived from the use of Avitar's patented technology.
Peter Phildius, Avitar's Chairman and Chief Executive Officer, stated, "While Avitar is primarily focused on sales of its medical products and the development of non-invasive oral fluids testing, we also strive to maximize the value of our non-core technologies. Granting licenses to utilize the Company's proprietary technology will supplement our revenues and add to the sales growth we anticipate from our primary product lines."
Separately, Avitar announced that the substantial sales growth the Company has been experiencing continued through its second fiscal quarter ended March 31, 1998. The Company expects to report that its sales more than doubled in both the quarter and six month fiscal periods ended March 31, 1998, over comparable prior year periods. The Company's substantial revenue growth is attributable primarily to increased demand for the Company's wound dressing products from the Company's largest customers.
Avitar, Inc. designs, develops, manufactures and markets healthcare products and services including a proprietary line of polyurethane wound care dressings and rapid diagnostic test products. -0- "Safe Harbor" statement under the Private Securities Reform Act of 1995: This release contains forward looking statements that are subject to risks and uncertainties, as are detailed from time to time in the Company's filings with the Securities and Exchange Commission.
CONTACT: Avitar, Inc.
Peter Phildius, Chairman of the Board
(617) 821-2440
Jay Leatherman, Chief Financial Officer
(203) 453-2126
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