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Article: Future Medical Technologies Announces Sale of Its FMT Subsidiary
- Article from:
- PR Newswire
- Article date:
- August 22, 1996
CopyrightCOPYRIGHT 1996 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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WAYNE, Pa., Aug. 22 /PRNewswire/ -- Future Medical Technologies International, Inc. (OTC Bulletin Board: FMTI) announced today that its Board of Directors has voted to accept a proposal to sell its Future Medical Technologies (FMT) subsidiary to Medical Technologies, Inc. (MTI), a New Jersey Corporation.
The terms of the sale include the purchase price of $250,000, as well as a royalty percentage derived from any revenue of the former subsidiary's dehydrated media paddle, Qualture(TM) bacterial diagnostic system and salmonella testing system. The royalty schedule provides 5% of revenue in the first and second years, and 2-1/2% in the third, fourth and fifth years.
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