Updated: Joint Venture Agreement between Tharawat Holdings Company and HCi Viocare Clinics UK Limited
01 Aug 2017
Effective January 25 2018, Tharawat Holdings and HCi Viocare, have mutually decided that the formation of the JV that was agreed between them in July 2017, is no longer viewed as a strategic priority and have therfore terminated the Joint Venture Agreement between them. The management of HCi Viocare intents to re-evaluate this decision from time to time and might eventually develop related activities in the area, if the conditions and priorities allow for it.
As a top priority, HCi Viocare is to concentrate in the advancement and commercialisation if its technologies.
For further details please refer to our 8K filling: http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=12507107
END OF UPDATE
We are please do annouce that effective July 19, 2017, HCi Viocare Clinics UK Limited ( a wholly owned subsidiary of the Company) and Tharawat Holdings Company ("Tharawat"), a company incorporated under the laws of Saudi Arabia, entered into a Joint Venture agreement for the formation of a company in the Kingdom of Saudi Arabia, with the purpose of setting up a network of Prosthetics and Orthotics centres throughout the Middle East.
The agreement foresees the establishment of Prosthetics and Orthotics centres throughout the agreed territory, with a total annual capacity of 10,000 amputees and 30,000 orthotic clients, as per International Society for Prosthetics and Orthotics ("ISPO") standards.
Under the terms of the agreement, the Joint Venture Company will be fully funded by Tharawat and will be initially owned 90% by Tharawat Holdings Company and 10% by HCi Viocare Clinics UK, with the provision for HCi Viocare's share to be increased to 20% upon meeting specific targets of the business plan.
Additionally, HCi Viocare will also be compensated for the management of the clinics at a rate of 5% of the net profits of the clinics, on a per-country basis.
For further details please refer to our 8K filing: http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=12196556