Remedent reported that it has entered into an agreement in relation to a settlement of secured debt extended by Excelsior Medical (HK) Co. Excelsior and Asia Best Healthcare Co. (ABH). The company noted that Excelsior and ABH, the creditors, have agreed to waive the repayment of a material portion of the remaining debt owed by forgiving 50% of the principal amount due. Under the agreement Remedent agreed to remit USD 1,000,000 to the creditors to pay off the remaining USD 2,247,537 of debt and accrued interest outstanding. Accordingly, a USD 500,000 payment was made by Remedent to each creditor at the beginning of the month. The Company has now effectively payed off the remaining balance of its long term debt obligations and deleveraged its balance sheet.