Remedent Enters into an Agreement in Relation to a Settlement of Secured Debt Extended by Excelsior and Asia Best Healthcare Co
March 29, 2017
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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.
Remedent, Inc. specializes in the research, development and manufacturing of oral care and cosmetic dentistry products. The Company designs, develops, manufactures and distributes its cosmetic dentistry products, including a full line of professional dental products that are distributed in Europe, Asia, Middle East and the United States. The Company's operating segment consists of dental products and oral hygiene products sold by Remedent Inc., Remedent N.V., and Biotech Dental Benelux N.V. The Company offers over-the-counter (OTC) tooth whitening products. It has three primary products: River 8, a prefabricated veneer; its custom-made GlamSmile Veneers and the SmileMe mirror. The Company has developed a range of prefabricated, ready-to-use veneers that the Company has branded as River8. The Company's product in the professional oral care and cosmetic dentistry is the GlamSmile veneer. The SmileMe Mirror enables the dentist to offer patients a complete Smile Consultation.