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Syneron Medical Announces the Establishment of Syneron China
Direct Sales Operation Through Joint Venture With Largest Chinese Aesthetic Hospital Chain Aims to Secure Syneron Leadership in Chinese Market
YOKNEAM, ISRAEL -- (Marketwire) -- 11/19/08 -- Syneron Medical Ltd. (NASDAQ: ELOS), aninnovator in the development, marketing and sales of elos(TM)combined-energy medical aesthetic devices, today announced the signing of ajoint venture agreement establishing Syneron China.
Syneron's partner in Syneron China is the EverCare Medical Group, thelargest aesthetic hospital chain in China. Evercare operates cosmeticsurgery hospitals throughout the country and has been Syneron's distributorin China for the past two years.
Through this new Chinese subsidiary, Syneron will sell directly to medicaland aesthetic professionals in China, including doctors, hospitals,medi-spas, and cosmetic chains. Syneron China will also provide trainingand after sales service and support. The first two offices of SyneronChina were opened in Beijing and Guangzhou in August 2008. The Shanghaioffice is scheduled to be opened in December 2008, and two other officeswill be opened by the summer of 2009. In addition to the five mainoffices, Syneron China will establish product demonstration centers acrossChina.
Commenting on the joint venture, Doron Gerstel, Syneron CEO, said,"Syneron's partnership with the EverCare Medical Group positions thecompany to gain greater penetration of the Chinese medical aestheticsector. Syneron's new direct operation in China, with a strong localmanagement team, will ensure success in securing a truly dominant marketshare and standardizing Syneron's high quality customer care."
Syneron selected the EverCare Medical Group as a partner because of theirhigh level of professionalism and the success of the collaboration withEverCare both as a major end user of Syneron devices in their hospitals, aswell as a distributor of Syneron platforms to the Chinese medical sector.
"The EverCare doctors and professionals have been using Syneron equipmentextensively in their hospitals, making the EverCare team a knowledgeable,respected resource base to demonstrate Syneron platforms and the benefitsof the elos technology across China," continued Gerstel. "Working with theEverCare physician and sales teams, we aim to greatly increase theinstalled base of Syneron platforms in China."
Dr. James Wang, President of EverCare Medical Ltd., remarked, "With 15years of experience in the Chinese aesthetic market, I have worked withalmost all major international aesthetic medical device companies. Twoyears ago, we chose to equip all EverCare hospitals with Syneron'saesthetic medical devices for facial applications and body shaping, as wellas to act as a Syneron distributor, due to the superior treatment resultsand strong safety record of the Syneron equipment. Based on our positiveexperience as both customer and distributor for Syneron we are now movingto a new stage of business collaboration with Syneron to create a morepowerful direct marketing and sales team. The new joint venture will be thelargest medical aesthetic group in China and we are giving our full supportto establish Syneron as the clear leader in this vast under-penetratedmarket."
About Syneron
Syneron Medical Ltd. (NASDAQ: ELOS) manufactures and distributes medicalaesthetic devices that are powered by the proprietary, patented eloscombined-energy technology of Bi-Polar Radio Frequency and Light. TheCompany's innovative elos technology provides the foundation for highlyeffective, safe and cost-effective systems that enable physicians toprovide advanced solutions for a broad range of medical-aestheticapplications including hair removal, wrinkle reduction, rejuvenating theskin's appearance through the treatment of superficial benign vascular andpigmented lesions, and the treatment of acne, leg veins and cellulite.Founded in 2000, the corporate, R&D, and manufacturing headquarters forSyneron Medical Ltd. is located in Israel. Syneron has offices anddistributors throughout the world, including North American Headquartersand Logistics Support in Irvine, CA, and Asia-Pacific Headquarters in HongKong, which provide sales, service and support. Additional information canbe found at www.syneron.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaningof the U.S. Private Securities Litigation Reform Act of 1995 relating tofuture events or our future performance, including statements with respectto our expectations regarding, but not limited to establishing andmaintaining a leadership position in core markets. Forward-lookingstatements involve known and unknown risks, uncertainties and other factorsthat may cause our actual results, levels of activity, performance orachievements to be materially different from any future results, levels ofactivity, performance or achievements expressed or implied in thoseforward-looking statements, including, but not limited to the riskassociated with our ability to commercialize new products and identify newmarkets for our technology; ability to manage our growth, competition andpricing pressure, risks associated with our international operations, risksassociated with regulatory qualifications or approvals, and risks relatedto our intellectual property. These risks and other factors are summarizedunder the heading "Risk Factors" in our Annual Report on Form 20-F/A forthe year ended December 31, 2007, filed with the Securities and ExchangeCommission on August 31, 2008. These factors are updated from time to timethrough the filing of reports and registration statements with theSecurities and Exchange Commission. We do not assume any obligation toupdate theforward-looking information contained in this press release
Syneron, the Syneron logo, and elos are trademarks of Syneron Medical Ltd.and may be registered in certain jurisdictions. elos (Electro-OpticalSynergy) is a proprietary technology of Syneron Medical Ltd. All othernames are the property of their respective owners.
For more information, please contact:Fabian TenenbaumCFO+972 73 244 2329email: Email ContactJudith KleinmanVP Investor Relations+972 54 646 1688email: Email Contact
Through this new Chinese subsidiary, Syneron will sell directly to medicaland aesthetic professionals in China, including doctors, hospitals,medi-spas, and cosmetic chains. Syneron China will also provide trainingand after sales service and support. The first two offices of SyneronChina were opened in Beijing and Guangzhou in August 2008. The Shanghaioffice is scheduled to be opened in December 2008, and two other officeswill be opened by the summer of 2009. In addition to the five mainoffices, Syneron China will establish product demonstration centers acrossChina.
Commenting on the joint venture, Doron Gerstel, Syneron CEO, said,"Syneron's partnership with the EverCare Medical Group positions thecompany to gain greater penetration of the Chinese medical aestheticsector. Syneron's new direct operation in China, with a strong localmanagement team, will ensure success in securing a truly dominant marketshare and standardizing Syneron's high quality customer care."
Syneron selected the EverCare Medical Group as a partner because of theirhigh level of professionalism and the success of the collaboration withEverCare both as a major end user of Syneron devices in their hospitals, aswell as a distributor of Syneron platforms to the Chinese medical sector.
"The EverCare doctors and professionals have been using Syneron equipmentextensively in their hospitals, making the EverCare team a knowledgeable,respected resource base to demonstrate Syneron platforms and the benefitsof the elos technology across China," continued Gerstel. "Working with theEverCare physician and sales teams, we aim to greatly increase theinstalled base of Syneron platforms in China."
Dr. James Wang, President of EverCare Medical Ltd., remarked, "With 15years of experience in the Chinese aesthetic market, I have worked withalmost all major international aesthetic medical device companies. Twoyears ago, we chose to equip all EverCare hospitals with Syneron'saesthetic medical devices for facial applications and body shaping, as wellas to act as a Syneron distributor, due to the superior treatment resultsand strong safety record of the Syneron equipment. Based on our positiveexperience as both customer and distributor for Syneron we are now movingto a new stage of business collaboration with Syneron to create a morepowerful direct marketing and sales team. The new joint venture will be thelargest medical aesthetic group in China and we are giving our full supportto establish Syneron as the clear leader in this vast under-penetratedmarket."
About Syneron
Syneron Medical Ltd. (NASDAQ: ELOS) manufactures and distributes medicalaesthetic devices that are powered by the proprietary, patented eloscombined-energy technology of Bi-Polar Radio Frequency and Light. TheCompany's innovative elos technology provides the foundation for highlyeffective, safe and cost-effective systems that enable physicians toprovide advanced solutions for a broad range of medical-aestheticapplications including hair removal, wrinkle reduction, rejuvenating theskin's appearance through the treatment of superficial benign vascular andpigmented lesions, and the treatment of acne, leg veins and cellulite.Founded in 2000, the corporate, R&D, and manufacturing headquarters forSyneron Medical Ltd. is located in Israel. Syneron has offices anddistributors throughout the world, including North American Headquartersand Logistics Support in Irvine, CA, and Asia-Pacific Headquarters in HongKong, which provide sales, service and support. Additional information canbe found at www.syneron.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaningof the U.S. Private Securities Litigation Reform Act of 1995 relating tofuture events or our future performance, including statements with respectto our expectations regarding, but not limited to establishing andmaintaining a leadership position in core markets. Forward-lookingstatements involve known and unknown risks, uncertainties and other factorsthat may cause our actual results, levels of activity, performance orachievements to be materially different from any future results, levels ofactivity, performance or achievements expressed or implied in thoseforward-looking statements, including, but not limited to the riskassociated with our ability to commercialize new products and identify newmarkets for our technology; ability to manage our growth, competition andpricing pressure, risks associated with our international operations, risksassociated with regulatory qualifications or approvals, and risks relatedto our intellectual property. These risks and other factors are summarizedunder the heading "Risk Factors" in our Annual Report on Form 20-F/A forthe year ended December 31, 2007, filed with the Securities and ExchangeCommission on August 31, 2008. These factors are updated from time to timethrough the filing of reports and registration statements with theSecurities and Exchange Commission. We do not assume any obligation toupdate theforward-looking information contained in this press release
Syneron, the Syneron logo, and elos are trademarks of Syneron Medical Ltd.and may be registered in certain jurisdictions. elos (Electro-OpticalSynergy) is a proprietary technology of Syneron Medical Ltd. All othernames are the property of their respective owners.
For more information, please contact:Fabian TenenbaumCFO+972 73 244 2329email: Email ContactJudith KleinmanVP Investor Relations+972 54 646 1688email: Email Contact
For more information, go to www.marketwire.com
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