Small cap public company BodyTel Scientific has announced a 50/50 Joint Venture with Safe-com, a German company, to market
state-of-the-art monitoring products and services to diabetic patients
under the brand name "GlucoTel." (press release)
GlucoTel Scientific, Inc., the Joint Venture Company, will be
engaged in the research, development and commercialization of a blood
glucose meter capable of transmitting data from a diabetic patient to a
secure database using Bluetooth and cellular phone technology.
GlucoTel's device is a small, easy to read meter which wirelessly
monitors patients with diabetes, which has become one of the world's
most costly medical conditions with annual healthcare expenditures
exceeding $130 billion in the U.S. alone.
Effective December 6, 2006, the Company entered into a joint venture
arrangement with Safe-com and agreed to invest up to $2,500,000 for the
further development of the GlucoTel assets. $1,250,000 has been
invested to date, with the remaining balance contingent on GlucoTel
meeting specific regulatory and sales requirements.
The assets that Safe-com transferred to the joint venture include:
know how, received trademarks, patent applications, Intellectual
Property rights and source codes for the GlucoTel Software running on
mobile phones, Intellectual Property and source codes for the webserver
and portal, the design and working prototypes of the blood glucose
meter, all marketing and promotional equipment and all blueprints and
architectural designs of the GlucoTel blood glucose meter. These assets
are to be used to measure a patient's blood sugars and to transmit the
measurement to a website that can be accessed by the patient's doctor
or other care provider.