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Vaso Corporation Announces Fourth Extension of Exclusive Sales Representation Agreement with GE Healthcare

PLAINVIEW, NY / ACCESSWIRE / October 29, 2021 /¬†Vaso Corporation (“Vaso”) (OTCMKTS:VASO) today announces the amendment of the sales representation agreement between its subsidiary, Vaso Diagnostics, Inc. d/b/a VasoHealthcare, and GE Healthcare (“GEHC”), the healthcare business unit of General Electric Company (NYSE:GE), originally signed on May 19, 2010.

The amendment extends the term of the original agreement, which began on July 1, 2010 and was previously extended in 2012, 2015 and 2017, through December 31, 2026, subject to earlier termination under certain circumstances, making it a contract of five years from the end of this year. Under the agreement, VasoHealthcare is the exclusive representative for the sale of select GE Healthcare diagnostic imaging products and certain related services to specific healthcare provision customer accounts in the 48 contiguous states of the United States and the District of Columbia.

“We are pleased to build upon the relationship we have with the Vaso Healthcare team. They are a valued Diagnostic Imaging partner for GE Healthcare in the US,” said Catherine Estrampes, President & CEO, GE Healthcare US and Canada. “We look forward to continuing to deliver on our collective priorities that ultimately improve lives in the moments that matter.”

“It’s an exciting development and an important milestone in our relationship with GE Healthcare, whose exceptional equipment and outstanding service are a major reason for our success as well,” commented Ms. Jane Moen, president of VasoHealthcare and a director of Vaso Corporation. “Over the past 11 years since the cooperation started, we have built a highly effective professional sales organization and assembled an exceptional leadership team, and we have developed a proprietary management platform ready for the future. I am thankful for dedication of my colleagues and the great partnership with GE Healthcare, and I look forward to continued success in the coming years.”

“This extension is once again a testament to the success of our long-standing partnership with GE Healthcare, to which we are fully committed,” stated Dr. Jun Ma, president and CEO and a director of Vaso Corporation.

Summarized Financial Information

About Vaso

Vaso Corporation is a diversified medical technology company with several distinctive but related specialties: managed IT systems and services, including healthcare software solutions and network connectivity services; professional sales services for diagnostic imaging products; and design, manufacture and sale of proprietary medical devices.

The Company operates through three wholly owned subsidiaries:

  • VasoTechnology, Inc. provides network and IT services through two business units: VasoHealthcare IT Corp., a national value added reseller of Radiology Information System (“RIS”), Picture Archiving and Communication System (“PACS”), and other software solutions from various vendors as well as related services, including implementation, management and support; and NetWolves Network Services LLC, a managed network services provider with an extensive, proprietary service platform to a broad base of customers.
  • Vaso Diagnostics, Inc. d.b.a. VasoHealthcare, provides professional sales services and is the operating subsidiary for the exclusive sales representation of GE Healthcare diagnostic imaging products in certain market segments in the USA.
  • VasoMedical, Inc. manages and coordinates the design, manufacture and sales of proprietary medical equipment and software, as well as operates the Company’s overseas assets including China-based subsidiaries.

Except for historical information contained in this release, the matters discussed are forward-looking statements that involve risks and uncertainties. When used in this report, words such as “anticipates”, “believes”, “could”, “estimates”, “expects”, “may”, “optimistic”, “plans”, “potential” and “intends” and similar expressions, as they relate to the Company or its management, identify forward-looking statements. Such forward-looking statements are based on the beliefs of the Company’s management, as well as assumptions made by and information currently available to the Company’s management. Among the factors that could cause actual results to differ materially are the following: the effect of business and economic conditions, including the impact of the current COVID-19 pandemic; the effect of the dramatic changes taking place in IT and healthcare; continuation of the GEHC agreement; the impact of competitive technology and products and their pricing; medical insurance reimbursement policies; unexpected manufacturing or supplier problems; unforeseen difficulties and delays in product development programs; the actions of regulatory authorities and third-party payers in the United States and overseas; and the risk factors reported from time to time in the Company’s SEC reports. The Company undertakes no obligation to update forward-looking statements as a result of future events or developments.

Investor Contact:

Michael J. Beecher
Investor Relations
Phone: 516-508-5840
Email: mbeecher@vasocorporation.com