NIR Diagnostics terminates agreement with Shaklee Corporation

CNW Group

NIR Diagnostics Inc., an innovator in the development of handheld healthcare diagnostic devices announced today that it has exercised its right to terminate the Second Amended and Restated Exclusive License Agreement (License Agreement) with Shaklee Corporation entered into effective August 9, 2006, and accordingly, NIR Diagnostics has repatriated rights related to this agreement. The basis for termination is Shaklee's uncured, notified breaches of the License Agreement arising from its failure to pay amounts to NIR Diagnostics when due. As previously disclosed, Shaklee disputes that it has breached the License Agreement.

"With sales in the global nutraceuticals industry projected to reach $187 billion by 2010, and with only expensive and time consuming laboratory testing available to monitor the impact of these products, this market is an ideal application of our non-invasive technology," said Duncan J. MacIntyre, President, CEO and Executive Vice Chairman of NIR Diagnostics Inc. "Based on our ongoing research to non-invasively monitor glucose levels in patients suffering from diabetes, our OmegaNIR(TM) device, which measures omega-6 and omega-3 levels, is part of our VisionNIR(TM) non-invasive platform. Our internal testing and research indicate that consumers are eager to have an accurate, painless, non-invasive source of information that offers immediate feedback on their dietary choices. We intend to make our unique in-vivo omega-6 and omega-3 technology available to consumers globally through select distribution partners."