Published on December 6, 2013 at 8:10 PM
PhotoMedex, Inc. (NASDAQ and TASE: PHMD) announced today the termination of the exclusive distribution agreement between its wholly-owned subsidiary Radiancy, Inc. and Ya-Man Ltd. for the Japanese market due to, among other things, disputed marketing expenses of approximately $1 million and the failure of Ya-Man to meet its minimum purchase obligations under the agreement. Both parties have determined that it is in their respective best interests to terminate the distribution arrangement following Ya-Man's disappointing sales results with the Company in the last quarter.
Radiancy is actively seeking a new partner for the Japanese markets, while Ya-Man has indicated that they will continue to market and sell its inventory of the Company's products in Japan in accordance with the terms of the parties' agreement.
SOURCE PhotoMedex, Inc.