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.