MINNEAPOLIS, MN – March 31, 2014 - Technologies Scan Corp, (OTCQB:TENP), an emerging biomedical device company focused on the licensing and commercialization of innovative medical devices and other therapeutics for pets, is pleased to announce and provide shareholders with an update of recent activity within the company.
Upon recent completion of the acquisition of PetVivo, Inc. by Technologies Scan Corp (OTCQB: TENP), the Company has filed notice with the Financial Industry Regulatory Authority (“FINRA”) to initialize a company name change. The proposed company name filed with FINRA is PetVivo Holdings, Inc. “We will let the public know once our name change application is effective with the state of Nevada” stated John Lai, Chief Executive Officer of Technologies Scan Corp.
The worldwide market for Pet Therapeutics is $55 Billion with a 6% annual growth rate. “This emerging therapeutics market has proven to be insensitive to more recent recessionary environments” said Lai.
In addition, Technologies Scan Corp has received word regarding KUSH™, the first of many veterinary therapeutic devices PetVivo, Inc. plans to commercialize. KUSH is a lubricious, cushion-like material that is injected into pet joints to augment synovial fluid function and treat joint dysfunction (e.g. lameness, osteoarthritis…). It is anticipated that KUSH will be available to the veterinary therapeutic market in the fourth quarter of 2014. “We are incredibly enthusiastic about the potential benefits KUSH may provide to companion animals suffering from joint dysfunction” stated Lai.
About PetVivo, Inc: PetVivo, Inc. is a wholly owned subsidiary of Technologies Scan Corp based in Minneapolis, Minnesota. PetVivo is an emerging biomedical device company focused on the licensing and commercialization of innovative medical devices and other therapeutics for pets.
PetVivo, Inc. believes that it can leverage the investments in the human bio-materials and medical device industries to commercialize therapeutics to pets in a capital and time efficient way. PetVivo's strategy is to in-license proprietary products from human medical device companies specifically for use in pets. A key component of this strategy is the accelerated timeline to revenues for veterinary medical devices, which enter the market much earlier than the more stringently regulated pharmaceuticals.
The foregoing material may contain forward-looking statements. We caution that such statements may be subject to uncertainties and that actual results could differ materially from the fore-going statements. Readers accordingly should not place undue reliance on these forward-looking statements, which do not reflect unknown or unanticipated events or circumstances occurring after the date of these forward-looking statements.
Chief Executive Officer
Technologies Scan Corp.
SOURCE: Technologies Scan Corp