WESTBURY, N.Y.--(BUSINESS WIRE)--Vasomedical, Inc., (“Vasomedical”) (OTC: VASO.OB), a leader in the noninvasive treatment and management of cardiovascular diseases, announced today that it has entered into an alliance and business arrangement with Living Data Technology Corporation and its affiliates (“Living Data”) in which Kerns Manufacturing Corp. (“Kerns”), an affiliated company of Living Data, made a $1.5 million equity investment in Vasomedical through the purchase of common stock. In addition, Vasomedical has an option to sell an additional $1.0 million of its common stock to Kerns, subject to certain terms, restrictions and conditions. Vasomedical and Living Data have also entered into agreements that grant Vasomedical exclusive right to market and distribute Living Data’s external counterpulsation (ECP) systems in the United States and grant Living Data exclusive right to manufacture and supply products to Vasomedical. The arrangement also provides for the appointment of two representatives of Living Data to Vasomedical’s Board of Directors, including Simon Srybnik, Chairman of both Kerns and Living Data.
