Medquip, Inc. will develop and market endoscopic medical devices through multiple distribution channels both foreign and domestic. The company is currently developing its patent-applied technologies to final product and approval stage. It is also seeking to establish its corporate identity in the medical products field. Growth strategy calls for one joint venture license as well as the following objectives:
Note: Management believes that accelerated FDA approval process will be available on the band ligation device since it involves only modifications on an existing, approved device. There is past precedent in 510k approvals (in an average of 3 months) in documented cases.
The key elements in the Start-up plan for Medquip, Inc. are:
$215,000 was raised from the initial two investors for these purposes. This funding came in in early 1998 and these tasks have either been completed successfully or are in the final process of completion. These are treated purely as start-up expenses by this plan. $128,000 is treated as cash-on-hand as of the start of this plan on January 1, 1998. The remainder of the start-up capital required as well as capital required for the continuation of operations in the first six months will be provided by selling the shares in the private placement. The capital obtained from these sales is expected to total an additional $850,000 and the plan calls for this cash to be infused in May and June, 1998.
Medquip, Inc. is a South State "C" corporation.
Its founding shareholders are:
Eric Smith (2,545,000 shares)
Timothy Jones (500,000 shares)
At the date of this plan, two additional shareholders are of record:
Arthur C. Clark (50,000 shares)
Genesis Corp. (14,000 shares)
Medquip, Inc. business offices are at 1234 Main Street, Anytown, U.S.A. Phone is .... Fax is .... These offices are leased month-to-month on a temporary basis. This business plan calls for the establishment of corporate offices, R&D facilities, and prototype and small-run manufacturing facilities. These facilities are to be located in Puerto Rico with 10,000 sq. ft. initially expandable to 30,000 sq.ft. Rental costs in Puerto Rico range from $1.75 to $4.00 per sq. ft. Currently available space in Puerto Rico may also be used on a joint-venture basis to be negotiated.