Japan-based Sumita to integrate ScoutCam’s patented micro-visualization technology into its medical devices
OMER, Israel, Feb. 18 2022 (GLOBE NEWSWIRE) — ScoutCam (OTCQB:SCTC), a leading provider of image-based solutions (including cloud image processing and AI) for condition monitoring markets and predictive maintenance, as well as a leading provider of image-based solutions for the medical device market, today announced that it has entered into a royalty licensing agreement for its patented micro-visualization solutions with Japan-based Sumita Optical Glass, Inc., a fiber optic technology company (“Sumita”), for use in the manufacture and development of its medical device products.
Sumita designs and manufactures micro-optical parts such as micro-lenses, image beams, lenses and light guides for use in small diameter endoscope subassemblies sold in Japan and the world. Sumita opened a new manufacturing facility in May 2021 to increase its high-volume production capacity of its micro and high-precision optical components used in endoscopes as well as new medical device products currently under development.
Under the terms of the agreement, Sumita will pay ScoutCam a royalty for the use of the company’s small diameter video camera technology. The license allows Sumita to include the company’s technology in products sold worldwide.
Yovav Sameah, CEO of ScoutCam, commented on the announcement, “We are very pleased to enter into this license agreement for our technology; Sumita is one of the world’s leading optical glass manufacturers and its products are widely used in technology applications. Licensing our microvisualization patents for use in their growing medical device business confirms the excellence of our technology and the value of our patent portfolio.
“ScoutCam will continue to focus its business strategy on consolidating its position in the Industry 4.0 market,” said Sameah. “However, licensing offers another way to monetize our technology; royalties from our agreement with Sumita will provide ScoutCam with a valuable passive revenue stream that we believe could reach millions of dollars in the long term based on Sumita’s potential endoscope business, while expanding our market presence . We continue to evaluate similar opportunities and I believe this will be one of many licensing opportunities for the company.
Toshiaki Sumita, President of Sumita, said, “We are delighted to have entered into an agreement with ScoutCam which further validates Sumita’s long-term investment in R&D and its commitment to improving our fiber optic technology standards.
ScoutCam is pioneering the predictive maintenance and condition-based monitoring markets with its visualization and AI platform. Pioneering the use of its visualization and AI platform in Industry 4.0 markets such as aviation, energy, mobility and transportation, camera-as-a-sensor™ technology of ScoutCam, accompanied by specially trained AI models, is deployed in hard-to-reach places and harsh environments, across a variety of predictive maintenance and condition-based monitoring use cases. ScoutCam’s platform allows maintenance and operations teams to have visibility into inaccessible areas during normal operation, or when the operating environment is not suitable for continuous real-time monitoring.
Forward-looking statements –
The information in this press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 relating to future events or our future performance. All statements in this press release that do not relate to historical facts should be considered forward-looking statements, including, but not limited to, the Company’s ability to maximize and generate revenue through its agreement with the main optical glass manufacturer mentioned in this press release. In some cases, you can identify forward-looking statements by words such as “may”, “should”, “expect”, “plan”, “anticipate”, “believe”, “estimate”, “predict”, “potential” or “continue” or the negative form of these terms or any other comparable terminology. These statements are based on information available to us at the time such statements are made or on the current expectations of our management and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed. or implied by forward-looking statements. Factors that could affect our results, performance, circumstances or achievements include, but are not limited to: (i) market acceptance of our existing and new products, including our flagship ScoutCam™ mic, (ii) lengthy product delays in key markets, (iii) an inability to obtain regulatory approvals for the sale of our products, (iv) intense competition in the medical device and related industries from multinational corporations many greater, (v) product liability claims, product malfunctions and the functionality of ScoutCam solutions under all environmental conditions, (vi) our limited manufacturing capabilities and reliance on third parties for the assistance, (vii) an inability to establish sales, marketing and distribution capabilities to market our products, (viii) an inability to attract and retain personnel, (ix) our efforts to obtain and maintain intellectual property protection covering our products, which may not be successful, (x) our reliance on si ngle suppliers for certain product components, including sensors video thumbnails that are suitable for our Complementary Metal Oxide Semiconductor technology products, (xi) the fact that we will need to raise additional capital to meet our business needs in the future and that raising capital may be costly, dilutive or difficult to obtain, (xii) the impact of pandemics, such as COVID-19 (coronavirus) and (xiv) the fact that we operate in multiple foreign jurisdictions, exposing us to exchange rate fluctuations, logistical challenges and communications, the burdens and costs of compliance with foreign laws, and political and economic instability in each jurisdiction. These and other important factors discussed in the company’s annual report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 31, 2021 and our other reports filed with the SEC could cause results actual results differ materially from those indicated by the forward-looking statements made in this press release. Except as required by applicable securities laws, the Company undertakes no obligation to publicly update or revise any forward-looking information.
For more information, please visit https://www.scoutcam.com.
Contact: Roee Peled, VPBD [email protected] / +972 (54) 446 8120
Copyright 2022 GlobeNewswire, Inc.