CAMPBELLVILLE, Ont. - NIR Diagnostics Inc. (TSXV: NID), an Ontario-based medical test developer, says it is scrapping licence deal with Shaklee Corp. over a payment dispute under the agreement.
NIR said Monday it had exercised its right to terminate the August, 2006 licence deal with U.S.-based Shaklee "arising from its failure to pay amounts to NIR Diagnostics when due."
"As previously disclosed, Shaklee disputes that it has breached the licence agreement," NIR said in a release.
NIR makes handheld testing devices that can be used to test foods and other products.
"With sales in the global nutraceuticals industry projected to reach $187 billion by 2010, and with only expensive and time consuming laboratory testing available to monitor the impact of these products, this market is an ideal application of our non-invasive technology," said Duncan MacIntyre, president and CEO of NIR Diagnostics.
NIR develops near-infrared, spectroscopic medical diagnostics and has a portfolio of optical, electronic and algorithm related patents for use in blood analysis.
Shaklee Corp., based in Pleasanton, Calif., is a maker of nutritional and weight loss products as well as environmentally friendly cleaning supplies for the home.
In Monday trading on the TSX Venture Exchange, NIR shares fell 1.5 cents to 7.5 cents, a drop of 16.7 per cent.
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