AdvanSource Biomaterials Announces Multi-Year Supply Agreement with Prominent Healthcare OEM

WILMINGTON, Mass.--()--AdvanSource Biomaterials Corporation (OTCQB: ASNB), a leading developer of advanced polymer materials for a broad range of medical devices, today announced it has entered into a multi-year supply agreement with a global leader in radiography and imaging technology. The Agreement provides for year over year volume increases of a custom developed polyester urethane product line.

Khristine Carroll, SVP of Commercial Operations of AdvanSource, stated, “We are very pleased at the partnership we have developed with this valued customer, a leader in the imaging and radiography market. This multi-phase agreement again demonstrates our ability to work closely with strategic partners to develop novel, value add solutions and targeted material formulations which we believe assist our customers’ R&D initiatives to bring innovative products quickly to market. Leveraging our biomaterials expertise to support our customers’ challenging development initiatives is the core of our business model and we welcome such opportunities to support such critical innovations.”

About AdvanSource Biomaterials Corporation

AdvanSource Biomaterials Corporation manufactures advanced polymer materials which provide critical characteristics in the design and development of medical devices. The Company’s biomaterials are used in devices that are designed for treating a broad range of anatomical sites and disease states. AdvanSource’s business model leverages its proprietary materials science technology and manufacturing expertise in order to expand its product sales and royalty and license fee income. More information about AdvanSource is available at its website: www.advbiomaterials.com.

Forward-Looking Statements

AdvanSource Biomaterials Corporation believes that this press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on management’s current expectations and are subject to risks and uncertainties that could cause results to differ materially from the forward-looking statements. For further information on such risks and uncertainties, you are encouraged to review the Company’s filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended March 31, 2015 and its Quarterly Report on Form 10-Q for the quarters ended June 30, 2015 and September 30, 2015. The Company assumes no obligation to update any forward-looking statements as a result of new information or future events or developments, except as required by law.

Contacts

For AdvanSource Biomaterials Corporation
Khristine Carroll, 978-657-0075
SVP - Commercial Operations
kcarroll@advbiomaterials.com
or
CLV Communications
David Volpe, 508-523-3141
david@clvllc.com

Release Summary

ADVANSOURCE BIOMATERIALS ANNOUNCES MULTI-YEAR SUPPLY AGREEMENT WITH PROMINENT HEALTHCARE OEM

AdvanSource Biomaterials Corporation