MINNEAPOLIS - Nortech Systems Incorporated (Nasdaq: NSYS) (the "Company"), today announced it has reached a bilateral Cooperation and Project Funding Agreement by and among Nortech Systems, Inc, Marpé Technologies (Marpé), and the BIRD (Israel-U.S. Binational Industrial Research and Development) Foundation. The agreement provides a conditional grant to Marpé Technologies and Nortech Systems to develop a total-body tele-dermatology scanning system. By using advanced scanning, sophisticated image processing algorithms, and state of the art AI, the system will save lives by reaching more patients through early detection.
Marpé Technologies, an Israel company, and Nortech Systems, a Minnesota company, are working together to bring a diagnostic platform to dermatology with remote AI capabilities. "We are excited to assist Marpé in bringing their prototype skin cancer detection technology to market" said Jay D. Miller, CEO Nortech Systems, "Our unique ability to provide engineering services, supply chain management and manufacturing services will accelerate commercialization of the product."
The BIRD Foundation works to encourage and facilitate cooperation between U.S. and Israeli companies in a wide range of technology sectors and offers funding to selected projects. The Foundation supports projects without receiving any equity or intellectual property rights in the participating companies or in the projects.
Marpé Technologies, based in Haifa, Israel, is a science-based company developing innovative scanners for early detection of skin cancer. Marpé has developed a prototype screening system that will provide full body remote diagnosis and prevention into dermatology, using a Marpé invention - TAD (Technology Aided Dermatology) and AI-CAD (Artificial Intelligence - Computer-Aided Design) based system.
Tovi Bachar, CEO Marpé Technologies, stated, "The project will leverage the expertise of both companies working hand in hand in all aspects of the development and commercialization of the Marpé platform." David Kunin, Chairman of the Board Nortech Systems added, "We are happy to bring two of the leading med device development communities, Israel and Minnesota, together in a joint project."
Nortech, in partnership with our medical, industrial and defense customers, uses intelligence, innovation, speed and global expertise to provide manufacturing and engineering solutions. This enables our customers to be leaders in digital connectivity and data management to achieve their business goals. Nortech strives to be a premier workplace that fosters valued relationships internally and in our communities.
About Nortech Systems Incorporated Nortech Systems is a leading provider of design and manufacturing solutions for complex electromedical devices, electromechanical systems, assemblies, and components. Nortech Systems primarily serves the medical, aerospace & defense, and industrial markets. Its design services span concept development to commercial design, and include medical device, software, electrical, mechanical, and biomedical engineering. Its manufacturing and supply chain capabilities are vertically integrated around wire/cable/interconnect assemblies, printed circuit board assemblies, as well as system-level assembly, integration, and final test. Headquartered in Maple Grove, Minn., Nortech currently has seven manufacturing locations and design centers across the U.S., Latin America, and Asia. Nortech Systems is traded on the NASDAQ Stock Market under the symbol NSYS. Nortech's website is www.nortechsys.com.
Forward-Looking Statements. This press release contains forward-looking statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995 including without limitation statements regarding the receipt of the conditional grant funds from the BIRD Foundation, the effectiveness of Marpé's technology, the ability of Marpé to successfully commercialize its product, and the ability of Nortech to accelerate such commercialization. Important factors that could cause actual results to differ materially from the forward-looking statements include, without limitation: (1) the impact of the COVID-19 pandemic on our employees, manufacturing facilities, and suppliers (2) supply chain disruptions leading to parts shortages for critical components; (3) volatility in market conditions which may affect market supply and demand; (4) challenges recruiting and retaining advanced engineering talent (5) unanticipated costs or other issues relating to the design or re-design of Marpé's products. Some of the above-mentioned factors are described in further detail in the section entitled "Risk Factors" in our annual and quarterly reports, as applicable. You should assume the information appearing in this document is accurate only as of the date hereof. Except as required by applicable law, including the securities laws of the United States and the rules and regulations of the United States Securities and Exchange Commission, we undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, to reflect actual results or changes in factors or assumptions affecting such forward-looking statements.
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Chris Jones, CFO