In brief: SeQual scores contract, Drive settles dispute
SAN DIEGO, Calif. – SeQual Technologies, maker of the Eclipse portable oxygen concentrator, expanded its line of oxygen equipment this month by signing a distribution agreement with Southmedic Products.
SeQual will help Ontario, Canada-based Southmedic with the following sales-related activities:
— SeQual will package the OxyArm cannula with each new Eclipse and the OxyMask with each new Integra 10, SeQual’s 10 LPM stationary concentrator;
— SeQual’s alternate care sales organization will sell Southmedic products to skilled nursing facilities, long-term care facilities, pulmonary rehabilitation facilities, federal government facilities (excluding the Department of Veterans Affairs), U.S. Department of Defense and all hypoxic-oxygen levels sports training facilities markets in the United States;
— SeQual will sell Southmedic products through www.sequal.com to individual long-term oxygen therapy users; and
— SeQual's European home care sales force will also sell Southmedic products.
Drive settles dispute with Sharps
HOUSTON – Sharps Compliance and Drive Medical settled a patent dispute earlier this month related to Sharps Pitch-It IV poles. Per the settlement, Drive will be the exclusive manufacturer and Sharps will be the exclusive seller of the poles. The adjustable, lightweight poles come in three sizes and have been on the market for eight years. Dr. Burton Kunik, Sharps’ chairman, CEO and president, commented, "We look forward to a successful relationship with Drive Medical whereby we can leverage their metal manufacturing expertise with our customer base and ability to sell the product across many industries including home healthcare."
Invacare CFO strikes it rich
ATLANTA Â¬– Invacare’s CFO Greg Thompson is going to be doing just fine in his new position as CFO of Georgia Gulf Corp.
According to Georgia Gulfs report to the Securities and Exchange Commission: Thompson will be paid an annual base salary of $430,000. He’ll have an annual bonus target of $279,000 (65% of his base salary)—with a minimum payout of $167,700 (60%) and a maximum payout of $559,000 (200%), depending on whether the company meets certain financial goals.
He also will get a combination of restricted stock and stock options with a target value of $500,000 when he joins the company. He’ll be given a car, receive a “supplemental retirement benefit,” be reimbursed for relocation expenses and receive a cash relocation bonus of $50,000.
Additionally, if he is terminated within two years of his employment date, he is entitled to his base salary and bonus until the second anniversary of his employment date unless he is terminated for cause (as defined in the company's change of control severance plan).
Georgia Gulf is a manufacturer and international marketer of commodity chemicals as well as polymers and durable, custom and other vinyl-based building and home improvement products.
Thompson, 52, has served as Invacare’s CFO since 2002. He has agreed to continue on at the company through March 1. At that time Gerald Blouch, president and COO, will assume the additional responsibilities as acting CFO, Invacare stated in a release.
P&R buys Home Medical Equipment Solutions
VAN WERT, Ohio – P&R Medical Connection became the new owner of Home Medical Equipment Solutions Jan. 1. The provider’s previous owner: Van Wert County Hospital and VanCrest Health Care Systems. P&R now employs about 45 personnel and has three locations that provide services to northwest and west central Ohio, as far as 120 miles from Van Wert. P&R is accredited by ACHC. Owner Phil Farris stated in a release: “Most companies have gone away from the â€˜one-stop-shop’ approach, focusing instead on only the most profitable services. P&R continues to provide services and products that otherwise might be found only in areas such as Toledo and Fort Wayne.”