BUENA, NJ December 17, 2007 - IGI, INC. (AMEX: IG) announces today that they have licensed the rights of marketing the Miaj™ product line to a recently formed a Skin Care Division of an established color cosmetic company.
Under the term of the agreement, the Licensee will acquire the existing inventory of Miaj™ for their first quarter 2008 launch of the product line. To maintain the marketing rights, the Licensee will guarantee a minimum annual purchase volume of $1,000,000 for the Miaj™ products from IGI. Licensee will also pay a royalty on product sales for the exclusivity of the Miaj™ trademark and Website. As per the Manufacturing and Supply Agreement, IGI will be the exclusive manufacturer of the Miaj™ products.
"We are delighted to have found a marketing channel for our proprietary Miaj™ product line. This initiative will open more avenues for our businesses once these products reach consumers in Europe, Middle East and South America," stated Rajiv Mathur, President and CEO of the company.
This report contains forward-looking statements relating to IGI's hopes and expectations for the future. For this purpose, any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the foregoing, words such as "will," "possible," "one time," "provides an opportunity," "continue" and similar expressions are intended to identify forward-looking statements. Such statements involve a number of risks and uncertainties and actual future events and results could differ materially from those indicated by such forward-looking statements due to general economic conditions, and the risk factors detailed in IGI's periodic reports and registration statements filed with the Securities and Exchange Commission.
Contact:
Rajiv Mathur President & Chief Executive Officer IGI, Inc. 856-697-1441 ext. 211 www.askigi.com