Remedent has signed an agreement with Small Caps Finance (SCF) to open at least two Glamsmile Studios in Brussels, Belgium, and Milan, Italy, with an option for Rome as well, the company announced.
SCF will provide all the necessary financing to a joint venture between both entities, in which Remedent/Glamsmile will be the majority owner and provide all the necessary product and support to open the studios. Glamsmile will operate and manage the studios under the same formula for success as it does in Europe and Asia. It is anticipated that both studios will open prior to the conclusion of the company's fiscal year end, March 31, 2011.
"The direct retail model of opening studios in both Asia and Europe has been the reason for our financial turnaround as opposed to our previous wholesale (B2B) model via a distributor," said Guy DeVreesse, Remedent CEO, in a press release. "This has led to two consecutive profitable quarters since the beginning of our financial year (April 1, 2010). In addition to western Europe, we will continue with our Glamsmile Studio expansion in Asia as well, where we anticipate opening our Shanghai superstore in early 2011."
Remedent already has a Glamsmile Studio in Beijing. The studios are designed to offer a variety of cosmetic dental procedures, such as GlamSmile veneers, whitening, invisible braces, crowns, and bridges, in a luxury and comfortable environment, according to the company.
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