|GTG Wellness CEO Kim Tae-hyun (left) and Evolt IOH CEO Ed Zouroudis hold up their agreement Monday|
GTG Wellness said Monday that it has signed a 15.5 billion won ($13.8 million) supply contract with Evolt IOH, an Australian health and wellness company, for its EV360 Body Composition Analyzer.
Evolt plans to sell the body part analyzer to the U.S. fitness centers and drugstores. The contract size is 64.43 percent of the company’s recent sales and the period is until Nov. 1, 2021.
“This product is a proprietary OEM model body composition analyzer equipped with a cloud service function and developed to make customer management between franchise branches more convenient,” a company official said.
The company is also aiming for FDA approval on Picoholic, a laser for improving skin pigmentation. This product is a high-performance laser technology that is effective in removing pigment in the skin with fewer procedures than conventional products.
The company plans to strengthen its product line from cosmetic devices to medical devices for aesthetic purposes while promoting various activities to expand its overseas market.