SPO Medical (SPO) has signed a memorandum of understanding (MOU) with SporTracker, a private Israeli company. The MOU contemplates bundling SPO Medical monitoring technology in new SporTracker recreational products.
SPO Medical said that the terms include advance payments for development work to be performed by SPO on behalf of SporTracker and subsequent royalty payments once the developed products are commercially available.
The arrangement follows the restructuring of SPO Medical enabling to focus on various new commercial opportunities relating to the implementation of reflectance pulse oximetry for non-medical market applications.
Michael Braunold, president and chief executive officer of SPO Medical, said: “The commercial arrangement with SporTracker demonstrates the portability of our proven technology into markets and applications which can benefit from our experience to date. The sports and wellness sector is a mass-market opportunity for our technology enabling monitoring of certain vital sign information in conjunction with leisure related configurations.
“Commercially, we believe that our unique technology can attract interest from various non-medical entities who are seeking commercial solutions based on our deliverable for mass-market consumer markets.”
Dani Ne’eman, president of SporTracker, said: “We selected SPO as our technology provider due to their commercial track-record and proven experience in low-power measurements of heart rate and the ease to integrate this technology in to popular consumer audio and leisure devices.
“We envisage initial commercial sales of our products incorporating the SPO technology to commence during 2011 followed by a wider worldwide product launch via our strategic marketing partners. The SPO technology enables us to deliver a potentially superior product offering which could have a major impact on the general sports market that incorporates audio and leisure related devices.”
SPO Medical develops biosensor and microprocessor technologies for use in portable monitoring devices.
SporTracker specializes in the integration of heart-rate monitoring with consumer audio and leisure devices.