Wavefront imaging company, Iatia (ASX:IAT) is pleased to announce today that agreement has been reached with an international ophthalmology manufacturer (company name subject to confidentiality) to release a radically new autorefractor featuring Iatia’s QPI technology.

This agreement is the result of rigorous testing by the manufacturer, including prototype development, and is another illustration of the strength of the technology. Despite the testing undertaken it will have only taken the manufacturer sixteen months between when the initial agreement to collaborate was announced to the ASX and the completion of the production prototype. This demonstrates how quickly the QPI technology can be incorporated in a variety of products.

The agreement outlines an upfront fee of AUD81,800 (50,000 Euros) and an ongoing fee per unit, which is based on 15% of the wholesale price of the autorefractor. As stated last year to the ASX, if the autorefractor achieves its target of 15% of the global market, then sales should exceed AUD14 million.

The manufacturer will be responsible for all product manufacturing, marketing and distribution and will manage any warranties.

Next steps include confirmation of the prototype design before finalisation of the production prototype.

The product will be unveiled at the annual American Academy of Ophthalmology meeting in New Orleans, November 2007.

Charles Laycock, CEO stated, “The project has been on track from day one and is a testament to both parties’ commitment to building a strong strategic alliance.

“We are thrilled with this project and the autorefractor is the first of a number of products that we will co-develop for the ophthalmology market.”