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Posted on: Monday, 19 June 2006, 09:00 CDT
Positron Corporation (OTCBB:POSC) (the "Company"), a developer and manufacturer of positron emission tomography (PET) medical devices and a leader in cardiac PET, announced today that the Company has completed the acquisition of IS2 Medical Systems, Inc. ("IS2") a leading developer and manufacturer of nuclear imaging devices based in Ottawa, Ontario, Canada.
IS2's signature product is its PulseCDC(TM) compact digital cardiac camera which provides the best quality images at the lowest price in the industry. The scientific team responsible for the design and continued innovation of the company's world-class cameras comprise more than 125 years of expertise in nuclear medicine, physics, mathematics and engineering.
Through a majority-owned subsidiary, Imaging PET Technologies, Inc. (IPT), formed in joint venture with Quantum Molecular Pharmaceuticals Inc., a Canadian radiopharmaceutical company, the Company acquired all of IS2's operating assets in a transaction negotiated with IS2's secured debtholders.
The Company's investment in IS2 is the first transaction from proceeds of its recent financing that is dedicated for the expansion of its cardiac camera and clinic businesses. The acquisition adds immediate value to Positron as a technological leader in nuclear medicine devices. Positron will benefit from IS2's top tier technical resources, marketing expertise and credibility in the nuclear medicine marketplace.
Joseph Oliverio, President of Positron Corporation stated, "In addition to IS2's well-established market traction and quality product, the excellence of IS2 comes from the depth of the team which has an optimal mix of clinical, technical and business expertise. Positron and IS2 will integrate select resources and expertise that both companies possess that will mutually benefit in increased sales, greater software development capabilities, more efficient and effective marketing and R&D budget and to the ability to meet the production timelines that both companies sales cycle demands. We are ideally positioned to execute our business plan and take a leadership role in nuclear medicine."
"This transaction will be a catalyst for continued sales growth while also allowing synergies from sister companies to contribute toward the develop of new technologies in PET, cardiac and general purpose imaging as well as the development of specialized technologies including breast, brain, and prostate imaging," commented Steve Horvath, President of IS2.
About Positron:
Positron Corporation designs, manufactures, markets and supports advanced medical imaging devices utilizing positron emission tomography (PET) technology under the trade name POSICAM(TM) systems. POSICAM(TM) systems incorporate patented and proprietary software and technology for the diagnosis and treatment of patients in the areas of cardiology, oncology and neurology. Positron Corporation offers unique combination of low cost technology and disease specific software solutions differentiating themselves from all other medical device manufacturers. POSICAM(TM) systems are in use at leading medical facilities, including the Weatherhead PET center at the University of Texas Health Science Center in Houston, Texas; The Heart Center of Niagara in Niagara Falls, New York; Beth Israel Medical Center, New York; Emory Crawford Long Hospital Carlyle Fraser Heart Center in Atlanta, Georgia; and Nishidai Clinic (Diagnostic Imaging Center) in Tokyo, Japan. Additional information may be found at www.positron.com.
About IS2 Medical Systems, Inc.:
IS2 Medical develops, builds and services gamma cameras that offer clinical users some of the best performance specifications in the industry, at reasonable and competitive prices. Revenue growth has been double digit for multiple years, largely as a result of the PULSECDC, a small-footprint cardiac camera ideal for clinics. Over 150 cameras have been sold in the U.S., Canada, Europe, Asia and other world markets. For more information, visit: www.is2medical.com
Forward Looking Statements:
Statements in this document contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended. These statements are based on many assumptions and estimates and are not guarantees of future performance and may involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Positron Corporation to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. The words "expect,""anticipate,""intend,""plan,""believe,""seek,""estimate," and similar expressions are intended to identify such forward-looking statements. Our actual results may differ materially from the results anticipated in these forward-looking statements due to a variety of factors, including, without limitation those set forth as "Risk Factors" in our filings with the Securities and Exchange Commission.
For further information please contact Positron Corporation at (281) 492-7100.
Source: Business Wire