Amphion Innovations plc Partner Company Supertron Acquires Spin Systems.LONDON & NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Amphion Innovations plc ("Amphion"), a developer of life sciences and technology businesses, announces today that one of its Partner Companies, Supertron Technologies ("Supertron"), a developer of high performance clinical and preclinical imaging products for magnetic resonance imaging magnetic resonance imaging (MRI), noninvasive diagnostic technique that uses nuclear magnetic resonance to produce cross-sectional images of organs and other internal body structures. (MRI 1. (application) MRI - Magnetic Resonance Imaging. 2. MRI - Measurement Requirements and Interface. ), has acquired Spin Systems, an Australia based manufacturer of MRI coils and other imaging accessories. Following the acquisition, the enlarged company will change its name to m2m Imaging Corporation ("m2m") to encapsulate en·cap·su·late v. 1. To form a capsule or sheath around. 2. To become encapsulated. en·cap the broad spectrum of "molecule-to-man" imaging products the new combined company is developing. Spin Systems was acquired by Superton for 313,878 Series C Preferred Shares Preferred shares Preferred shares give investors a fixed dividend from the company's earnings and entitle them to be paid before common shareholders. See: Preferred stock. valued at $5.00 per share and $752,284 in cash. The total consideration of the acquisition was $2,322,000. Supertron Chief Executive Officer C. Richard Hullihen will serve as the CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of the combined company. Amphion will be the largest strategic investor in m2m with a 23.5% percent ownership interest. The post acquisition value for m2m is $20m based on the offering price of the Series C Round, closed in July 2006. m2m will combine Spin Systems' well-established portfolio of MRI coils and accessories with Supertron's cryogenic coil technology. The cryogenic coil has been shown to dramatically improve the performance of the MRI scanner, producing significantly clearer images in less time. Richard C. E. Morgan, Amphion's Chief Executive Officer, said: "m2m's evolution demonstrates the strength of Amphion's company building model. Since Supertron became one of Amphion's Partner Companies, we have developed it rapidly from a University start-up into an established, revenue producing company, with industry leading partners, strong technology and world class management. "The cryogenic coils have the potential to provide doctors and clinicians with much needed superior imaging for earlier disease detection and faster drug development. m2m's products greatly enhance MRI imaging by reducing scan time, greatly lowering the cost and producing significantly clearer images." About Amphion Innovations plc Amphion Innovations plc (AMP) is listed on the AIM of the London Stock Exchange London Stock Exchange London marketplace for securities. It was formed in 1773 by a group of stockbrokers who had been doing business informally in local coffeehouses. . Amphion's business activities are the formation, financing, management and development of life sciences and technology companies, working in partnership with corporations, governments, universities and entrepreneurs seeking to commercialize their intellectual property. Website: www.amphionplc.com About m2m Imaging Corp. m2m Imaging is a market leading developer and manufacturer of conventional and cryogenic preclinical and clinical MRI coils and imaging accessories. Our gateway technology MRI coils have demonstrated capability of significantly increasing speed and resolution of the MRI scanner for imaging molecules to man. m2m's coils have been demonstrated at leading medical institutions such as Brigham & Women's Hospital Women's Hospital of Greensboro (part of Moses Cone Health System) As the state's first free-standing hospital dedicated to women, the Women's Hospital of Greensboro is a 134-bed hospital is dedicated to providing state-of-the-art, compassionate and personalized care to women of Harvard Medical School Harvard Medical School (HMS) is one of the graduate schools of Harvard University. It is a prestigious American medical school located in the Longwood Medical Area of the Mission Hill neighborhood of Boston, Massachusetts. . Website: www.m2mimaging.com |
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