Cardiac Science Hires CIBC World Markets and Adams, Harkness & Hill as Financial Advisers.Business Editors and Health/Medical Writers BIOWIRE2K IRVINE, Calif.--(BW HealthWire)--April 3, 2001 Cardiac Science Inc. (Nasdaq:DFIB), a developer, manufacturer and marketer of life-saving external cardiac defibrillator defibrillator, device that delivers an electrical shock to the heart in order to stop certain forms of rapid heart rhythm disturbances (arrhythmias). The shock changes a fibrillation to an organized rhythm or changes a very rapid and ineffective cardiac rhythm to a devices and proprietary software that monitors and automatically treats cardiac arrest cardiac arrest n. Abbr. CA A sudden cessation of cardiac function, resulting in loss of effective circulation. Cardiac arrest A condition in which the heart stops functioning. patients, said on Tuesday it hired investment banks The following is a list of investment banks Financial conglomerates Large financial-services conglomerates combine commercial banking and investment banking, and sometimes insurance. CIBC World Markets CIBC World Markets is the investment banking division of the Canadian Imperial Bank of Commerce. It helps governments, large companies, and other large institutions obtain capital and credit and is a primary dealer in U.S. Treasury securities. Corp. and Adams, Harkness & Hill Inc. to provide investment banking services in connection with the company's strategic initiatives. About Cardiac Science Cardiac Science develops and markets life-saving external cardiac defibrillator devices and proprietary software that monitors a patient's cardiac activity, instantly detects the onset of a life-threatening heart rhythm Noun 1. heart rhythm - the rhythm of a beating heart cardiac rhythm regular recurrence, rhythm - recurring at regular intervals atrioventricular nodal rhythm, nodal rhythm - the normal cardiac rhythm when the heart is controlled by the and automatically delivers defibrillation Defibrillation Definition Defibrillation is a process in which an electronic device sends an electric shock to the heart to stop an extremely rapid, irregular heartbeat, and restore the normal heart rhythm. without human intervention. The company's proprietary technology has multiple applications, including use in external and wearable defibrillators and with standard patient monitors widely used in hospitals throughout the world. The growth of the company's installed base of devices provides a potential recurring revenue stream from the sale of proprietary disposable defibrillator electrodes. Cardiac Science began marketing its first commercial product, the Powerheart, in early 2000. For the year-ended Dec. 31, 2000, it generated approximately $4.2 million in revenue based on the sale of 734 Powerhearts and related accessories. For more information on Cardiac Science, visit its Internet site at www.cardiacscience.com. On Jan. 10, 2001, Cardiac Science announced that it had offered to acquire all of the outstanding common stock of Artema Medical AB, a Scandinavian manufacturer of defibrillators, patient monitors and a proprietary expiratory ex·pi·ra·to·ry adj. Of, relating to, or involving the expiration of air from the lungs. expiratory relating to or employed in the expiration of air from the lungs. gas measurement module. Artema is publicly listed on the Stockholm Exchange O-List (Symbol:ARTM ARTM Analysis & Reporting Training Module ARTM Availability Reporting and Tracking Module (replaced by STASS FY96) ARTM Acquisition Reform Training Modules ). For the year-ended Dec. 31, 2000, Artema reported approximately $26.3 million in revenue. Artema's products are sold via distributors in Europe, Asia and the Middle East. As consideration in the transaction, Artema shareholders will receive between 3.3 and 4.4 million shares of Cardiac Science common stock. Cardiac Science expects the transaction to close in June 2001. On Feb. 14, 2001, Cardiac Science announced that it signed a definitive merger agreement to acquire Survivalink Corp., a privately held Minneapolis-based company that is a leading provider of Automated External Defibrillators automated external defibrillator Emergency medicine A portable device designed for use by first-response personnel for out-of-hospital emergency treatment of Pts suffering from cardiac arrest. See First-response personnel. (AEDs). During the year-ended Dec. 31, 2000, Survivalink reported it sold more than 6,000 AEDs, grew its revenue by more than 40 percent to $17.1 million and was profitable. Survivalink has more than 50 patents issued on its AED AED - Automated Engineering Design technology. As consideration in the transaction, Cardiac Science will pay $35.5 million in cash and $35.5 million in restricted common stock to Survivalink shareholders for a total purchase price of $71 million. The offer is subject to certain shareholder approvals and is expected to close in June 2001. For more information on Survivalink, visit its Internet site at www.survivalink.com. This news release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. Such forward looking statements, including statements regarding the life saving potential of the company's technology, potential transactions between Cardiac Science and Artema and Survivalink, and the timetable for completing the Artema Medical AB and Survivalink Corp. acquisitions, are based on current expectations that involve numerous risks and uncertainties. Actual results could differ materially from those anticipated in such forward looking statements as a result of various known and unknown factors including, without limitation, future economic, competitive, regulatory, and market conditions, future business decisions, market acceptance of the company's products, and those factors discussed in the company's Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ending Dec. 31, 2000 and in other documents filed by the company with the Securities and Exchange Commission. In light of the significant uncertainties inherent in such forward-looking statements, the inclusion of such statements should not be regarded as a representation by the company or any other person that the company's objectives and plans will be achieved. Words such as "believes," "anticipates," "expects," "intends," "may," and similar expressions are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. The company undertakes no obligation to revise any of these forward-looking statements, and such statements should not be relied upon by investors when making an investment decision. |
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