DiaSys Corporation Acquires Intersep Limited.Business Editors NEW YORK--(BUSINESS WIRE)--Oct. 2, 2000 DiaSys Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : DIYS), a leading designer, manufacturer and distributor of medical laboratory equipment, announced today that it has acquired all of the outstanding capital stock of Intersep Limited (private), a UK-based manufacturer of consumable laboratory products, reagents and test kits. Under the transaction, DiaSys has purchased Intersep's capital stock for cash plus a number of DiaSys common shares equal to approximately seven times Intersep's EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become over a specified measuring period. DiaSys will operate Intersep as a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. and will consolidate all European manufacturing, sales and service operations under the subsidiary's Managing Director, Paul Reardon. Todd M. DeMatteo, DiaSys' President/CEO stated that DiaSys acquired Intersep due to the tremendous product and market synergies between the companies: He said that Intersep's consumable products and reagents are like "blades" for our "razors" and that combining DiaSys and Intersep product lines into systems will substantially increase their over-all value to our customers. The system combination will also provide an on going, post-sale revenue stream to DiaSys. Mr. DeMatteo further said that Intersep has a strong European presence, a network of distributors (in areas not previously marketed by DiaSys) and several key European certifications, all of which are indispensable to DiaSys' strategic growth plan. He then added that DiaSys will introduce Intersep's consumables and reagents into North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. and China, where DiaSys has a widening installation base and strategic trading relationships with companies like Bayer Corporation (the US subsidiary of the international chemical and health care giant BAYER A.G.), Allegiance HealthCare Corporation (a subsidiary of Cardinal Health <includeonly></includeonly> Cardinal Health (NYSE: CAH) is a premier, global healthcare company dedicated to making healthcare safer and more productive. Overview Headquartered in Dublin, Ohio, Cardinal Health, Inc. , Inc.- NYSE NYSE See: New York Stock Exchange : CAH CAH congenital adrenal hyperplasia. CAH Congenital adrenal hyperplasia, see there ) and Hua Sin Science Company (Guangzhou, China). Mr. Paul Reardon, Intersep's Managing Director, said: " DiaSys is a good acquisition partner because it is well-organized and has a very sound strategic growth plan." He also stated that the combination of the companies, not only furthers the objectives of DiaSys' growth plan, but also creates a distribution platform for numerous additional products and system-selling strategies going forward. The foregoing press release includes "forward looking statements" within the meaning of, and made pursuant to, the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Such forward looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company or events, or timing of events, relating to the Company to materially differ from those expressed or implied by such forward looking statements. DiaSys refers interested parties to its most recent Annual Report on form 10-KSB and other SEC filings for a complete description of, and discussions about, the Company. |
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