Galileo acquires Sani-Spec product line from C.R. Bard, Inc.STURBRIDGE, Mass.--(BUSINESS WIRE)--March 3, 1997--Galileo 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 , NM:GAEO), today announced the acquisition of the Sani-Spec(TM) product line from C.R. Bard bard, in Wales, term originally used to refer to the order of minstrel-poets who composed and recited the poems that celebrated the feats of Celtic chieftains and warriors. , Inc. The Sani-Spec product line includes a comprehensive suite of women's health-related products used by OB/GYN physicians, clinics and hospitals including Sani-Spec(TM) single-use vaginal speculums vaginal speculum Obstetrics An L-shaped device used to help visualize the upper vagina and uterine cervix. See Colposcopy. , Sani-Scope(TM) anoscopes, Spec Light(TM) speculum lights and Pap Smear Pap smear or Papanicolaou smear Sample of cells from the vagina and cervix of the uterus for laboratory staining and examination to detect genital herpes and early-stage cancer, especially of the cervix. Developed by the Greek-born U.S. kits. The product line is marketed through a nationwide network of approximately 80 dealers and has been a market leader for over 20 years. Last year's revenues were in excess of $4.0 million, representing over 40% of the domestic market. William T. Hanley, President and Chief Executive Officer, said, "We are very pleased to be adding the most frequently used instruments in the gynecologist's office to our growing portfolio of women's health Women's Health Definition Women's health is the effect of gender on disease and health that encompasses a broad range of biological and psychosocial issues. products. The addition of these products and their related distribution channel represents an integral part of our continuing strategy to increase our presence in women's health and expand distribution for all our medical products, including those marketed by Leisegang Medical, our wholly-owned subsidiary. We anticipate that this acquisition will be immediately accretive to earnings." Kip kip 1 n. pl. kip See Table at currency. [Thai.] kip 2 n. 1. Speyer, President, Leisegang Medical, stated, "This acquisition expands the distribution channel for all our medical products and provides a unique opportunity to enhance customer service by combining the Sani-Spec products with our extensive line of colposcopes, ultrasound devices, rigid and flexible hysterscopes, fetal monitors Noun 1. fetal monitor - an electronic monitor that monitors fetal heartbeat and the mother's uterine contractions during childbirth electronic fetal monitor, electronic foetal monitor, foetal monitor and endoscopes. Galileo purchased the product line for $5.5 million and the acquisition will be accounted for as a purchase. Manufacturing will relocate to the Company's principal facility in Sturbridge, Massachusetts Sturbridge is a town in Worcester County, Massachusetts, United States. It is home to Old Sturbridge Village living history museum and other sites of historical interest such as Tantiusques and the Crowd Site. The population was 7,837 at the 2000 census. . Galileo Corporation develops, manufactures, and markets products based on its core fiberoptics and electro-optics technologies for applications in medical products and instruments, telecommunication products, analytical detector instruments, and office equipment. Galileo markets its products to OEMs, through marketing partners, and direct to end-users. Leisegang Medical, a wholly-owned subsidiary, develops, manufactures, and markets women's health-related medical products. CONTACT: David Mandy John Chuhran, Media Consultant Porter, Le Vay & Rose, Inc. Porter, Le Vay & Rose, Inc. (212) 564-4700 (212) 564-4700 or Gregory Riedel, Chief Financial Officer Galileo Corp. (508) 347-4222 or Kip Speyer, President Bob Rabiner, General Manager Leisegang Medical Medical Products Group (561) 994-0202 (508) 347-4232 |
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