Norland Medical Systems, Inc. Gains Shareholder Approval to Acquire Manufacturing and R&D Site, and Announces Acquisition of Exclusive Worldwide Distribution Rights and U.S. Manufacturing Right to an Ultrasound System.WHITE PLAINS, NY--(BW HealthWire)--Sept. 8, 1997-- Acquisition of Norland Corporation Approved by Shareholders Company Adds an Ultrasound Device to its Bone Measurement Product Line NORLAND MEDICAL SYSTEMS, INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. . (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 : NRLD) announced today that the acquisition of Norland Corporation, the Wisconsin-based manufacturer of DXA DXA Dual Energy X-Ray Absorptiometry (radiology) DXA Direct Exchange Activity bone densitometers distributed by the Company, was approved by the Company's stockholders at the annual meeting held today. Stockholders approved the purchase of all the outstanding stock of Norland Corporation for $17.5 million with a possible additional payment of up to $2.5 million based on performance. Payment is to be made by a $1.25 million cash payment and the balance by a 7% interest bearing note, with $1.25 million payable in March 1998 and the balance payable in full at maturity in five years (with the Company having the right to extend maturity for two years at higher interest rates), in cash or stock, at the Company's option. Reynald Bonmati, Chairman and President of Norland Medical Systems, Inc., stated, "This acquisition is strategically important for Norland Medical Systems, Inc. Our Company will now be fully integrated, controlling its research & development, manufacturing, marketing, sales and service functions and employing more than 100 people. This acquisition will also increase our gross margin to a level comparable to our main competitors and will allow us to better compete." Norland also disclosed that it has acquired the exclusive rights to distribute worldwide all existing and future ultrasound bone measurement systems developed by IMRO IMRO Irish Music Rights Organisation IMRO Investment Management Regulatory Organisation IMRO Internal Macedonian Revolutionary Organization IMRO Interactive Marketing Research Organisation , Inc. of Canada. Under the agreement, Norland has also acquired the right to manufacture such systems for sale in the U.S., subject to FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. approval. IMRO has developed and patented a unique ultrasound system for bone measurement at the heel. This device has been selected to be exclusively used in the ongoing CAMOS CAMOS Cerebellar Ataxia with Mental Retardation, Optic Atrophy, and Skin Abnormalities study managed by the bone department of McGill University McGill University, at Montreal, Que., Canada; coeducational; chartered 1821, opened 1829. It was named for James McGill, who left a bequest to establish it. Its real development dates from 1855 when John W. Dawson became principal. , the largest clinical study of its kind. As a result, this device has the largest clinical data base of any ultrasound bone measurement system. Commenting on the agreement with IMRO, Mr. Bonmati stated, "We are very pleased to be associated with IMRO, its founder Ian Ritchie and the researchers at McGill University. Over the past 18 months, Norland has evaluated more than a dozen ultrasound systems throughout the world before selecting the IMRO device. In addition to being dry, cost-effective and patented, this device is the most clinically proven in the industry. We expect to initiate marketing under the Norland brand in Europe, Pacific Rim Pacific Rim, term used to describe the nations bordering the Pacific Ocean and the island countries situated in it. In the post–World War II era, the Pacific Rim has become an increasingly important and interconnected economic region. and Latin America very shortly, and plan to file with the FDA for market clearance in the U.S. by the end of the year. This new Norland device trademarked PARIS Paris, in Greek mythology Paris or Alexander, in Greek mythology, son of Priam and Hecuba and brother of Hector. Because it was prophesied that he would cause the destruction of Troy, Paris was abandoned on Mt. (R) will be introduced at the American Symposium of Bone Mineral Research (ASBMR ASBMR American Society for Bone and Mineral Research ) in Cincinnati this week." Norland Medical Systems, Inc. markets, sells and services a wide range of bone densitometers used to assess bone mineral content and density, one of several factors used by physicians in the diagnosis and monitoring of bone disorders, particularly osteoporosis, a disease that affects more than 25 million Americans, 80% of whom are women. Driven by the availability of new treatments for bone-related disorders, Norland is focusing on bringing affordable, state-of-the-art diagnostic technology directly into the physician's office in order to address a number of women's healthcare problems. The Company also has rights to exclusive worldwide distribution and service of all current and future medical diagnostic products developed and manufactured by IMRO, Inc. and Stratec Medizintechnik GmbH. CONTACT: Company Contact: Reynald Bonmati President 914-694-2285 or Investor Relations Investor relations The process by which the corporation communicates with its investors. Contact: Lippert/Heilshorn John Heilshorn 212-838-3777/ext. 123 |
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