BIO-LIFE SYSTEMS COMPLETES ACQUISITION OF MEDICAL PROFILES, INC.
BIO-LIFE SYSTEMS COMPLETES ACQUISITION OF MEDICAL PROFILES, INC. LIVONIA, Mich., Oct. 27 /PRNewswire/ -- BIO-LIFE SYSTEMS, INC. (OTC Bulletin Board: BLSY) (formerly Biolectronics Corporation), a Michigan corporation and manufacturer of patented cell processing equipment, announced today that is has closed the acquisition of MEDICAL PROFILES, INC. ("PROFILES"), a Livonia-based manufacturer of extruded and injection molded medical components. Under the agreement, the former shareholders of PROFILES were issued 4,500,000 common shares of BLSY and assumed management control of the company. BLSY, following this acquisition, has 5,995,786 shares issued and outstanding and conducts its business in two wholly owned subsidiaries: Biolectronics, Inc. and Medical Profiles, Inc. BLSY also announced the filing of a patent application on a Dielectrophoretic Cell Stream Sorter. BLSY has plans to build a final prototype cell sorter which may be capable of processing a continuous stream of cells at a rate tens of thousands of times faster than any other cell sorter presently on the market and sort many types of cells which cannot be sorted with conventional sorters. PROFILES, incorporated in Michigan in 1984, employs 14 people in a 15,000-square-foot leased building in Livonia. PROFILES is a leading manufacturer of custom designed medical tubing for catheters used primarily in cardiology procedures. PROFILES has established new standards in the fabrication of medical tubing by pioneering extrusion technology that accomplishes a hundredfold improvement in dimensional tolerances. These materials are extremely difficult to extrude, and this improvement is very significant. BLSY, incorporated in 1982, employs four full-time employees and three part-time employees. BLSY manufactures patented electronic cell processing equipment used by the biotechnology industry to fuse, extract and inject living cells in order to do bioengineering or bio-genetics. Presently, BLSY's patented pulse is the only electronic pulse which has proven to work consistently on human cells. BLSY has sold 196 Cell Processors to research institutions in the U.S., Canada, Russia, Japan and four other countries in Europe. BIO-LIFE SYSTEMS, INC. is traded on the OTC Electronic Bulletin Board under the symbol BLSY. -0- 10/27/92 /CONTACT: G. William Harrison, secretary/director, 313-547-1300, or Ben T. Lowell, chairman/treasurer, 313-626-4072, both of BIO-LIFE SYSTEMS, INC./ (BLSY) CO: BIO-LIFE SYSTEMS, INC.; MEDICAL PROFILES, INC. ST: Michigan IN: MTC SU: TNM
KR-SM -- DE026 -- 5568 10/27/92 15:16 EST
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|Date:||Oct 27, 1992|
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