GULL LABS' PURCHASE OF BIODESIGN CLEARED BY S.E.C.
SALT LAKE CITY, Jan. 7 /PRNewswire/ -- Milton Adair, president and CEO of Gull Laboratories, Inc. (NASDAQ: GULL), announced today that the Securities and Exchange Commission has "declared effective" the registration statement for the purchase of Biodesign International, Kennebunkport, Maine, by Gull. "We are, of course, happy to add the resources of a profitable company to Gull Laboratories," said Adair, "but much more important is the added capabilities that Biodesign contributes to Gull's product development effort. As a manufacturer and distributor of bioreagents, Biodesign fits perfectly into Gull's overall strategy for growth. This expansion into related fields of biotechnology will not only increase our future profits but will also open markets and channels of distribution previously unavailable to us. We have also identified actions we can take to enhance Biodesign's product development and marketing operations." Biodesign agreed in October 1992 to be acquired for a price of $1.15 million. Gull has registered previously authorized but unissued shares of its common stock and is purchasing all outstanding shares of Biodesign stock with $172,500 in cash, plus Gull stock, with a market value of $977,500. In the fiscal year ended June 30, 1992, Biodesign reported $1.2 million in sales with $67,000 in net income. Established in 1987, Biodesign is in the business of developing and distributing bioreagents and other related products to both the industrial and academic communities throughout the world. Biodesign maintains one of the widest ranges of antibodies available from any one company and currently offers more than 3,300 immunological reagents used in human and veterinary diagnostic test kits, in the development of biologic therapeutic products and in basic scientific research. Additionally, Biodesign offers custom antibody development services and contract development and production services in its USDA-licensed facility. Founded in 1974, Gull Laboratories, Inc. develops, manufactures and markets high-quality diagnostic test kits for the detection of infectious diseases. From corporate headquarters in Salt Lake City, the company markets its products for use in hospitals and clinical laboratories in 35 countries around the world. -0- 1/7/93 /CONTACT: Peter Van Duser of Gull Laboratories, Inc., 801-263-3524; or Bill Roberts of Cameron Towey Central, 513-891-1818, for Gull Laboratories, Inc./ (GULL)
CO: Gull Laboratories, Inc. ST: Utah IN: MTC SU:
KK -- CL003 -- 2499 01/07/93 08:58 EST
|Printer friendly Cite/link Email Feedback|
|Date:||Jan 7, 1993|
|Previous Article:||DECEMBER SALES UP 24.0 PERCENT AT Hi/LO AUTOMOTIVE|
|Next Article:||'93 WCES OFFERS RECORD NUMBERS OF EXHIBITORS AND EXCITING NEW PRODUCTS|