CHICAGO, June 17 /PRNewswire/ -- AccuMed International, Inc. (Nasdaq: ACMCD - news) announced today that the Company signed a Letter of Intent to sell its microbiology business, including its wholly owned U.K. subsidiary, AccuMed International, Ltd., to a newly formed corporation to be named later. Key Equity Capital Corporation, an affiliate of KeyCorp (NYSE: KEY - news), and Michael Burke, a former senior executive of AccuMed's microbiology business, are the intended purchasers. The purchaser in this transaction brings strong financial backing to invest in the existing microbiology and to provide for its future growth.
Terms of the all cash transaction were not disclosed. Closing of the proposed transaction is subject to the satisfaction of various conditions, including the completion of due diligence, the negotiation and execution of a definitive purchase agreement, approval by AccuMed's Board of Directors, filing of a Proxy Statement with the SEC and approval of holders of AccuMed's Common Stock, Preferred Stock, and 12% Convertible Promissory Notes.
Paul F. Lavallee, Chairman, President and Chief Executive Officer, said, ''AccuMed's process of selecting a buyer for its microbiology business was very thorough. Many of the parties expressing interest did significant due diligence. With the signing of this formal Letter of Intent, and the subsequent completion of final agreements and necessary approvals, the divestiture of non-core businesses will be completed. The nature of this all cash transaction will enable the Company, for the first time, to have a solid cash base to focus and strongly support its efforts in the cytology marketplace.''
AccuMed International Inc., headquartered in Chicago, is a global advanced diagnostics and information solutions company. AccuMed is an emerging leader in integrated, technology-driven systems that accommodate the clinical laboratory's need to maintain quality while achieving more cost-effective operation. The company manufactures and markets a line of proprietary, instruments and integrated automated cytopathology systems.
KeyCorp is one of the nation's largest financial services companies with assets of approximately $73 billion. Through four principal lines of business -- corporate capital, consumer finance, community banking, and capital partners, KeyCorp provides retail and wholesale banking, investment, financing, and money management services to individuals and companies across the Unites States. KeyCorp companies have a presence in 46 states from Maine to Alaska |
