Invitrogen Anticipates Cash EPS Growth in the Range of 20 to 25%
/FROM PR NEWSWIRE NEW YORK 800-776-8090/
TO BUSINESS EDITOR AND MEDICAL EDITOR:
Invitrogen Anticipates Cash EPS Growth in the Range of 20 to 25%
SAN DIEGO, July 11 /PRNewswire/ -- Invitrogen Corporation (Nasdaq: IVGN)
chairman and chief executive officer Lyle C. Turner today reviewed the
compelling strategic and financial aspects of the Invitrogen / Life
Technologies, Inc. (OTC bulletin board: LTEK) transaction. Highlights of the
transaction include:
* Anticipated cash EPS growth for the combined company in the range
of 20-25%;
* Immediate and significant accretion to cash earnings per share;
* Significantly higher cash EPS expected for the combined company for the
next five years than would have been possible on a standalone basis;
* Creation of a leading player in the molecular biology market with pro
forma 1999 revenues in excess of $500 million and EBITDA of
approximately $100 million;
* A worldwide distribution and marketing infrastructure, which will
include over 300 sales professionals and over 60 technical support
representatives;
* Opportunity to combine Invitrogen's TOPO/TA and ECHO Cloning Technology
and Life Technologies' CDNA and GATEWAY(TM) Cloning technology and the
industry's broadest line of expression vectors to create an integrated
operating system for gene cloning and expression;
* Ability to accelerate the combined companies' new product development
efforts by joining worldwide R&D resources totaling more than
280 professionals; and
* Opportunity to leverage an extensive combined proprietary technology
portfolio of over 200 issued and pending patents and over 300 licenses.
Invitrogen develops, manufactures and markets research tools in kit form
and provides other research products and services to corporate, academic and
government entities. These research kits simplify and improve gene cloning,
gene expression and gene analysis techniques and are used for genomics and
gene-based drug discovery, among other molecular biology activities. Founded
in 1987, Invitrogen is headquartered in San Diego, California and also has
operations in Huntsville, Alabama; Groningen, Netherlands; and Heidelberg,
Germany.
Life Technologies, Inc. provides essential technologies needed by the
biotechnology and biopharmaceutical communities. The company manufactures and
markets a breadth of offerings unique in the industry, used in applications of
the life sciences discovery, development, and production process. The
offerings range from catalog and custom products to technology licensing,
research services, large-scale production, and life science technical
expertise and support. With operations in more than 20 countries and
distributor relationships in 40 more, the company serves customers in
universities, public and private research institutions, and biotechnology and
pharmaceutical companies. The company employs over 2,000 at its worldwide
locations.
Certain statements contained in this press release are considered
"forward-looking statements" within the meaning of the Private Securities
Litigation Reform Act of 1995, such as statements relating to projected growth
in cash earnings per share for the combined company, development and increased
flow of new products, leveraging technology and personnel, advanced
opportunities, creation of new standards and new delivery platforms which
are prospective. Such forward-looking statements are subject to a number
of risks, uncertainties and other factors that could cause actual results
to differ materially from future results expressed or implied by such
forward-looking statements. Potential risk and uncertainties include, but are
not limited to, approval of the mergers, satisfaction of the conditions to
closing including the divestiture of Dexter's chemicals businesses, successful
combination of the operations of the two companies and previously-acquired
companies, retention of key personnel, the ability to manage growth,
successful development and commercialization of new products and services,
continued identification, development and licensing of new technology,
competition and other risks and uncertainties detailed from time to time in
Invitrogen's filings with the Securities and Exchange Commission.
ADDITIONAL INFORMATION
Information regarding the identity of the persons who may, under SEC
rules, be deemed to be participants in the solicitation of stockholders of
Invitrogen, Life Technologies and Dexter in connection with the proposed
mergers, and their interests in the solicitation, are set forth in a Schedule
14A filed on the date of this press release with the SEC. Invitrogen, Life
Technologies and Dexter will be filing joint proxy statements/prospectuses and
other relevant documents concerning the proposed transaction with the U.S.
SEC. INVESTORS ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS WHEN IT
BECOMES AVAILABLE AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC BECAUSE
THEY WILL CONTAIN IMPORTANT INFORMATION ON THE PROPOSED TRANSACTION. Investors
will be able to obtain the documents free of charge at the SEC's website
(http://www.sec.gov). In addition, documents filed with the SEC by Invitrogen
may be obtained free of charge by contacting Invitrogen Corporation, Cheri
Manis, 1600 Faraday Avenue, Carlsbad, California, 92008, 760-603-7200.
Documents filed with the SEC by Life Technologies will be available free of
charge by contacting Life Technologies, Inc., C. Eric Winzer, Life
Technologies, Inc., 9800 Medical Center Drive, P.O. Box 6482, Rockville,
Maryland 20850, 301-610-8800. Documents filed with the SEC by Dexter will be
available free of charge by contacting Dexter Corporation, One Elm Street,
Windsor Locks, Connecticut 06096, Attention: Investor Relations, 860-292-7675.
INVESTORS SHOULD READ THE PROXY STATEMENT/PROSPECTUS CAREFULLY WHEN IT BECOMES
AVAILABLE BEFORE MAKING ANY VOTING OR INVESTMENT DECISION.
Note to Editors: For more information about Invitrogen or Life
Technologies visit the companies' websites at invitrogen.com and
lifetechnologies.com.
SOURCE Invitrogen Corporation
/CONTACT: Investors - James Glynn of Invitrogen, 760-603-7205; orMedia - Dan
Katcher and Josh Silverman, both of Joele Frank, Wilkinson BrimmerKatcher,
212-355-4449, for Invitrogen/
/Web site: lifetechnologies.comhttp://www.invitrogen.com/
Jul-11-2000 13:10 GMT
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