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Biotech / Medical : SonoSight (SONO), Handheld ultrasound for the masses
SONO 19.03-0.8%3:59 PM EST
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To: Ben Wa who wrote (187)8/17/1999 9:54:00 PM
From: Mark Marcellus  Read Replies (1) of 365
 
do you think ATL feels sad that they spun it out? Why would they do a silly thing like that?

From the 1997 10-k for ATLI:

On February 11, 1998, we announced the spin-off of the Handheld Systems Business Division as a tax-free stock dividend to our shareholders, on a one-for-three ATL shares basis. We believe a handheld ultrasound device for use as a first-stage medical examination tool will create entirely new markets for ultrasound that are intrinsically different from those served by ATL today as
characterized by clinical use, the end user, manufacturing requirements and distribution channels. As an independent company, the Handheld Division will have the focus, speed and agility necessary to address this evolving set of new clinical and technical demands, thereby best serving our objective of enhancing long-term shareholder value. Through licensing agreements, ATL and the new company will continue to collaborate on technology innovations that will be of benefit to both companies.

It's also worth noting that 1)ATL agreed to kick in $18 Million at the time of the spinoff and another $12 Million in January of this year. 2) Makes the ASICs for the SONO units. 3) Was acquired by a Dutch company a couple of months after the spin off was completed. To the extent that management retained the SONO options they received from the spin off, they are probably happy. <G>
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