NEWS NEWS NEWS
IDS announces that its subsidiary Scintrex Limited to acquire Micro-g Solutions Inc.
Acquisition fuels company's continued growth in geophysical marketplace
TORONTO, Oct. 26 /CNW/ - Toronto-based IDS Intelligent Detection Systems
(TSE:ISD) announced today that its subsidiary company Scintrex Limited has
entered into an agreement to acquire Micro-g Solutions Inc., a Colorado based
geophysical instrument company and the world's only commercial manufacturer of
absolute gravimeters for the geophysical research community and the oil and
gas industry.
''Micro-g has a solid reputation for excellence, high quality and
innovation,'' says Dr. Mariusz Rybak, chairman and CEO, IDS. ''This company is
committed to leading the revolution already underway in the measurement of
gravity by a new generation of absolute gravity meters.''
Micro-g has recently developed a new miniaturized absolute gravimeter,
which can acquire data at a much higher rate than previous models. The new
instrument will aid in the acquisition of absolute gravity for geophysical
investigations and survey applications and enable the development of a new
generation of land, marine and airborne absolute gravimeters.
''Market acceptance of Micro-g products has increased and we believe the
company can gain a significantly larger share of the existing gravity
instrumentation business,'' says Rybak. ''With the introduction of a new small
portable absolute gravimeter, Micro-g will complement Scintrex's existing line
of spring gravimeters and well established sales and marketing channels to
significantly increase its market share in the years to come.''
The proposed acquisition of Micro-g Solutions Inc., is subject to various
conditions, including the execution of definitive agreements, due diligence
and regulatory approvals.
IDS is a dynamic developer, manufacturer and marketer of sophisticated
detection devices and systems. The company operates through seven business
units: Analytical & Security products and solutions, IDS Power Control
Systems, Scintrex Earth Science Instrumentation, Survey & Exploration
Technology Services, IEC (Integration, Engineering and Consulting), ChemiCorp
International and Caduceon Inc. Its more than 70 products range from drug and
explosive detectors to nuclear safety control instruments, oil and gas
exploration and developing technologies for industrial process control and
point-of-care health analysis.
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For further information: Media Relations, Louise Armstrong, Advance
Planning, (416) 967-3702; Investor Relations, Rick Conroy, Lexington
Communications, (416) 588-1888; U.S. Contacts, Thomas Dean/Michael Block,
Murdock Capital Partners, (212) 421-2545 |
