so, is the yooveeaay guy the last one left holding the (empty) bag, dan?
is the party over? should i shut off the lights on my way out?
OT: how many tech students does it take to change a tire?
one, but s/he gets three credits for it.
how many uva students does it take?
two: one to hold the drinks and the other to call his old man.
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Misonix Announces Acquisition of 51% Stake in Sonora Medical Systems; Company Continues Its Expansion in Ultrasound Technologies
November 16, 1999 09:28 AM
FARMINGDALE, N.Y.--(BUSINESS WIRE)--November 16, 1999--MISONIX, INC. (MSON) today announced it has acquired a 51% stake in Acoustic Marketing Research Inc. doing business as Sonora Medical Systems, Inc. for $1.35 million. The agreement includes an option for Misonix to increase its investment by 39% under certain circumstances.
Sonora Medical Systems (Sonora), located in Longmont, Colorado is an ISO 9002 certified refurbisher of high-performance ultrasound systems and replacement transducers for the medical diagnostic ultrasound industry. Sonora also offers a full range of aftermarket products and services such as its own ultrasound probes and transducers, and other services that can extend the useful life of their customers' ultrasound imaging systems beyond the usual five to seven years. As reported in numerous articles published in the Wall Street Journal, Second Source and Modern Healthcare and Diagnostic Imaging, the market for reconditioned/refurbished medical imaging equipment continues to increase and is expected to expand to approximately $1.5 billion by 2004.
Commenting on the acquisition, Michael A. McManus, Jr., President and Chief Executive Officer said, "There are many synergies in this acquisition for both Sonora and Misonix. Both companies bring a significant depth of ultrasound technology knowledge to the table as well as an abundance of manufacturing expertise. The investment fits in perfectly with our plan to become a dominant ultrasound technology provider for the medical community, giving us a presence in five significant medical markets: medical imaging, enlarged prostate treatment, alleviation of hearing disorders, ultrasound surgical blades and soft tissue aspirators. We are pleased that the principal executives, G. Wayne Moore and Bill Phillips, will be an integral part of Sonora's future success and important members of the Misonix executive team."
Mr. McManus continued, "Our investment will be utilized directly to expand Sonora's capabilities by acquiring additional inventory for current expansion, increasing research and development efforts on additional product offerings and expanding its present interactive internet sales capabilities. These steps are designed to compound increasing revenues over the next several years. Revenues for the nine months ended September 1999 were $1.7 million and we expect that the infusion of capital from Misonix will help Sonora reach our rapid growth expectations. As an example of its technical capability, Sonora has been chosen as a subcontractor to Cassling Diagnostic Imaging (CDI) to help develop a 3-D fetal imaging device in concert with an Israeli company called Biomedicom through the BIRD foundation, a US Industrial-Israeli Research and Development Foundation. Sonora is expected to receive approximately $0.3 million per year for the next two years from this development effort."
Mr. G. Wayne Moore, founder and Chief Executive Officer of Sonora added, "All of our products and services are focused on both reducing the initial cost of an ultrasound system and extending the system's useful life through upgrades and cost-effective repairs. We also offer very high quality, proprietary products with more features than otherwise available and that cost significantly less. In this era of managed care and tightly controlled costs, Sonora Medical has a very important marketing advantage in its ability to reduce the cost for medical imaging equipment, parts and accessories. This is especially important when you realize that over 70% of the costs of the system come after the initial purchase. We are convinced that the combined resources of Misonix and Sonora should serve to create an even more powerful competitive force and we look forward to a highly rewarding relationship for all parties."
Mr. Bill Phillips, Chief Technical Officer of Sonora stated "We are pleased to join such a strong financial partner as Misonix as we continue to develop new products and services focused on lowering healthcare costs without sacrificing the quality of patient care."
In the most recent quarter ended September 30, 1999, Misonix reported revenue of $6.5 million and net income of $605,000 or $0.09 per diluted share with a strong balance sheet.
Misonix, Inc. develops, manufactures, and markets medical, scientific, and industrial ultrasonic and air pollution control systems.
Sonora Medical Systems offers an array of high quality, previously owned and refurbished medical imaging systems to healthcare providers worldwide. Sonora utilizes a modern ESD controlled, ISO 9002 and GMP certified manufacturing complex in which new and previously owned ultrasound systems are configured and clinically tested. Visit Sonora's web site at 4sonora.com. |
