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ISD 1999-12-14 (provided courtesy of BCE Emergis E-News Services.)
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IDS Spins Off GeoCommerce and Caduceon Businesses
Toronto, Ontario--
Responding to investor need for a simpler organization - spins
off non-core assets
IDS Intelligent Detection Systems Inc., (TSE: ISD) announced
today that the Board of Directors has approved plans to spin off
its e-commerce business (GeoCommerce Inc.) and its medical and
health diagnostics technology business (Caduceon Inc.) to its
shareholders as separate companies. Each of these businesses is
non-core and each will pursue their market opportunities with
their own management team and Board of Directors. Approximately
81% of the shares of each business will be distributed to IDS
shareholders.
This transaction is subject to Regulatory approvals.
Mariusz Rybak, CEO of IDS commented: "This is an important step
in the development of these businesses. Each is growing rapidly
and receiving a strong reception in their respective markets.
"Both GeoCommerce and Caduceon have strong senior management
supported by highly-skilled teams. We believe this is an
opportune time for these two companies to build on their own
platform."
About Caduceon:
Caduceon Inc. is a biotechnology company developing healthcare
diagnostic and monitoring applications for its proven breath
analysis technology. The core of the Caduceon innovation is the
IDS-developed proprietary GC/IMS process which detects many of
the over 400 chemical markers present in human breath. This
technology analyzes bloodstream properties non-invasively and
cost-effectively. Caduceon is addressing traditional healthcare
markets, the occupational health and safety field, as well as the
lifestyle and fitness markets.
Caduceon's sensory technology can detect individual compounds in
amounts as low as parts per trillion (ppt) and deliver results at
the point of care -- in near real-time. Healthcare professionals
will soon have an accurate and reliable tool to immediately gauge
the metabolic states of their patients, enabling them to make
diagnoses and recommend action with speed and confidence.
Caduceon combines the critical factors of timeliness with a
sophisticated sensory technology to provide meaningful results in
a cost-effective way.
About GeoCommerce:
GeoCommerce Inc., a US corporation, operates Internet based
trading, communication and information centres for select
vertical markets. Mine Online has been established to provide
e-commerce services required by professionals in the mining
sector. Likewise Geophysics Online is addressing the online
market needs of the geophysical and exploration communities.
Online portals are also planned for the oil and gas sector as
well as the environmental monitoring and services industry.
GeoCommerce offers more than 2.5 million products representing
major Fortune 500 companies such as ABB, 3M, Dupont, Exxon and
Schlumberger. GeoCommerce is also offering a centralized trading
centre for geophysical data from around the world. Currently,
GeoCommerce has more than $500 million of geophysical data under
management.
Each business to business portal offers unique transaction and
fulfillment capability to mining and exploration professionals
around the world. Each features a fully functional and powerful
electronic procurement system that is available free to each of
its users. Revenue is generated from transaction and brokerage
commissions as well as listing and advertising fees. The target
markets for MineOnline and GeophysicsOnline, transact more than
$300 billion annually. Two powerful partners - Netscape and
e-Scotia.com, back this business. Each is a leader in Internet
transaction enabling. CAMESE (The Canadian Association of Mining
Exporters) has endorsed MineOnline and GeoPhysicsOnline as
important new trading and communications centres that will
accelerate their entry point into e-commerce worldwide markets.
About IDS:
IDS is an innovative developer, manufacturer and marketer of
proprietary sensory technology and communication systems. The
company operates through eight 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. GeoCommerce Inc., provides
centralized online trading and information marketplaces for the
global mining, exploration, and geophysics communities through:
www.MineOnline.com and www.GeophysicsOnline.com.
IDS operates worldwide in Canada, the US, France, UK, Australia
and Brazil, and is publicly traded on The Toronto Stock Exchange
(symbol: ISD).
IDS's website is located at www.idsdetection.com
For additional information please contact:
Media Inquiries
Peter McIntyre
IDS
Telephone: (416) 214-6726
pmcintyre@hq.idsdetection.com
Investor Inquiries
Rick Conroy
Lexington
Telephone: (416) 588-1888
rick@lexington.ca
In the United States please contact:
Thomas Dean or Michael Block
Murdock Capital Partners
Telephone: (212) 421-2545
www.murdockcapital.com |
