BCAM International Announces Acquisition of Secured Debt of Intelligent Medical Imaging, Inc.
MELVILLE, N.Y., April 6 /PRNewswire/ -- BCAM International, Inc. (OTC Bulletin Board: BCAM - news), parent company of LungCheck, Inc., announced today that it has purchased the secured debt holding of Intelligent Medical Imaging, Inc. (OTC Bulletin Board: IMIIQ - news) debtor in possession, from Edwards and Angell, LLP. BCAM has made this purchase with a view toward funding the Chapter 11 Re-organization of Intelligent Medical Imaging (IMI), a manufacturer of automated microscopy systems that are currently used worldwide in hospitals and large clinical laboratories. IMI, a public company located in Florida, filed for Chapter 11 Bankruptcy Protection in November of 1999.
Michael Strauss, Chairman and CEO of BCAM explained, ``BCAM is actively developing technology, products and business opportunities with a focus on disease detection, screening, diagnosis, prognosis and therapeutic monitoring. The business of Intelligent Medical Imaging is synergistic with the Company's plan to provide high-throughput testing capabilities to clinical laboratories by commercializing technologies that add significant medical and economic value.'
Michael Strauss added, ``Intelligent Medical Imaging has developed computer-aided and electronic vision microscope systems. These products are powerful market-tested analytical and automated systems cleared by the FDA for nine separate revenue-generating procedures. These IMI-based tests represent approximately 70% of the total clinical laboratory microscopy market opportunity. BCAM, with its specialized instrument platform technologies it has recently acquired from AccuMed (Nasdaq: ACMI - news), is uniquely positioned to commercialize early lung cancer tests under development as well as to expand the existing customer base for IMI-based products that are available worldwide to hospitals and clinical laboratories.'
Except for the historical information contained herein, the matters discussed in this new release are deemed ``forward-looking statement' under federal securities laws that involve risks and uncertainties. Actual results may differ materially from those in the forward-looking statements depending on a number of factors, including, among other things, the ability to maintain long-term relationships with corporate partners, the ability to bring products to market through the regulatory approval process, uncertainty of future profitability, financing requirements, and other factors detailed in BCAM's filing with the Security and Exchange Commission. |
