CTI Acquires Leading Thermal Imaging Equipment Firm Bales Scientific
LAYTON, Utah--(BUSINESS WIRE)--April 18, 2000--Computerized Thermal Imaging, Inc. (OTCBB:COII - news) announced today the purchase of Bales Scientific, Inc., a leading supplier of high speed, high-resolution thermal imaging equipment. In a combined cash and stock transaction, CTI acquired 100% of the California firm, including equipment, order backlog and all intellectual property.
``This acquisition signals both our commitment to continued growth and the breadth of our corporate vision,' stated David Packer, president of CTI. ``I have great respect for the founder, Dr. Maurice Bales. He has built a solid company based on superior products, attentive customer service, and unequaled knowledge of thermal imaging technology. This expertise will help us meet equipment supply demands as well as foster the technological advances needed to build and maintain our momentum.'
Bales Scientific Inc., founded in 1977, designs, manufactures, and sells high-resolution, dynamic, digital infrared imaging workstations and related products for both medical and industrial applications. ``Having devoted my career to the application of thermal imaging technology to medical as well as demanding industrial needs,' says Dr. Maurice Bales, ``I am excited by the opportunities CTI is making possible. This move will help us all realize our long-term potential and business goals.'
Medical applications for Bales equipment include imaging of circulatory, neurological and soft tissue abnormalities, including work in the area of breast cancer. Its recently introduced Photonic Stimulators are used to increase blood flow and circulation in the treatment of chronic pain. Industrial applications include non-destructive inspection of aging aircraft, electronics, composites, metals and other advanced materials as well as breakthroughs in the area of inspection of turbine blades for large power generation equipment. More information about Bales Scientific can be found at their web site at www.balesscientific.com.
The acquisition of Bales Scientific comes on the heels of Informix, Inc.'s recently announced equity investment of $5 million in CTI. Adding the thermal imaging technology, reputation and experience of Bales Scientific is an important step to making CTI the dominant force in thermal imaging. And, it explains why Dr. Maurice Bales will become Director of Research and Chief Scientist for CTI. Says David Packer, ``Although combining our imaging technologies and experience in the medical market is certainly the most important benefit of the acquisition, I also look forward to taking advantage of Bales Scientific's expertise and reputation in industrial applications.'
CTI is seeking FDA approval for the use of the Computerized Thermal Imaging System as an adjunctive diagnostic test to the mammogram and clinical examination for the detection of breast cancer. The test is simple, painless and involves no radiation, breast compression, electrodes, electrical current or skin contact. CTI has announced new occupational medicine applications for its technology. CTI continues to assemble the technologies, products and partners needed to give its customers unequaled diagnostic service, confidence and peace of mind. |
