Immucor Announces Acquisition of Canadian Distribution Rights
Tuesday September 1, 8:01 am Eastern Time
Company Press Release
SOURCE: Immucor, Inc.
NORCROSS, Ga., Sept. 1 /PRNewswire/ -- Immucor, Inc. (Nasdaq: BLUD - news) maker of blood bank reagents and related products, announced today that it has acquired the Canadian distribution rights for its complete line of reagents and systems from its Canadian distributor, Immucor Canada, Inc. (ICI) for cash consideration of US $1.7 million.
The transaction will immediately generate an increase in Immucor, Inc.'s annualized Canadian revenues of approximately US $1 million at attractive margins. In addition the Company believes there are significant revenue and margin opportunities available to it as a result of this acquisition.
Distribution of the entire range of Immucor products in Canada will now be done by Dominion Biologicals Limited, Immucor, Inc.'s wholly owned Canadian subsidiary. Dominion Biologicals Limited is currently the market leader in Canada for conventional reagents and reagent red blood cells with a market share in excess of 60%. Dominion Biologicals Limited will now be able to compete successfully in Canada with Immucor's complete family of automated instrumentation.
''Dominion Biologicals Limited is the only company in Canada that is solely focused on our market segment,'' said Edward L. Gallup, President of Immucor. Mr. Gallup noted that being the only dedicated blood bank company in Canada gives Dominion Biologicals Limited a significant marketing advantage over its competitors.
Commenting further, Mr. Gallup stated, ''Although we are very pleased with ICI's initial success of 6 placements in Canada with the ABS2000 (FDA cleared July 6, 1998), we expect that Dominion Biologicals Limited will be able to use its position as the primary vendor of conventional reagents in Canada to significantly increase the number of instrument placements in Canada during the next year.''
Instrumentation service in Canada will be maintained by ICI while worldwide instrument support will continue to be provided by Immucor, Inc. from its Norcross facility.
Founded in 1982, Immucor manufactures and sells a complete line of reagents and systems used by hospitals, reference laboratories and donor centers to detect and identify certain properties of the cell and serum components of blood prior to transfusion. Immucor markets a complete family of automated instrumentation for all of our market segments.
For more information on Immucor, please visit the Company's website at immucor.com.
This press release may contain forward-looking statements as that term is defined in the Private Securities Reform Act of 1995, including, without limitation, statements concerning the Company's expectations, beliefs, intentions or strategies regarding the future. All forward-looking statements included in this document are based on information available to the Company on the date hereof, and the Company assumes no obligation to update any such forward-looking statements. Further risks are detailed in the Company's filings with the Securities and Exchange Commission, including those set forth in the Company's most recent Form 1O-K and Quarterly Reports on Form 1O-Q.
SOURCE: Immucor, Inc. |
