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Technology Stocks : Intermagnetics (IMG) -- Ignore unavailable to you. Want to Upgrade?

To: Crossy who wrote (3444)	2/6/2002 7:13:35 PM
From: SemiBull	Read Replies (1) \| Respond to of 3448

Intermagnetics Completes Divestiture of Helium Refrigeration Equipment Business Earnings Growth Expectations Reiterated LATHAM, N.Y., Feb. 6 /PRNewswire-FirstCall/ -- Intermagnetics General Corporation (Nasdaq: IMGC - news) today announced it has completed the previously announced sale of the helium related portion of subsidiary IGC-APD Cryogenics' business for approximately $10 million. The sale includes all helium products related assets and the assumption of related liabilities. The sale, to Sumitomo Heavy Industries (SHI) of Japan, also includes a six-year strategic supply agreement under which Intermagnetics will purchase shield coolers it requires internally, primarily for manufacturing superconducting magnet systems for magnetic resonance imaging systems. Commenting on the effect of the divestiture on the company's operations, Glenn H. Epstein, president and CEO stated, ``With the sale of the helium-based business completed at a nominal gain, and the transfer of the mixed gas technology and product lines to our new IGC-Polycold facility in Petaluma California, we remain confident that we will achieve our forecasted annual growth in earnings per share of 17 to 20 percent before giving effect to improvements from an accounting change for amortization of goodwill and gains on divestitures.'' Intermagnetics (http://www.igc.com), drawing on the financial strength, operational excellence and technical leadership in its core businesses of Magnetic Resonance Imaging and Instrumentation has become a prominent participant in superconducting applications for Energy Technology. The company has a 30-year history as a successful developer, manufacturer and marketer of superconducting materials, radio-frequency coils, magnets and devices utilizing low- and high-temperature superconductors and related cryogenic equipment. Intermagnetics derives current revenues primarily from applications within magnetic resonance imaging for medical diagnostics and cryogenic applications for vacuum and related processes. The company is at the forefront in the development of high-temperature superconductor-based applications that would provide increased capacity and reliability for transmission and distribution of electric power. Through its own research and development programs and in conjunction with industry and other partners, Intermagnetics is committed to further commercialization of applied superconductivity and cryogenic systems for a broad range of applications. Safe Harbor Statement: The statements contained in this press release that are not historical fact are ``forward-looking statements'' which involve various important assumptions, risks, uncertainties and other factors. These include, without limitation, the assumptions, risks, and uncertainties set forth here as well as in the company's Annual Report on Form 10-K including but not limited to, (1) continued strong demand for the Company's products from its customers, (2) the company's ability to meet customer needs in its Magnetic Resonance Imaging and Instrumentation segments and (3) the Company's ability to integrate adequate manufacturing facilities for its operating segments, particularly IGC-Polycold Systems, Inc. Except for the company's continuing obligation to disclose material information under federal securities law, the company is not obligated to update its forward-looking statements even though situations may change in the future. The company qualifies all of its forward-looking statements by these cautionary statements. SOURCE: Intermagnetics General Corporation