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Biotech / Medical : Medical Technology Systems MSYS -- Ignore unavailable to you. Want to Upgrade?

To: Dave B who wrote (136)	9/6/1998 2:39:00 AM
From: Dave B	Respond to of 139

Here are two quick articles from the last month: First: lifeservtech.com Second: Aug 6,1998: MSYS today announced that it's subsidiary Medical Technology Laboratories, Inc.(MTL) has entered into an agreement to acquire certain assets of Community Clinical Laboratoties, Inc(CCL) of Clearwater, Fl. Both MTL and CCL provide clinical testing for patients referred by physicians in west central and southwest Florida. Todd Siegel, President and CEO commented, "We believe that the acquisition will strengthen our Company by broadening our base of physicians serviced, provide MTL with significant economies of scale and enhance its ability to operate profitably in a very competitive health care provider market." Mr Siegel further commented, "CCL's technical equipment, including their laboratory information system, is more sophiticated than MTL'S and has allowed CCL to operate its business more efficiently than MTL" The acquisition is expected to be completed within 30 days. In the interim, an agreement has been executed to lease the equipment and the physical facilities of CCL allowing the companies to expedite the consolidation of the two laboratories and take advantage of the operational efficiencies that are expected to be derived from this transaction. The terms of the acquisition include a payment of $2.5 million over the next five years based on a formula of 9% of collections from the CCL customer base. CCL's unaudited revenue for the first 9 months of fiscal 1998 was approx. $9 million. MTL will not assume the liabilities of CCL, and MTL will continue its operations under its existing licenses and provider agreements. dlb