OSI Announces Purchase of Minority Shareholding in Spacelabs Healthcare
13 December 2007 - 8:30PM
Business Wire
OSI Systems, Inc. (Nasdaq:OSIS), a vertically-integrated provider
of specialized electronic products for critical applications in the
security and healthcare industries, announced today that it has
increased its beneficial ownership in Spacelabs Healthcare, Inc.
(�Spacelabs�), listed on the London AIM Exchange, to more than 90%.
As a result, OSI Systems intends, within the next 10 business days,
to complete the purchase of the remaining minority shareholding of
Spacelabs at a cost of approximately $15 million. As a result of
the transaction, Spacelabs will be a wholly-owned subsidiary of
OSI. A notification of the merger, together with details regarding
procedures for claiming the consideration, and related information,
will be delivered to Spacelabs stockholders shortly after the
execution of the merger. Spacelabs� Fiscal 2007 Annual Report,
recently distributed to shareholders and available on the Spacelabs
website, describes a challenging year for the company and the
actions that management has taken to turn the situation around. On
November 12, 2007, Spacelabs announced that its revenues for the
quarter ended September 30, 2007 were up 17% as compared with the
prior-year period, and income from operations for the period had
improved to approximately $1 million, compared with a loss of
approximately $4.2 million during the prior-year period. At the
Spacelabs Annual Shareholders� Meeting on December 7, 2007 it was
further announced that Spacelabs� business is on course to meet
expectations for the first half of fiscal 2008. About OSI Systems,
Inc. OSI Systems, Inc. is a vertically integrated designer and
manufacturer of specialized electronic systems and components for
critical applications. The Company sells its products in
diversified markets, including homeland security, healthcare,
defense and aerospace. The Company has more than 30 years of
experience in electronics engineering and manufacturing and
maintains offices and production facilities located in more than a
dozen countries. It implements a strategy of expansion by
leveraging its electronics and contract manufacturing capabilities
into selective end product markets through organic growth and
acquisitions. For more information on OSI Systems, Inc. or any of
its divisions, visit www.osi-systems.com. This press release
contains forward-looking statements within the meaning of Section
27A of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended. Such statements
include information regarding the Company�s expectations, goals or
intentions about the future, including the Company�s predictions
with regard to the prospective performance of, and market
acceptance of, its products. The actual results may differ
materially from those described in or implied by any
forward-looking statement. Other important factors are set forth in
our Securities and Exchange Commission filings. All forward-looking
statements speak only as of the date made, and we undertake no
obligation to update these forward-looking statements.
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