Dec 13, 2007
OSI Announces Purchase of Minority Shareholding in Spacelabs Healthcare
OSI Announces Purchase of Minority Shareholding in Spacelabs Healthcare
OSI Announces Purchase of Minority Shareholding in Spacelabs HealthcareOSI 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 Companys expectations, goals or intentions about the future, including the Companys 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.
For Further Information
OSI Systems, Inc
Jeremy Norton Vice President, Investor Relations
12525 Chadron Ave
Hawthorne CA 90250
Tel: (310) 349 2237
E: jnorton@osi-systems.com
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 Companys expectations, goals or intentions about the future, including the Companys 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.
For Further Information
OSI Systems, Inc
Jeremy Norton Vice President, Investor Relations
12525 Chadron Ave
Hawthorne CA 90250
Tel: (310) 349 2237
E: jnorton@osi-systems.com