Oct 31, 2005
Spacelabs Healthcare Begins Trading on AIM in London
Spacelabs Healthcare Begins Trading on AIM in London
Spacelabs Healthcare Begins Trading on AIM in LondonOSI Systems, Inc. (Nasdaq:OSIS) today announced that Spacelabs
Healthcare, Inc., a newly formed Delaware corporation composed of the
Healthcare operations of OSI Systems, began trading today on the AIM in
London. The shares will be traded under the ticker symbol, SLAB.
On October 25, 2005 the company announced that it completed the placing of approximately 20% of the shares in Spacelabs Healthcare with institutional investors raising approximately $27 million net of expenses. Of the proceeds raised Spacelabs Healthcare will repay approximately $22 million of its $57.3 million debt to OSI Systems - leaving a balance owed to OSI Systems of approximately $35 million. Prior to the commencement of trading, the market capitalization of Spacelabs Healthcare will be approximately $150 million, based upon an issue price of approximately $2.21 per share (125 pence per share) plus the approximate $35 million in debt.
As the above described placement of Spacelabs Healthcare shares was made in the UK these shares have not been registered for offering in the United States. Therefore, these shares cannot be resold to U.S. persons unless an exemption from such registration applies.
About Spacelabs Healthcare, Inc.
Spacelabs Healthcare, Inc. is an international developer, manufacturer and distributor of medical equipment and services including patient monitoring solutions, anesthesia delivery and ventilation systems, pulse oximeters and sensors and bone densitometers selling to hospitals, clinics and physicians offices. Additionally, the company provides ECG laboratory services to pharmaceutical companies undertaking clinical trials, whereby patient ECG data is recorded, analyzed, tabulated and interpreted.
The company has established brand names in both medical devices and medical services such as Spacelabs, Blease and Dolphin. The company employs approximately 1,050 personnel in its 14 offices in UK, Canada, France, Germany, Finland, Singapore and the United States. The company conducts its manufacturing and R&D in India, the UK and the United States.
Spacelabs Healthcare is a subsidiary of OSI Systems Inc, a US-based, Nasdaq-listed company.
About OSI Systems, Inc.
OSI Systems Inc. is a Hawthorne, California based diversified global developer, manufacturer and seller of security and inspection systems, medical monitoring and anesthesia products, and optoelectronic devices and value-added subsystems. 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. OSI Systems 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 subsidiary companies, 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 listing of shares of common stock of Spacelabs Healthcare, Inc. on the AIM in London. 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.
Contact:
On October 25, 2005 the company announced that it completed the placing of approximately 20% of the shares in Spacelabs Healthcare with institutional investors raising approximately $27 million net of expenses. Of the proceeds raised Spacelabs Healthcare will repay approximately $22 million of its $57.3 million debt to OSI Systems - leaving a balance owed to OSI Systems of approximately $35 million. Prior to the commencement of trading, the market capitalization of Spacelabs Healthcare will be approximately $150 million, based upon an issue price of approximately $2.21 per share (125 pence per share) plus the approximate $35 million in debt.
As the above described placement of Spacelabs Healthcare shares was made in the UK these shares have not been registered for offering in the United States. Therefore, these shares cannot be resold to U.S. persons unless an exemption from such registration applies.
About Spacelabs Healthcare, Inc.
Spacelabs Healthcare, Inc. is an international developer, manufacturer and distributor of medical equipment and services including patient monitoring solutions, anesthesia delivery and ventilation systems, pulse oximeters and sensors and bone densitometers selling to hospitals, clinics and physicians offices. Additionally, the company provides ECG laboratory services to pharmaceutical companies undertaking clinical trials, whereby patient ECG data is recorded, analyzed, tabulated and interpreted.
The company has established brand names in both medical devices and medical services such as Spacelabs, Blease and Dolphin. The company employs approximately 1,050 personnel in its 14 offices in UK, Canada, France, Germany, Finland, Singapore and the United States. The company conducts its manufacturing and R&D in India, the UK and the United States.
Spacelabs Healthcare is a subsidiary of OSI Systems Inc, a US-based, Nasdaq-listed company.
About OSI Systems, Inc.
OSI Systems Inc. is a Hawthorne, California based diversified global developer, manufacturer and seller of security and inspection systems, medical monitoring and anesthesia products, and optoelectronic devices and value-added subsystems. 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. OSI Systems 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 subsidiary companies, 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 listing of shares of common stock of Spacelabs Healthcare, Inc. on the AIM in London. 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.
Contact:
OSI Systems Inc
Jeremy Norton, 310-349-2237