Analogic Corporation and Philips Medical Systems Announce New Business Pact

7/16/2002 - Bernard M. Gordon, Chairman of the Board and Chief Executive Officer of Analogic Corporation (NASDAQ: ALOG), announced today that the Company and Philips Medical Systems, a subsidiary of Royal Philips Electronics of the Netherlands (NYSE: PHG; AEX: PHI), have signed a major new business pact.

Bernard Gordon stated, “Analogic Corporation had been until recently the sole supplier of mid-range Computed Tomography (CT) systems to Philips. Last year, however, Philips acquired Marconi Medical Systems, which supplies CT systems as well as other medical imaging equipment. In light of that acquisition, Philips and Analogic determined to restructure the existing CT contract between them and develop a new agreement to continue a long and valued business relationship.”

The two companies have signed a multi-year, multi-million dollar agreement aimed at invoking new areas of cooperation. Among them will be advanced engineering and manufacturing services provided by Analogic to develop additional innovative subassemblies/components for Philips. Analogic will also continue to supply data acquisition systems, spare parts and engineering services for the Analogic-supplied CT systems Philips has installed around the world. In addition, Analogic, now designated as a preferred supplier to Philips, will continue to supply a growing range of models of patient monitoring equipment to Philips, the world’s leading patient monitoring company.

Freek Knoet, Executive Vice President of Philips Medical Systems and CEO of MR/CT, said, “For twenty-five years, Analogic has been a valued supplier to Philips Medical Systems, and we are impressed by their advanced technological capabilities. Over the past two decades they have developed and provided to Philips and its acquired companies a variety of products, including data acquisition systems for Computed Tomography, complete CT systems, radio frequency amplifiers for Magnetic Resonance Imaging (MRI), array processors, and a variety of patient monitoring equipment. Many of Analogic’s innovations have contributed to the technological forefront position of Philips Medical Systems. We are pleased to have a substantial continuing relationship with Analogic.”

Bernard Gordon added, “Since the 1970s, Analogic has had the privilege of being a supplier of advanced technology products to Philips. We are particularly appreciative of their continuing confidence in us and look forward to participating in other new programs with Philips.”

Analogic Corporation is a leading custom designer and manufacturer of advanced health and security systems and subsystems sold to Original Equipment Manufacturers (OEMs). The Company is recognized worldwide for advancing the state of the art in Computed Tomography (CT), Digital Radiography (DR), Ultrasound, Magnetic Resonance Imaging (MRI), Patient Monitoring, Cardiovascular Information Management, and Embedded Multiprocessing.

This press release contains the Company's or management's intentions, hopes, beliefs, expectations or predictions. These are considered "forward-looking statements" within the meaning of the Private Securities Litigation Act of 1995. Forward-looking statements (statements which are not historical facts) in this presentation are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that all forward-looking statements, including statements about product development, market and industry trends, strategic initiatives, regulatory approvals, sales, profits, expenses, price trends, research and development expenses and trends, and capital expenditures involve risk and uncertainties and actual events and results may differ significantly from those in any forward-looking statements. Actual results may differ materially from those indicated by such statements as a result of various factors, including those discussed in the Company's periodic reports filed with the SEC.

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