10/22/2003 - Quinton Cardiology Systems, Inc. (Nasdaq: QUIN ), a leader in advanced cardiology systems, and Camtronics Medical Systems, Ltd., a subsidiary of Analogic Corporation (Nasdaq: ALOG ) and a leader in cardiovascular information management and hemodynamic monitoring, announced the signing of a four year strategic alliance.
Among the benefits to customers will be a number of initiatives designed to provide greater flexibility and choice for comprehensive cardiac patient management solutions. Quinton and Camtronics intend to offer customers several options to integrate cardiology data from screening, diagnosis, intervention and rehabilitation/ disease management activities, in both inpatient and outpatient environments.
As part of the transaction, Camtronics will acquire Quinton's hemodynamic monitoring product line, and assume responsibility for all new US sales of hemodynamic monitoring products. Quinton will continue to provide service to its existing customers for hemodynamic monitoring for six months and will work with Camtronics to transfer service responsibility to Camtronics during that time. Quinton will also continue to sell its hemodynamic monitoring product outside the US for six months, after which Quinton plans to distribute Camtronics' hemodynamic system through its international dealer network.
As consideration, Quinton will receive $1.75 million in the first year, with further contingent payments of up to $1.5 million, based on sales of Camtronics products to previous Quinton customers over a four-year period.
"This transaction will be positive for both Quinton and our customers", said John Hinson, Quinton Cardiology Systems CEO. "Camtronics provides state-of-the-art products in the VERICIS(R) PhysioLog(TM) Hemodynamic Monitoring and Data Management System, and the VERICIS(R) Cardiovascular Information System. We are confident that the future needs of our customers will be well-supported through this alliance. In addition, we will free up our resources to focus on and expand our other diagnostic cardiology franchises," he continued.
"We welcome the opportunity to build on the long-standing relationships Quinton has fostered with their Q-Cath(TM) hemodynamic monitoring customers over the years," commented Gene Bergholz, president of Camtronics Medical Systems. He emphasized, "We are committed to providing market-leading products, upgrade opportunities and ongoing support to the Quinton customer base."
Mr. Hinson explained that the resulting strategic alliance was an important aspect of the transaction. "Each company has a strong reputation for product quality, and each has also been specifically recognized recently by market research firms and industry analysts for their innovative products. Furthermore, Quinton and Camtronics are committed to using their respective technology strengths, which span the continuum of cardiovascular care, to provide comprehensive, open architecture customer solutions," he concluded.
About Camtronics Medical Systems
Camtronics Medical Systems, Ltd., a subsidiary of Analogic Corporation, was founded in 1986 and is a market leader in cardiovascular information management and hemodynamic monitoring technology. Its industry-leading VERICIS(TM) Cardiovascular Information System provides single point access to the complete cardiovascular patient record, including both inpatient and outpatient data. Camtronics operates engineering, manufacturing, sales and marketing, and customer support activities from its headquarters near Milwaukee, Wisconsin as well as technology development centers in Winter Park, FL and Ottawa, Ontario, Canada. For more information call 800-634-5151 or visit http://www.camtronics.com
Quinton Cardiology Systems, Inc., founded in 1953, develops, manufactures, markets and services a family of diagnostic cardiology systems used in the diagnosis, treatment and rehabilitation of patients with cardiovascular disease. Quinton markets its products under the Quinton and Burdick brand names. For more information about Quinton, visit http://www.Quinton.com
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