OSI Systems Announces Successful Completion of Spacelabs Healthcare IPO on AIM in London; OSI Retains Ownership of Approximately
October 25 2005 - 1:30AM
Business Wire
OSI Systems, Inc. (Nasdaq:OSIS) today announced that it had
successfully completed the listing on AIM in London of Spacelabs
Healthcare Inc., a newly formed Delaware corporation composed of
the Healthcare operations of OSI: Spacelabs Medical, Blease
Medical, Dolphin Medical and Osteometer MediTech. In conjunction
with the listing approximately 20% of the shares in Spacelabs
Healthcare were placed with institutional investors raising
approximately $27 million net of expenses. The shares will begin
trading October 31, 2005 under the ticker symbol 'SLAB'. Of the
proceeds raised, Spacelabs Healthcare will repay approximately $22
million of its $57.3 million debt to OSI - leaving a balance owed
to OSI of approximately $35 million. Prior to the commencement of
trading, the market capitalization of Spacelabs Healthcare will be
approximately $150 million plus the approximate $35 million in
debt. Deepak Chopra, CEO of Spacelabs Healthcare, stated, "We are
delighted to have successfully completed the listing of Spacelabs
Healthcare on AIM in London. During a period of difficult market
conditions we are pleased to have been able to attract a high
quality institutional shareholder base. Since 1987, we have built a
profitable global business with a portfolio of strong brand names
and cutting edge technologies in the areas of patient monitoring,
anesthesia and pulse oximetry. We look forward to the support of
our shareholders as we pursue our future growth strategies
utilizing the proceeds of the placing to accelerate the next phase
of our strategic development." For the past year OSI has been
exploring strategic alternatives for its Security, Healthcare and
Opto-electronic business groups. The company's Healthcare Group,
now known as Spacelabs Healthcare, has grown from approximately $11
million in annual revenues in fiscal 2003, to $195.7 million in
fiscal 2005 primarily as a result of the acquisitions of Spacelabs
and Blease. 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 our expectations, goals or intentions
about the future, including, but not limited to, statements
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.
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