VIASYS Healthcare Inc. Acquires Tiara Medical Systems, Inc.; Acquisition Expands VIASYS' Presence in Sleep Therapy
July 12 2006 - 7:00AM
Business Wire
VIASYS Healthcare Inc. (NYSE:VAS) ("VIASYS") and Tiara Medical
Systems, Inc. ("Tiara Medical") announced today that VIASYS has
acquired Tiara Medical - a company focused in the sleep therapeutic
market. Randy Thurman, Chairman, President and Chief Executive
Officer, VIASYS Healthcare Inc., commented, "The acquisition of
Tiara Medical reflects our commitment to expand our presence in the
sleep therapy market. VIASYS is a leading global competitor in
pulmonary, neurological and sleep diagnostics, as well as within
the critical care segment. We believe that this acquisition
positions us to compete effectively in this rapidly growing market
segment by building on our existing product offering. In addition,
we believe that our access to the decision makers in the sleep
therapy market, our existing presence in this market, and our
international sales and distribution capability will allow us to
increase sales of the Tiara products." Based in Oak Forest,
Illinois, Tiara Medical designs, manufactures, markets, and sells
Continuous Positive Airway Pressure (CPAP) masks, headgear,
circuits, and filters. These products are complemented by a
comprehensive product line of specialty filters and accessories for
oxygen concentrators and mechanical ventilators. Tiara Medical
offers home health care providers the convenience of a
comprehensive range of products to meet the needs of patients
receiving treatment for Obstructive Sleep Apnea (OSA) and other
chronic respiratory diseases. Tiara Medical recently introduced The
Advantage Series(TM) Full Face Mask and the Snapp-X(TM) Direct
Nasal Interface. Ed Pulwer, Group President, VIASYS Respiratory
Care, commented on the acquisition, "With the acquisition of Tiara
Medical, VIASYS is increasing its presence in the global sleep
therapy market. According to Frost and Sullivan, sleep therapy is
the fastest growing market segment in the global respiratory
market. VIASYS is already a market leader in the sleep diagnostics
business, with well-established brands such as Jaeger(TM) and
SENSORMEDICS(R). We believe that Tiara Medical's expertise in CPAP
and non-invasive ventilation mask design will enhance the VIASYS
global product offering. We believe this acquisition is a key step
following the establishment earlier this year of the VIASYS Sleep
Division as a separate operating entity focused on this
opportunity. Rebecca Mabry, General Manager, Sleep Diagnostics and
Therapy, will be responsible for integrating this acquisition into
VIASYS." James Fitzsimmons, President and Chief Executive Officer,
Tiara Medical, commented, "The combined product offering of VIASYS
Healthcare and Tiara Medical will offer sleep diagnostics
laboratories and home healthcare providers a variety of choices in
the diagnosis and treatment of sleep disorders. We also expect that
VIASYS' global distribution and product support infrastructure will
greatly enhance Tiara Medical's ability to penetrate domestic and
international markets for sleep diagnostic and therapeutic
devices." Under the terms of the acquisition agreement, VIASYS
acquired all of the outstanding stock of Tiara Medical through one
of its subsidiaries for consideration of approximately $24.3
million. VIASYS financed the acquisition with cash and borrowings
under its revolving credit facility. Tiara's 2005 revenues were
$10.3 million, and the company has grown approximately 15%
compounded over the last three years. ABOUT VIASYS HEALTHCARE INC.
VIASYS Healthcare Inc. is a global, research-based medical
technology company focused on respiratory, neurology, medical
disposable and orthopedic products. VIASYS products are marketed
under well-recognized trademarks including, among others, AVEA(R),
BEAR(R), BIRD(R), CORFLO(R), CORPAK(R), CORTRAK(R), EME(R),
GRASON-STADLER(R), JAEGER(TM), LYRA(R), MEDELEC(R), MICROGAS(R),
NAVIGATOR(R), NICOLET(R), NicoletOne(TM), PULMONETIC(TM),
SENSORMEDICS(R), TECA(R), TECOMET(TM), VELA(R) and VMAX(R). VIASYS
is headquartered in Conshohocken, PA, and its businesses are
conducted through its Respiratory Care, NeuroCare, MedSystems and
Orthopedics business units. More information can be found at
http://www.viasyshealthcare.com. ABOUT TIARA MEDICAL SYSTEMS, INC.
Tiara Medical designs, manufactures, and markets CPAP masks,
headgear, filters and respiratory accessories for use in home
health care. Tiara Medical is headquartered in Oak Forest,
Illinois. More information can be found at http://www.tiaramed.com.
This news release includes forward-looking statements within the
meaning of the "Safe Harbor" provisions of Private Securities
Litigation Reform Act of 1995 regarding VIASYS' product offering,
VIASYS' ability to compete in the sleep market, VIASYS' ability to
increase the sales of the Tiara Medical products domestically and
internationally, VIASYS' presence in and commitment to the sleep
therapy market, the effect of VIASYS' distribution and support
infrastructure on Tiara Medical's ability to penetrate markets, the
strategic impact of acquiring Tiara Medical, and the market
opportunity in sleep therapy. These forward-looking statements are
based on current expectations and involve inherent risks and
uncertainties, including important factors that could delay,
divert, or change the expectations for VIASYS' products and could
cause actual outcomes and results to differ materially from current
expectations. These factors include, among other things, market
factors, internal research and development initiatives, partnered
research and development initiatives, competitive and new product
development, marketing initiatives, sales and distribution risks,
the continued growth of the sleep therapy market, governmental
regulations and legislation, patent positions and litigation. For
further details and a discussion of other risks and uncertainties
that may change VIASYS' expectations, please see VIASYS' annual
report on Form 10-K for the year ended January 1, 2006, which is on
file with the Securities and Exchange Commission. VIASYS undertakes
no obligation to publicly update this forward-looking statement,
whether as a result of new information, future events, or
otherwise.
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