Cardiac Science (NASDAQ:DFIB)
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GE Healthcare Signs Exclusive Agreement to Distribute Cardiac
Science Defibrillators in North American Hospitals
Agreements Will Continue Following Pending Merger with Quinton Cardiology
IRVINE, Calif., June 13 /PRNewswire-FirstCall/ -- Cardiac Science, Inc.
(NASDAQ:DFIB), a leading manufacturer of life-saving automatic public-access
defibrillators (AEDs), announced today that it has expanded its multi-year
strategic distribution agreements with GE Healthcare, a division of General
Electric Company (NYSE:GE).
Under the agreements, GE Healthcare will market Cardiac Science's complete line
of Powerheart(R)-brand external defibrillators on an exclusive basis to
hospitals in the United States and Canada. In addition, GE also confirmed the
assignment of the distribution agreements to the new corporate entity being
created by the pending merger transaction between Cardiac Science and Quinton
Cardiology Systems, Inc. (NASDAQ:QUIN).
The agreements provide GE Healthcare exclusivity in North American hospitals,
based on certain annual performance criteria, for Cardiac Science's complete
line of defibrillators including Powerheart(R) G3 AEDs, Powerheart(R) CRM(R)
and Cardiac Science's new traditional "crash-cart" in-hospital external
defibrillator, which is currently pending 510(k) approval by the U.S. Food &
Drug Administration and is anticipated to be released for worldwide sale this
summer.
Cardiac Science's Chairman and Chief Executive Officer Raymond W. Cohen said,
"These agreements confirm that GE Healthcare will market the
soon-to-be-released "crash-cart type" defibrillator in North American hospitals
under the Powerheart(R)-brand and internationally under the GE Responder(R)
brand post our pending merger with Quinton. They also greatly expand our
relationship with GE Healthcare by granting GE exclusivity to North American
hospitals based on certain performance criteria."
Cohen added, "For the first time, we will soon begin competing for a share of
the lucrative traditional in-hospital external defibrillator market where in
the United States alone, several hundred million dollars worth of these
defibrillators are being purchased each year to replace older models. In
addition, we believe GE Healthcare can help us sell AEDs in the emerging U.S.
hospital AED market, where AEDs are being deployed in the non-acute sections of
the hospital to treat patients and protect visitors and hospital employees who
suffer sudden cardiac arrest."
As is the case with the existing line of Cardiac Science Powerheart(R) AEDs,
the new traditional "crash-cart" hospital external defibrillator incorporates
the Company's patented STAR(R) biphasic technology and RHYTHMx(R) analysis
software. The new product will be manufactured by Cardiac Science under the
Powerheart(R)-brand for sale by GE Healthcare in North American hospitals, and
on a private label basis under the GE Responder(R) brand name for sale by GE
Healthcare in Europe, Asia, the Middle East and other international markets.
GE Healthcare first began selling an OEM version of the Cardiac Science-
manufactured AEDs internationally in the late 2003. In October 2004, Cardiac
Science made its first shipments to GE Healthcare of its G3 PRO AED, designed
for medical professionals, under the Responder(R) label.
About Cardiac Science
Cardiac Science, with operations in Orange County, CA, Minneapolis, MN,
Manchester, England and Copenhagen, Denmark, develops, manufactures and markets
Powerheart(R)-brand automatic public-access defibrillators (AEDs) and offers
comprehensive AED/CPR training and AED program management services that
facilitate successful deployments. The Company also makes the Powerheart(R)
CRM(R), the only FDA-cleared therapeutic patient monitor that instantly and
automatically treats hospitalized cardiac patients who suffer life-threatening
heart rhythms. In the U.S., Cardiac Science products are sold to corporations,
police and fire departments, state and local municipalities, the federal
government and schools by its 55-person direct sales force, and certain
national and local distributors. Internationally, Cardiac Science products are
sold direct in the United Kingdom and by independent distributors in over 60
countries. Cardiac Science also manufactures its AED products on a private
label basis for other leading medical companies such as Quinton Cardiology
Systems, Nihon Kohden (Japan) and GE Healthcare. In 2004, Cardiac Science was
recognized by Deloitte & Touche as the 4th fastest growing technology company
in North America and as the fastest growing company in Orange County, CA. For
more information, please visit http://www.cardiacscience.com/ or contact
Cardiac Science at (949) 797-3800.
This news release contains "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995. In addition, from time
to time the company, or its representatives, have made or may make forward
looking statements orally or in writing. The words "estimate," "potential,"
"intended," "expect," "anticipate," "believe," and similar expressions or words
are intended to identify forward looking statements. Such forward-looking
statements include, but are not limited to the achievement of future revenue
growth based on the expanded agreement with GE Healthcare. Cardiac Science has
based these forward-looking statements on current expectations, assumptions,
estimates and projections. While Cardiac Science believes these expectations,
assumptions, estimates and projections are reasonable, such forward-looking
statements are only predictions and involve known and unknown risks and
uncertainties, many of which are beyond our control. Cardiac Science cautions
that these statements are subject to substantial risks and uncertainties and
are qualified by important factors that could cause actual results to differ
materially from those reflected by the forward-looking statements and should
not be relied upon by investors when making an investment decision. Information
on these and other factors is detailed in the Company's Form 10-K for the year
ending December 31, 2004, subsequent quarterly filings, and other documents
filed by Cardiac Science with the Securities and Exchange Commission. . Given
these risks and uncertainties, you are cautioned not to place undue reliance on
such forward- looking statements. Cardiac Science does not undertake any
obligation to update any such statements or to publicly announce the results of
any revisions to any such statements to reflect future events or developments.
Contact: Matt Clawson (Investors), or Michael Gioffredi
Len Hall (Media) Chief Marketing Officer
Allen & Caron Inc Cardiac Science, Inc.
(949) 474-4300 (949) 797 3800
DATASOURCE: Cardiac Science, Inc.
CONTACT: Matt Clawson, Investors, , or Len Hall,
Media, , both of Allen & Caron Inc, +1-949-474-4300; Michael
Gioffredi, Chief Marketing Officer, Cardiac Science, Inc., +1-949-797-3800,
Web site: http://www.cardiacscience.com/