OSI Systems (NASDAQ:OSIS)
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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.