Cedara (NASDAQ:CDSW)
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Cedara Software Pleased to Announce Analogic Corporation's
Disposition of Cedara Shares
- Cedara recently entered into comprehensive, long-term commercial contract to
provide its advanced medical imaging software and development services to
Analogic and its subsidiaries
TORONTO, Feb. 17 /PRNewswire-FirstCall/ -- CEDARA SOFTWARE CORP.
(TSX:CDE/NASDAQ:CDSW), a leading independent provider of medical imaging
technologies for the global healthcare market, today announced that Analogic
Corporation (NASDAQ:ALOG) sold the 4,580,461 shares it held in Cedara,
representing approximately 14.6% of the company's outstanding shares.
"I am delighted that Analogic, a leading designer and manufacturer of advanced
health and security systems and subsystems sold primarily to Original Equipment
Manufacturers (OEMs), was able to realize net proceeds of over USD$50,000,000
from its investment in Cedara", said Cedara President and CEO, Abe Schwartz."
"My understanding is that Analogic sold the shares to a Canadian investment
dealer who subsequently sold them to a number of institutional investors. I am
delighted that there exists a sufficient demand and following in Cedara's
shares and obvious confidence in the recently announced merger between Cedara
and Merge eFilm for one Canadian investment dealer to have acquired Analogic's
entire holding for resale to those institutional investors. Having Analogic's
block of Cedara shares being widely-held is of benefit to Cedara."
"I will always be grateful to Analogic for saving Cedara. In September 2001,
Analogic made a critical USD$7,500,000 investment in Cedara in order to secure
access to Cedara's leading-edge medical imaging software. Analogic then
proceeded to guarantee Cedara's bank line. Without that assistance Cedara would
simply not have been able to survive and subsequently prosper. Analogic was
especially supportive of me ever since I arrived as Cedara's new CEO in
September 2002."
"As a result of the dramatic turnaround in our financial performance, Cedara
stopped requiring Analogic's support as of March 2004 when we completed a
CDN$50,000,000 share offering."
"Cedara recently signed a comprehensive, long-term commercial contract to
provide its advanced medical imaging software and development services to
Analogic and its subsidiaries. Analogic now feels that it will continue to meet
its requirement for medical imaging software without the need to maintain an
ownership interest in Cedara. I very much look forward to continuing Cedara's
close relationship with Analogic for many years to come," said Schwartz.
About Cedara Software Corp
Cedara Software Corp. is a leading independent provider of medical imaging
technologies. Cedara's software is deployed in hospitals and clinics worldwide
and is licensed by many of the world's leading medical device and healthcare
information technology companies. Approximately 28,000 medical imaging systems
and 6,400 Picture Archiving and Communications System (PACS) workstations have
been licensed to date. Cedara recently acquired eMed Technologies Corporation,
widely known as a provider of innovative PACS and teleradiology solutions that
have been installed in over 2,000 hospitals and imaging centres. Cedara is
unique in that it has technologies and expertise that span all the major
digital imaging modalities including computed tomography (CT), magnetic
resonance imaging (MRI), digital X-ray, mammography, ultrasound,
echo-cardiology, angiography, nuclear medicine, positron emission tomography
(PET) and fluoroscopy. Furthermore, the Company's medical imaging offerings are
used in all aspects of clinical workflow including the capture of a patient's
digital image; the archiving, communication and manipulation of digital images;
sophisticated clinical applications to analyze digital images; and even the use
of imaging in minimally-invasive surgery. On January 18, 2005, Cedara announced
that it had signed a definitive agreement to merge with Merge Technologies
Incorporated (NASDAQ:MRGE), d.b.a. Merge eFilm, in an all-stock transaction.
The merger is subject to shareholder and regulatory approval.
Certain statements contained in this news release are forward-looking within
the meaning of securities laws and are based on current expectations that are
subject to a number of assumptions, uncertainties and risks, and the actual
results may differ materially from what is currently expected. In particular,
statements relating to the healthcare imaging software market and market share,
relating to the Company's expectations concerning its licensed software
products, relating to the Company's expectations as to revenues, costs and cash
flows, relating to the acquisition of eMed and relating to the proposed merger
with Merge eFilm are forward looking statements. The assumptions, uncertainties
and risks upon which these forward looking statements are based include, but
are not limited to: dependence on key personnel of the Company, dependence on
major customers and individual contracts, fluctuations in quarterly financial
results, competitive pressures (including price competition), rapid
technological change, exchange rate fluctuations, risks associated with
international operations, dependence on intellectual property rights,
regulatory clearances and approvals for new products, risks relating to product
defects and product liability, adverse consequences of financial leverage,
ability to service debt, continued acceptance of the Company's products,
regulatory changes to the health care industry, seasonality, economic and
political conditions, risks relating to the acquisition of eMed and risks
relating to the proposed merger with Merge eFilm including risks associated
with obtaining regulatory and shareholder approvals without unexpected delays
or conditions, timely implementation and execution of merger integration plans,
retention of customers and the Company's original employees, successfully
leveraging Merge eFilm's and the Company's comprehensive product offering to
the combined customer base and sustaining continued growth at rates
approximating recent levels. Further information about these risks and
uncertainties can be found in the continuous disclosure documents filed from
time to time by Cedara with the securities regulatory authorities, which
documents are available at http://www.sedar.com/.
DATASOURCE: Cedara Software Corp.
CONTACT: Brian Pedlar, Chief Financial Officer, Cedara Software Corp.,
(905) 672-2100, Extension 2015, ;
To request a free copy of this organization's annual report, please go to
http://www.newswire.ca/ and click on reports@cnw.