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Ellex acquires Innovative Imaging to target ophthalmic diagnostic ultrasound market

Ellex Medical Lasers : 29 May, 2007  (New Product)
Innovative Imaging, a US based leader in the design and manufacture of ophthalmic diagnostic ultrasound systems, has been acquired by Ellex Medical Lasers.
'The acquisition of Innovative Imaging is in keeping with Ellex's stated strategy to grow by focusing on direct marketing of Ellex products to ophthalmologists around the world', said Ellex CEO Peter Falzon.

'Innovative Imaging provides an essential technology to Ellex's target customers, and the products and technology fit well with Ellex's manufacturing, sales, marketing and service capabilities.

'We expect this to translate into significant benefits of synergy over time'.

The Innovative Imaging I3 System is considered the gold standard for diagnostic Ultrasound in ophthalmology, especially among retinal specialists in the United States. Worldwide, more than 1,300 systems are in use.

Innovative Imaging generated revenue of $2.3 million in calendar year 2005.

Under the terms of the agreement, Ellex made a base payment of $1 million for the business.

In addition, Ellex will make an annual payment in each of the first three years, based on the performance of the business.

The initial payment will be financed from Ellex's existing credit facility and Ellex expects the acquisition to be earnings per share accretive this financial year.
Concurrent with the acquisition, Athy Kalatzis, vice president of business development at Ellex, has assumed the role of General Manager of Innovative Imaging.

The company's current headquarters in Sacramento, California, USA, will continue to operate as an engineering and manufacturing centre focused on the I3 System, and the I3 sales and service support network for customers will remain unchanged.

Innovative Imaging founder Rainer Nikel and shareholder Cynthia Kendall have agreed to continue with the business for at least three years, along with a number of other key employees.

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