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CardioNet Expands Product Offering and Launches Clinical Research Services
Date:4/2/2009

Announces Acquisition of Biotel

CONSHOHOCKEN, Pa., April 2 /PRNewswire-FirstCall/ -- CardioNet, Inc. (Nasdaq: BEAT), a leading wireless medical technology company with an initial focus on the diagnosis and monitoring of cardiac arrhythmias, announced today its entry into the cardiac clinical research services business and the acquisition of Biotel, Inc. (OTC Bulletin Board: BTEL). The two companies entered into a binding definitive merger agreement for CardioNet to acquire Biotel for $4.82 per share in cash, for a total transaction value of approximately $14 million.

The acquisition of Biotel expands CardioNet's product portfolio with a recently approved wireless event monitor, enhancing CardioNet's leadership position in the rapidly emerging field of wireless medicine. With the acquisition, CardioNet provides physicians and patients with the most comprehensive array of products for the diagnosis and monitoring of cardiac arrhythmias. The Company's product portfolio will include Holter monitoring, wireless event monitoring and CardioNet's Mobile Cardiac Outpatient Telemetry(TM) (MCOT(TM)), the leading system for wireless diagnosis and monitoring of cardiac arrhythmias.

As part of the acquisition, CardioNet is acquiring Biotel's wholly-owned subsidiary, Agility Centralized Research Services, based in Chicago. Agility provides event, Holter and twelve lead ECG monitoring services to the medical device and pharmaceutical industries, as well as to contract research and academic research organizations worldwide. This service allows for the monitoring of cardiac conditions and therapeutic evaluation within clinical trials. CardioNet has stated publicly that the contract research industry represents a substantial opportunity to leverage the Company's product portfolio and platform technology. This is the first
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SOURCE Biotel, Inc.
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