WAYNE, Pa., June 5 /PRNewswire-FirstCall/ -- Escalon Medical Corp. (Nasdaq Capital Market: ESMC) announced today that on May 30, 2008 its wholly owned subsidiary, Drew Scientific, Inc. ("Drew") acquired JAS Diagnostics, Inc. ("JAS"). JAS is a privately-held manufacturer of class I and II in vitro diagnostics ("IVD") reagents that markets its products to physician, reference, hospital and veterinary laboratories throughout the world. JAS, based in Miami, Florida, generates annual revenues of approximately $2.0 million. Drew purchased 100% of the outstanding shares of JAS for approximately $1,200,000 in cash and $800,000 in notes payable.
"Consistent with our strategic objective to expand our presence in the reagent segment of the IVD market, we are pleased to announce the acquisition of JAS, a value-creating bolt-on acquisition that adds intangible assets to the Drew existing product line," said Richard J. DePiano Sr., Chairman and Chief Executive Officer. "JAS' strong customer relationships, well-respected product portfolio, and research and development competencies will be an excellent complement to our Drew business. While Drew is focused on the equipment side of the IVD business, JAS synergistically expands our current position into the clinical chemistry consumable market. We look forward to the JAS team becoming part of our organization and contributing to our future growth."
JAS was established in 2000 and specializes in the manufacture of a
broad range of liquid stable, diagnostics chemistry reagents used in IVD
tests. Many of these reagents are single vial stable, which offer ease of
use, increased speed of results, and extended on-board stability, among
other superior performance characteristics. JAS has CE marks for marketing
for its products in Europe, along with ISO 9001 certification. JAS offers
over 150 products and has obtained FDA 510(k) marketing clearance and CLIA
classification for its manufactured products as required. Notabl
|SOURCE Escalon Medical Corp.|
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