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Escalon(R) Medical Corp. Completes Bolt-On Acquisition, Enhances Market Position in France and Expands Product Offering
Date:1/6/2009

ACQUIRES HEMATOLOGY BUSINESS ASSETS FROM BIOCODE HYCEL

WAYNE, Pa., Jan. 6 /PRNewswire-FirstCall/ -- Escalon Medical Corp. (Nasdaq Capital Market: ESMC) announced that on December 31, 2008 pursuant to an Asset Purchase Agreement it completed the previously announced acquisition of the hematology business of Biocode Hycel, the French subsidiary of Immunodiagnostic Systems plc, a provider of in vitro diagnostic products. The acquired hematology business will continue to operate under the name Biocode Hycel and has operations near Rennes, France. The acquired hematology business had 2008 annual revenues of approximately Euro 4,200,000, or approximately $5,800,000. The business will be vertically integrated into Escalon's clinical diagnostics business and its growing portfolio of brands, which also includes Drew Scientific and JAS Diagnostics.

The purchase price for the acquisition was Euro 4,200,000, of which Euro 25,000 was paid upfront. The seller-provided financing requires payment over four years as follows:

  • the first interest-only payment is due in December of 2009;
  • thereafter, every six months, an interest payment is due at an annual interest rate of 7%;
  • after 18 months a principal payment of Euro 800,000 is due;
  • after 30 months a principal payment of Euro 1,000,000 is due;
  • after 36 months a principal payment of Euro 1,000,000 is due; and
  • after 48 months a principal payment of Euro 1,375,000 is due.

The payment amount in United States Dollars will be determined on the payment due date, based upon the then current exchange rate between the United States Dollar and the Euro.

Strong Strategic Fit for Drew

Richard J. DePiano, Jr. President, commented, "This acquisition of hematology assets from Biocode Hycel is a natural
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SOURCE Escalon Medical Corp.
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