Escalon(R) Reports First Quarter Fiscal 20... (rew business unit. Final deal terms b...)

Escalon(R) Reports First Quarter Fiscal 2009 Results

Date:11/13/2008

rew business unit.

Final deal terms between the parties have not been reached.

The transaction will be subject to the satisfaction of a number of conditions, including the negotiation of definitive terms, the execution of a definitive purchase agreement, and assuming successful consultation with the relevant employee representative councils as required under applicable law.

The parties are seeking to conclude negotiations in the short term and to complete the transaction during Escalon's second quarter of fiscal 2009, although there is no assurance that the transaction will be successfully negotiated or that closing of the transaction will occur in that time frame, if at all.

Founded in 1987, the Company (http://www.escalonmed.com) develops markets and distributes ophthalmic diagnostic, surgical and pharmaceutical products as well as vascular access devices. Drew Scientific, which operates as a separate business unit, provides instrumentation and consumables for the diagnosis and monitoring of medical disorders in the areas of diabetes, cardiovascular diseases and hematology, as well as veterinary hematology and blood chemistry. The Company seeks to utilize strategic partnerships to help finance its development programs and is also seeking acquisitions to further diversify its product line to achieve critical mass in sales and take better advantage of the Company's distribution capabilities, although such partnerships or acquisitions may not occur. The Company has headquarters in Wayne, Pennsylvania and operations in Long Island, New York, New Berlin, Wisconsin, Lawrence, Massachusetts, Dallas, Texas, Waterbury, Connecticut, Miami, Florida and Barrow-in-Furness, U.K.

Note: This press release contains statements that are considered forward-looking under the Private Securities Litigation Reform Act of 1995, including statements about the Company's future prospects. These statement
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