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MGC Diagnostics Corporation Completes Sale of New Leaf Business Assets to Life Time - The Healthy Way of Life Company
Date:8/30/2012

SAINT PAUL, Minn., Aug. 30, 2012 /PRNewswire/ -- MGC Diagnostics Corporation (NASDAQ: MGCD), (formerly Angeion Corporation (NASDAQ: ANGN)), a global medical technology company, today announced it has sold the assets of its New Leaf business to Life Time Fitness, Inc. (NYSE: LTM) effective August 28, 2012. Under the transaction, Life Time paid MGC Diagnostics $1.0 million at closing, and will pay an additional $235,000 over the next 18 months.

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Gregg O. Lehman, Ph.D., president and chief executive officer of MGC Diagnostics, said, "We are pleased to have completed this sale to Life Time. I believe that as part of Life Time's Healthy Way of Life service offerings, the New Leaf technology will continue to grow and thrive."

Under the transaction, MGC Diagnostics sold Life Time its New Leaf-related software and support materials, New Leaf product inventory, and New Leaf trademarks, service marks, and websites.  The Company also licensed to Life Time certain patents and other intellectual property for use in the general wellness and health and fitness field.  MGC Diagnostics retained all rights to this intellectual property in the medical field.  Finally, MGC Diagnostics and Life Time entered into a Transition and Supply Agreement that runs through June 30, 2014 to transition the New Leaf business to Life Time.

In connection with the transaction, the Company will wind down its non-Life Time New Leaf business.  The Company will continue to provide its existing New Leaf customers, other than Life Time, with products and service under ongoing contractual obligations through June 30, 2014.

The Company expects to recognize revenu
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SOURCE MGC Diagnostics Corporation
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