Hamilton Thorne Acquires ZANDAIR™ Air Purification Products Business
July 19 2018 - 4:15PM
Hamilton Thorne Ltd. (TSX-V:HTL), a leading provider of precision
instruments, consumables, software and services to the Assisted
Reproductive Technologies (ART) and developmental biology research
markets, today announced that it has completed the acquisition of
the ZANDAIRTM line of air purification equipment and related
consumables and services business from Zander Scientific, Inc.
“The ZANDAIR line of air purification systems are proven
performers in the ART market, with installations in hundreds of
laboratories worldwide,” stated David Wolf, President and CEO of
Hamilton Thorne. “It is well known that maintaining a clean
environment in the ART lab, free of Volatile Organic Compounds
(VOCs) and other contaminants, is essential to embryo health. The
addition of the ZANDAIR product line is consistent with our
commitment to quality in the ART laboratory.”
The ZANDAIR product line includes the ZANDAIR 100P & 100C
free-standing air purification systems and the flagship ZANDAIR
PCOC-3, in-duct system for large lab installations. All systems
include a unique Photocatalytic Oxidizing (PCO) technology that
converts and neutralizes Volatile Organic Compounds (VOCs), odors,
fumes, and toxic chemicals to benign water and carbon dioxide
by-products and an Ultraviolet Light (UV) module that attacks the
molecular structure of viruses and bacteria, which can be too small
to be filtered out by standard filtration systems.
Additional information on the ZANDAIR air purification systems
and related consumables can be found at
http://www.hamiltonthorne.com/index.php/products/air-purification-systems.
Key Benefits of the
Transaction:
- Addition of a profitable portfolio of premium products that
diversifies and increases Hamilton Thorne’s product offerings to
the ART laboratory
- Provides additional recurring revenue from consumables sales of
UV lights and filters
- Opportunity to increase ZANDAIR product sales by leveraging
Hamilton Thorne’s established worldwide sales and marketing
resources
- Expected to be accretive to revenue and Adjusted EBITDA in
2018
Acquisition Details
Hamilton Thorne acquired the assets of the ZANDAIR business for
a purchase price of approximately $640,000 in cash - $100,000 of
which will be held in escrow for one-year pending final calculation
of certain closing adjustments and to satisfy any possible
indemnity claims. The purchase price is equal to approximately 1.15
times 2017 sales attributable to the business and 4 times 2017
EBITDA, adjusted for certain items.
About Hamilton Thorne Ltd.
(www.hamiltonthorne.ltd)
Hamilton Thorne is a leading global provider of precision
instruments, consumables, software and services that reduce cost,
increase productivity, improve results and enable breakthroughs in
Assisted Reproductive Technologies (ART) and developmental biology
research markets. Hamilton Thorne markets its products and services
under the Hamilton Thorne, Gynemed and Embryotech Laboratories
brands, through its growing sales force and distributors worldwide.
Hamilton Thorne’s customer base consists of fertility clinics,
university research centers, animal breeding facilities,
pharmaceutical companies, biotechnology companies, and other
commercial and academic research establishments.
Neither the Toronto Venture Exchange, nor its regulation
services provider (as that term is defined in the policies of the
exchange), accepts responsibility for the adequacy or accuracy of
this release.
The Company utilizes earnings before interest,
income taxes, depreciation, amortization, share-based compensation
expense, changes in fair value of derivatives and identified
acquisition costs related to completed transactions (“Adjusted
EBITDA”) as a non-IFRS measure, which is used by management as a
measure of financial performance. See section entitled “Use of
Non-IFRS Measures” and “Results of Operations” in the Company’s
most recent Management Discussion and Analysis for further
information.
Certain information in this press release may
contain forward-looking statements. This information is based on
current expectations that are subject to significant risks and
uncertainties that are difficult to predict including the risk that
the Company may not be able to obtain the necessary regulatory
approvals, as applicable. Actual results might differ materially
from results suggested in any forward-looking statements. The
Company assumes no obligation to update the forward-looking
statements, or to update the reasons why actual results could
differ from those reflected in the forward-looking statements
unless and until required by securities laws applicable to the
Company. Additional information identifying risks and uncertainties
is contained in filings by the Company with the Canadian securities
regulators, which filings are available at www.sedar.com
For more information, please contact:
David Wolf, President & CEOHamilton Thorne
Ltd.978-921-2050ir@hamiltonthorne.com
Michael Bruns, CFOHamilton Thorne
Ltd.978-921-2050ir@hamiltonthorne.com
Glen AkselrodBristol Investor
Relations416-737-4467glen@bristolir.com
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