CardioNet, Inc. Acquires ECG Scanning & Medical Services, Inc.
February 10 2012 - 9:05AM
Business Wire
CardioNet, Inc. (NASDAQ:BEAT), a leading wireless medical
technology company with a current focus on the diagnosis and
monitoring of cardiac arrhythmias, today announced the acquisition
of ECG Scanning & Medical Services, Inc. CardioNet acquired all
of the outstanding shares of ECG Scanning for aggregate
consideration of $5.8 million in cash at closing and up to an
additional $0.6 million in cash upon the achievement of certain
performance targets.
Joseph Capper, President and Chief Executive Officer of
CardioNet, commented: “We are excited to join forces with ECG
Scanning. ECG Scanning is a respected cardiac monitoring provider
that affords CardioNet access to established relationships with
healthcare providers and payors in the mid-west. This acquisition
demonstrates our commitment to augment the growth of our core
business through strategic transactions. The combined strength of
the two companies further cements CardioNet’s position as the
leading provider of wireless cardiac monitoring services.”
About CardioNet
CardioNet is a leading provider of ambulatory, continuous,
real-time outpatient management solutions for monitoring relevant
and timely clinical information regarding an individual's health.
CardioNet's initial efforts are focused on the diagnosis and
monitoring of cardiac arrhythmias, or heart rhythm disorders, with
a solution that it markets as Mobile Cardiac Outpatient TelemetryTM
(MCOTTM). More information can be found at
http://www.cardionet.com.
Forward-Looking Statements
This document includes certain forward-looking statements within
the meaning of the "Safe Harbor" provisions of the Private
Securities Litigation Reform Act of 1995 regarding, among other
things, our growth prospects, the prospects for our products and
our confidence in the Company's future. These statements may be
identified by words such as "expect," "may," "anticipate,"
"possible," "estimate," "potential," "intend," "plan," "believe,"
"forecast," "promises" and other words and terms of similar
meaning. Such forward-looking statements are based on current
expectations and involve inherent risks and uncertainties,
including important factors that could delay, divert, or change any
of them, and could cause actual outcomes and results to differ
materially from current expectations. These factors include, among
other things, the ability to integrate ECG Scanning into our
business, retain their payor contracts, retain their employees,
maintain ECG Scanning customer relationships, the effectiveness of
our efforts to address operational initiatives, including cost
savings initiatives that affect our business, changes to insurance
coverage, relationships with our government and commercial payors
and reimbursement levels for our products, the success of our sales
and marketing initiatives, our ability to attract and retain
talented executive management and sales personnel, our ability to
identify acquisition candidates, acquire them on attractive terms
and integrate their operations into our business, the
commercialization of new products, market factors, internal
research and development initiatives, partnered research and
development initiatives, competitive product development, changes
in governmental regulations and legislation, the continued
consolidation of payors, acceptance of our new products and
services and patent protection, adverse regulatory action and
litigation success. For further details and a discussion of these
and other risks and uncertainties, please see our public filings
with the Securities and Exchange Commission, including our latest
periodic reports on Form 10-K and 10-Q. We undertake no obligation
to publicly update any forward-looking statement, whether as a
result of new information, future events, or otherwise.
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