SAN JOSE, Calif., Nov. 21 /PRNewswire-FirstCall/ -- Applied Imaging Corporation ("Applied Imaging" or "the Company") , a leading supplier of automated imaging and image analysis systems, today announced that stockholders have approved the Company's acquisition by Genetix Group plc. ("Genetix") (AIM: GTX), the United Kingdom-based cell biology, proteomics, and genomics health technology group. The all-cash transaction is valued at $25.8 million, with Genetix paying $4.20 per share to acquire all of Applied Imaging's common stock. Aquilo Partners, Inc. acted as exclusive financial advisor to Applied Imaging in the transaction.
"We are pleased that our stockholders have approved this transaction," said Robin Stracey, Applied Imaging's President and CEO. "Not only do we believe this is the right path for our stockholders, but it also strengthens our overall competitive position and enhances our ability to fully capitalize on the products and technologies that we have developed. We look forward to working closely with the Genetix team in leveraging the collective capabilities of both organizations to bring greater value to our customers."
About Applied Imaging
Applied Imaging Corp., based in San Jose, California, is a leading supplier of automated imaging and image analysis systems for the detection and characterization of chromosomes and molecular markers in genetics and cancer applications. The Company markets a wide range of imaging and image analysis systems for fluorescence and brightfield microscopy, including the Company's Ariol(R) and CytoVision(R) product families. Applied Imaging has installed over 4,000 systems in over 1,000 laboratories in more than 60 countries. The Company is also developing a system for the detection, quantification and characterization of circulating tumor cells from the blood of cancer patients. More information about Applied Imaging can be found at http://www.aicorp.com.
Genetix adds value to scientists working at the cutting edge of cell biology, proteomics and genomics through its pioneering development of automated systems. The Company's core skill is in the design, development and manufacture of innovative systems that reduce the time and cost of introducing new biopharmaceuticals. Its products include instruments and consumables that were used in the Human Genome Project and are now used in the genetic analysis of human diseases -- analysing and selecting cells for the production of therapeutic proteins. Genetix has established a broad and strong customer base among many of the world's leading biotech and pharmaceutical companies & research institutions. Genetix is quoted on AIM (symbol GTX) and is based in New Milton, Hampshire, UK, with offices in the United States and Germany.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995:
This press release contains forward looking statements as defined in the Private Securities Litigation Reform Act of 1995, regarding, among other matters, the expected potential of the proposed transaction. Forward-looking statements are based on management's current, preliminary, expectations and are subject to risks and uncertainties, which may cause the Company's actual results to differ materially from the statements contained herein. Actual results could differ materially from those projected in the forward-looking statements as a result of the terms and conditions specified in the definitive merger agreement. The forward-looking statements in this news release are made as of November 21, 2006, and Applied Imaging is under no obligation to revise or update these forward-looking statements.
CCG Investor Relations Applied Imaging Corp.
Crocker Coulson, President Terry Griffin, Chief Financial Officer
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Applied Imaging Corporation