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Cardiac Science Corporation (CSCX) Sells Diagnostic Cardiology Product Line to Mortara Instrument, Inc. for $21 Million



4/1/2013 6:55:31 AM

MILWAUKEE, Wis. and BANGALORE, India, April 1, 2013 /PRNewswire/ -- Cardiac Science, an Opto Circuits group company, announced today a definitive agreement signed on 29thMarch 2013 to sell its Diagnostic Cardiology product line to Mortara Instrument, Inc. The business consists of the well-known Burdick and Quinton brands and associated products. The transaction does not include MySense®, the novel, wearable, single-patient ECG Recorder System and the Resuscitation business unit, which markets automated external defibrillators (AEDs) worldwide.

The boards of directors of both companies have approved the transaction. The companies are currently operating under a transition services agreement whereby Cardiac Science continues to support the business as a full transition plan is implemented. Cardiac Science customers will continue to receive technical, sales and customer service through the existing channels until they are notified otherwise.

"Divestiture of the Diagnostic Cardiology product line will bring more strategic focus to Cardiac Science. The company will now be able to exclusively focus on innovation and the expansion of market share in its high margin Resuscitation Business, " said Neal Long, CEO, Cardiac Science.

"The addition of these businesses to our organization represents a marked opportunity to accelerate the introduction of Mortara's leading ECG technology to new markets," commented Dr. Justin Mortara, CEO. "As a historic technology supplier to both Burdick and Quinton, we hold an enormous amount of respect for the people and the products behind these established names. We look forward to marrying our ECG expertise with these powerful brands and the know-how behind them to create exciting new solutions for our customers."

For more than three decades, Mortara has proudly served the non-invasive diagnostic cardiology market with innovative product solutions in the areas of Resting ECG, Holter, Cardiac Stress Testing and Patient Monitoring. "The inclusion of these two world-class brands into the Mortara portfolio will result in an unsurpassed choice in products and services for our global client base. With this strategic move, Mortara expands its reach into office-based physician practices, clinics, as well as increases its growing presence in the acute care hospital market," said Mortara.

About Quinton and Burdick

For more than 100 years, Burdick and Quinton have established themselves as leaders in diagnostic cardiology. Quinton's cardiac stress exercise and rehabilitation products are widely recognized as best-in-class, while the name Burdick is synonymous with ECG in primary care.

About Mortara Instrument

Mortara Instrument, Inc. was founded 30 years ago and today is a recognized technology leader in the world of ECG. Mortara's global headquarters is located in Milwaukee, Wisconsin with operations in Australia, Germany, Italy, the Netherlands, and the United Kingdom. Mortara is distinguished in the field of non-invasive cardiology for innovations that are the core of the company's complete line of ECG products including electrocardiographs, stress exercise systems, Holter systems, data warehousing solutions, and cardiology monitoring systems. The company manufactures and distributes its ECG devices and related technologies worldwide. Mortara's market leadership is a result of its substantial investment in R & D which has fueled the introduction of many new Mortara products uniquely positioned to benefit customers in their everyday use of diagnostic ECG devices. To learn more about Mortara Instrument and its expanding product portfolio visit www.mortara.com.

About Cardiac Science

Prior to this acquisition, Cardiac Science developed, manufactured, and marketed a family of advanced diagnostic and therapeutic cardiology devices and systems, including automated external defibrillators (AED), electrocardiograph devices (ECG/EKG), cardiac stress treadmills and systems, diagnostic workstations, Holter monitoring systems, hospital defibrillators, vital signs monitors, cardiac rehabilitation telemetry systems, and cardiology data management systems (informatics) that connect with hospital information (HIS), electronic medical record (EMR), and other information systems. The company sells a variety of related products and consumables and provides a portfolio of training, maintenance, and support services. Cardiac Science is headquartered in Waukesha, Wisconsin. With customers in more than 100 countries worldwide, the company has operations in North America, Europe, and Asia. For information, visit http://www.cardiacscience.com.

About Opto Circuits

Opto Circuits (India) Ltd. (OCI) is a vertically integrated multinational medical technology Group that specializes in primary, acute and critical care products for the global markets. Group companies such as Criticare, Eurocor, Mediaid, AMDL and Unetixs Vascular are leaders in cardiac and vital signs monitors, emergency cardiac care equipment, vascular treatments and sensing technologies. Our USFDA listed and CE marked products are marketed in more than 150 countries and sold through direct and indirect sales channels across many emerging and developing economies.

We've been ranked in Forbes' Asia's 200 Best under a Billion lists in 2008, 2009 and 2011. For more information, please visit www.optoindia.com.

Media Contacts
Mortara Instrument: Sondra Kaufman; sondra.kaufman@mortara.com
Cardiac Science: Nancy Sandy; nsandy@cardiacscience.com; 608-332-6320
Opto Circuits: Anna Beck; media@optoindia.com; 80-2852-8088

SOURCE Cardiac Science


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