MINNEAPOLIS, Oct. 14 /PRNewswire-FirstCall/ -- HEI, Inc. ( http://www.heii.com/ ) today announced that its Advanced Medical Operations based in Boulder, Colorado has secured an exclusive contract with GE Healthcare for the manufacturing and order fulfillment of its oximetry and respiratory gas products and accessories. GE Healthcare recently acquired the product line from Datex Ohmeda. HEI will acquire certain of the Datex Ohmeda assets and inventory from GE Healthcare to support the transition to HEI, Inc.
HEI will manufacture, inventory, and provide direct shipments to GE Healthcare's customers of all service kits and accessories related to their oximetry devices and respiratory gas products. The scope of the contract is estimated at several million dollars per year for three years, with the potential for future expansion.
"We are very happy to reach this long-term contract with GE Healthcare," stated Mack Traynor, President and CEO of HEI, Inc. "We feel our lean-flow, Customer Demand-Based Manufacturing, our fulfillment capabilities and our organizational culture that focuses on our customers' customers ultimately solidified the agreement."
HEI, Inc. designs, develops and manufactures microelectronics, subsystems, systems, connectivity and software solutions for OEMs engaged in the medical equipment and medical device, hearing, communications and Industrial markets. HEI provides its customers with a single point of contact that can take an idea from inception to a fully functional, cost effective and manufacturable product utilizing innovative design solutions and by the application of state-of-the-art materials, processes and manufacturing capabilities.
Headquarters & Microelectronics Operations PO Box 5000, 1495 Steiger
Lake Lane, Victoria, MN
Advanced Medical Operations 4801 North 63rd Street,
Boulder, CO 80301
High Density Interconnect Operations 610 South Rockford Drive,
Tempe, AZ 85281
RF Identification and Smart Card Operations 1546 Lake Drive West,
Chanhassen, MN 55317
Information in this news release, which is not historical, includes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements contained in this press release, including the implementation of business strategies, including a stronger sales emphasis; growth of specific markets; improved results, profitability, cash flow, margins, and revenues; and estimated HEI revenues, cash flow, expenses and profits, are forward-looking statements. All of such forward-looking statements involve risks and uncertainties including, without limitation, continuing adverse business and market conditions, the ability of HEI to secure and satisfy customers, the availability and cost of materials from HEI's suppliers, HEI's ability to satisfy financial or other obligations or covenants set forth in its banking agreements, adverse competitive developments, change in or cancellation of customer requirements, the integration of the Advanced Medical Operations, collection of outstanding debt, HEI's ability to succeed on the merits and defend against litigation, and other risks detailed from time to time in HEI's SEC filings. HEI undertakes no obligation to update these statements to reflect ensuing events or circumstances, or subsequent actual results.