NEW YORK, NY--(Marketwire - October 14, 2011) -
Sciencenow Inc., a member of The Science Navigation Group, and LabX Media Group are pleased to announce that they have signed a nonbinding Letter of Intent specifying terms for the acquisition of The Scientist by LabX Media Group. The parties hope to close a transaction by the end of October.
Sande Giaccone, Sales and Marketing Director of The Scientist, said, "We are delighted that, following the decision to cease publication of The Scientist, LabX Media Group has stepped in to save The Scientist and keep the majority of its existing team together. We hope to return to our normal high service level for all our readers, contributors, and advertisers in the next few weeks. We sincerely appreciate the support of our advertisers in the past and hope to regain their confidence going forward. The Scientist is complementary to LabX Media's existing stable of products and, subject to closing of a transaction, we look forward to working with them in the future."
Mary Beth Aberlin, Editor in Chief of The Scientist, said, "Naturally, we were all saddened by the decision to cease publication of The Scientist, and grateful to our readers and contributors for all their kind words concerning the magazine. The editorial team and I are delighted that LabX Media Group has been able to agree on terms with Sciencenow, Inc. with such dispatch. Our dedicated editorial team will remain intact and continue to produce a magazine that maintains our editorial standards.
Bob Kafato, President of LabX Media Group, said, "The quality life science content that The Scientist produces is second to none and we are happy to be adding this to our portfolio of media products for lab professionals."