Hua Tai is a diagnostic company manufacturing and selling a suite of diagnostic tests for infectious diseases, mainly hepatitis reagents. Active in the Chinese in vitro diagnostic market for over 12 years, Hua Tai sells to laboratories and hospitals and employs 60 employees in production and sales. Adaltis plans to consolidate production in its new state-of-the art facility and integrate Hua Tai's sales organization into its existing operation.
"Adaltis remains committed to expanding its presence as a leader of in vitro diagnostic products in China. This acquisition will strengthen our core businesses in China, expand and deepen our customer relationships, bring us experienced new employees in production and sales, and increase our revenues. We look forward to the opportunity of bringing the Hua Tai assets, including products, capabilities and resources, into our company which will allow us to accelerate our growth strategy and build long-term shareholder value," said Mr. Pierre Larochelle, President and Chief Executive Officer of Adaltis Inc.
About Adaltis
Adaltis is an international in vitro diagnostic company that develops, manufactures and markets diagnostic systems. It aims to leverage its experience in Europe to become a leading provider of in vitro diagnostic products in emerging markets, with a particular focus on China.
With the assistance of its two strategic shareholders, CITIC Pacific Limited (a large Hong Kong-based conglomerate) and Picchio Pharma Inc. (a joint venture healthcare investment firm owned by FMRC Family Trust (a trust of which Dr. Francesco Bellini is a beneficiary), and Power Technology Investment Corporation, a subsidiary of Power Corporation of Canada), Adaltis has completed building its manufacturing facility in Shanghai. Now operational, the production facility will manufacture high-quality products in a low-cost GMP environment, in order to service existing markets in Europe, while providing a platform to penetrate the high-growth Chinese in vitro diagnostic market.
Adaltis is headquartered in Montreal, with offices in China, Hong Kong, Italy, Germany and Mexico.
Caution Concerning Forward-Looking Statements
Certain statements made in this press release, including in particular the expected closing of the transaction referred to herein, are forward-looking statements and are subject to important risks, uncertainties and assumptions, including the obtaining of necessary regulatory approvals in China and the satisfaction of other closing conditions. The Company cautions that, by their nature, forward-looking statements involve risk and uncertainty and the Company's actual actions or results could differ materially from those expressed or implied in such forward-looking statements. The forward-looking statements contained in this press release represent the expectations of Adaltis Inc. and its subsidiaries as at the date hereof and accordingly are subject to change after such date. However, Adaltis Inc. and its subsidiaries expressly disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
For additional information with respect to the risks and uncertainties and other factors that could cause the results or events predicted in these forward-looking statements to differ materially from actual results or events, please refer to the Annual Information Form of the Company filed with the Canadian securities commissions.
For further information
Please contact: Jacques Deforges, Vice President, Finance and Chief Financial Officer, Adaltis Inc., (514) 335-9922, ext. 245, jacques.deforges@adaltis.com Eddy Miller, Director, Investor Relations, Adaltis Inc., (514) 335-9922, ext. 257, eddy.miller@adaltis.com
Source: ADALTIS INC.
