QUEBEC CITY, May 2 /PRNewswire-FirstCall/ - Atrium Biotechnologies Inc. is pleased to announce the acquisition, effective today, of the assets of Toronto-based Amisol Company Ltd. (“Amisol”). Amisol has been marketing mainly personal care products since 1974 and has current annual revenues of approximately $10 million.
“This acquisition allows Atrium to position itself as one of the leading suppliers in Canada of personal care products. Moreover, this acquisition marks another step in our Active Ingredients & Speciality Chemicals Division’s growth strategy aimed at better positioning our subsidiary MultiChem,” stated Charles Boulanger, President of Atrium’s Active Ingredients & Speciality Chemicals Division.
Under the agreement, Atrium acquires through its subsidiary MultiChem, the assets of Amisol for an amount of about $6 million representing approximately six (6) times the adjusted EBITDA generated by Amisol. This amount is paid in cash and comes from Atrium’s cash on hand and credit facility. The transaction is immediately accretive.
In addition, Atrium will be able to benefit from the expertise and support of Amisol’s current management who are staying on to ensure the successful integration and to sustain its growth. Their operational and marketing expertise, as well as their excellent knowledge of the Canadian personal care market will be a valuable asset to Atrium.
“Our company has been in operation since 1974 and we are convinced that Amisol will continue to prosper under Atrium’s leadership. Atrium and the professional team of Amisol are both driven by a solid entrepreneurial culture based on innovation and the marketing of quality products. We are very optimistic about the future especially with the synergies created by combining our companies”, concluded Wayne Jones, President of Amisol.
About Atrium
Atrium Biotechnologies Inc. is a leading developer, manufacturer and marketer of science-based products for the cosmetics, pharmaceutical, chemical and nutrition industries. Atrium focuses primarily on growing segments of the health and personal care markets which are benefiting from the trends towards healthy living and the ageing of the population. Atrium markets a broad portfolio of active ingredients, specialty chemicals and health and nutrition finished products through its highly specialized sales and marketing network in more than 40 countries, primarily in North America, Europe and Asia. Atrium has 500 employees and operates three manufacturing facilities. Additional information about Atrium is available on its Web site at www.atrium-bio.com.
Conference Call and Webcast
Atrium will hold its quarterly conference call and webcast to discuss its First Quarter 2006 on May 2, 2006 at 2:00 p.m. Eastern time. Participants may access the call by using the following numbers: 416-644-3427, 514-807-8791 or 1-866-250-4910. A live webcast is also available via the Company’s website at www.atrium-bio.com in the “Investors” section. A replay of the webcast will also be available on our website for a period of 30 days.
Cautionary Note and Forward-Looking Statements
This press release contains certain forward-looking statements with respect to the Company. These forward-looking statements, by their nature, necessarily involve risks and uncertainties that could cause actual results to differ materially from those contemplated by these forward-looking statements. The Company considers the assumptions on which these forward-looking statements are based to be reasonable, but cautions the reader that these assumptions regarding future events, many of which are beyond its control, may ultimately prove to be incorrect since they are subject to risks and uncertainties that affect the Company. For additional information with respect to these and other factors, see the Prospectus for our Initial Public Offering (Management Discussion and Analysis) filed with Canadian securities commissions. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, other than as required by law.
ATRIUM BIOTECHNOLOGIES INC.
CONTACT: Investor Relations: John Dempsey, Vice President, Finance andChief Financial Officer, (418) 652-1116 ext. 287, jdempsey@atrium-bio.com;Media Relations: Frederic Tremblay, HKDP, (514) 395-0375 ext. 234,ftremblay@hkdp.qc.ca; Source: Atrium Biotechnologies Inc.
