WAYNE, Pa., Feb. 6 /PRNewswire-FirstCall/ -- Escalon Medical Corp. today announced that its subsidiary, Escalon Digital Vision, Inc. trading as Escalon Medical Imaging (EMI), has completed its previously announced acquisition of substantially all of the assets of MRP Group, Inc., a privately held ophthalmic technology solutions provider. The purchase price included 250,000 shares of Escalon Medical Corp.'s common stock and approximately $50,000 in cash.
MRP Group (www.mrpgroup.com), based in Lawrence, Massachusetts, was founded in 1997 and has a wide installation base across many leading ophthalmology practices. MRP Group’s product line includes Retinal and Slit Lamp Digital Imaging Systems, OphthaVision(TM) image management software, and fundus camera power supplies. The retinal imaging systems consist of a unique two-camera configuration that provides elevated sensitivity and exceptional resolution when performing diagnostic eye tests such as fluorescein angiography and color retinal photography.
“We are very excited about the opportunities this acquisition represents for our ophthalmic division” Richard J. DePiano, Escalon’s Chairman and Chief Executive Officer, commented. “MRP Group has an excellent reputation for quality and reliability in the industry and will be a terrific complement to our organization and product line. We are confident that the integration of MRP Group’s retinal imaging systems with EMI’s existing ophthalmic photography product portfolio will position us to secure a leadership role in ophthalmic digital imaging and build a solid foundation for future long-term growth.”
“We are delighted to combine our organization with Escalon Medical,” said Matthew Carnevale, MRP Group’s founder and Chief Executive Officer. “We believe that the integration of our operations will clearly strengthen our position in the ophthalmic marketplace.”
Mr. DePiano added, “We are also especially pleased that Matthew Carnevale, MRP Group’s founder, will remain with Escalon as Executive Vice President of Escalon Digital Vision, Inc. Matt is a well-respected executive and brings to our organization an extensive knowledge of our industry and strong relationships.”
The integration of MRP Group’s product line with EMI’s existing ophthalmic product portfolio will move forward as Escalon Digital Solutions, (www.escalondigitalsolutions.com), a subsidiary of Escalon Medical Corp. By integrating the product lines, sales and marketing efforts, we will be able to provide clinical practices with a full range of technologically innovative products, superior image quality, enhanced customer support and improved quality of care.
About Escalon
Founded in 1987, Escalon develops, markets and distributes ophthalmic diagnostic, surgical and pharmaceutical products as well as vascular access devices. Drew, which operates as a separate division, provides instrumentation and consumables for the diagnosis and monitoring of medical disorders in the areas of diabetes, cardiovascular diseases and hematology, as well as veterinary hematology and blood chemistry. Escalon seeks to utilize strategic partnerships to help finance its development programs and is also seeking acquisitions to further diversify its product line to achieve critical mass in sales and take better advantage of the Escalon’s distribution capabilities. Escalon has headquarters in Wayne, Pennsylvania and manufacturing operations in Long Island, New York, New Berlin, Wisconsin, Dallas, Texas, Oxford, Connecticut and Barrow-in-Furness, U.K.
Note: This press release contains statements that are considered forward- looking under the Private Securities Litigation Reform Act of 1995, including statements about Escalon’s future prospects. They are based on the Escalon’s current expectations and are subject to a number of uncertainties and risks, and actual results may differ materially. The uncertainties and risks include whether Escalon is able to improve upon the operations of Escalon’s business units, including, the integration of Drew’s operations, generate cash and identify, finance and enter into business relationships and acquisitions, integrate and leverage those business relationships and acquisitions, uncertainties and risks related to new product development, commercialization, manufacturing and market acceptance of new products, marketing acceptance of existing products in new markets, the continuity of royalty revenue, litigation and non-recurring expenses, research and development activities, including failure to demonstrate clinical efficacy, delays by regulatory authorities, scientific and technical advances by Escalon or third parties, introduction of competitive products, third party reimbursement and physician training as well as general economic conditions. Further information about these and other relevant risks and uncertainties may be found in Escalon’s report on Form 10-K, and its other filings with the Securities and Exchange Commission, all of which are available from the Commission as well as other sources.
Escalon Medical Corp.
CONTACT: AT THE COMPANY, Richard J. DePiano, Chairman and CEO, EscalonMedical Corp., +1-610-688-6830; AT FINANCIAL RELATIONS BOARD, JosephCalabrese, +1-212-827-3772, for Escalon Medical Corp.
