HOUSTON--(BUSINESS WIRE)--Positron Corporation (OTC: POSC) (the “Company”) announced today that it has acquired NukeMed, Inc.’s subsidiary, Dose Shield Corporation and has formed a new subsidiary, Positron Pharmaceuticals Company.
John Zehner, President and Founder of NukeMed, Inc. and Dose Shield Corporation, has been named as President and Director of Positron Pharmaceuticals.
“Joining forces with Positron makes perfect sense for NukeMed, Inc. and Dose Shield Corporation. Our products fully complement each other,” said John Zehner, President and Founder of NukeMed, Inc. and Dose Shield Corporation. Zehner also stated, “We believe Positron is in an ideal position to offer a complete turnkey service into the Nuclear Cardiology market. I look forward to guiding and growing their pharmaceutical arm.”
“The acquisition of Dose Shield Corporation, as well as the patent expiration of two key nuclear cardiology radiopharmaceuticals, allows Positron to provide additional services to our customers. We will be soon be able to incorporate radiopharmaceuticals into the sale which will complement our current line of molecular imaging systems, dose drawing systems and disease management software. We believe our total solution will be widely accepted by hospitals, cardiology groups and imaging centers,” stated Joe Oliverio, President of Positron. “Over the past two years we have differentiated our company from other PET and SPECT camera companies by developing cost effective solutions for the Nuclear Cardiology market that result in improved patient outcomes. We believe the acquisition of Dose Shield demonstrates a significant step in achieving our goals.”
Positron and Positron Pharmaceuticals acquired Dose Shield for an aggregate purchase price of 80,000,000 shares of Positron’s common stock, 40,000,000 delivered at Closing and 40,000,000 delivered upon confirmation of the ability to re-sell Dose Shield’s Cardio-Assist device, cash in the amount of $600,000, $60,000 delivered at closing and the balance on or before December 31, 2008, earn out payments equal to the lesser of 50% of the net revenue generated from sales of Pharm-Assist equipment or $600,000, advances for expenses equal to $450,000 and royalties equal to 1.5% of the net revenues generated from sales of all Dose Shield equipment. In addition, Mr. Zehner executed a three year employment agreement with Positron to head Positron Pharmaceuticals.
About NukeMed, Inc. and Dose Shield Corporation
NukeMed, Inc., an Indiana company, is involved in the development and distribution of an automatic dose drawing machine, Nuclear Pharm-Assist®, other capital equipment, pharmaceuticals and services for the medical industry. More information can be found at http://www.nukemed.com/.
About Positron Corporation
Positron Corporation is a growing healthcare company offering cardiac molecular imaging solutions that will transform the delivery of healthcare through radiopharmaceutical development, advancing imaging technology and by introducing unique disease management applications into the market. Positron Corporation designs, manufactures and sells SPECT, PET and automated dose delivery devices in to the Nuclear Medicine market. Additional information may be found at http://www.positron.com/.
This press release contains forward-looking statements that reflect the Company’s current expectation regarding future events. Forward-looking statements involve risks and uncertainties. Actual events could differ materially and substantially from those projected herein and depend on a number of factors. Certain statements in this release, and other written or oral statements made by Positron Corporation are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance, or achievements of the company to be different from those expressed or implied including the success of the Company’s research and development efforts, the availability of adequate financing and other uncertainties described in the “Management’s Discussion and Analysis” section of the Company’s Form 10-KSB and other reports and filings with the Securities and Exchange Commission.
For any additional information contact Positron’s President, Joe Oliverio at (281) 492-7100.
Contacts
Positron Joe Oliverio (President) (281) 492-7100
