03/07/2000
MediVision signs letter of intent to acquire US corporation
Yokneam Elit, Israel - MediVision Medical Imaging Ltd. ("MediVision")—traded
on the Euro.NM stock exchange in Belgium (EURO.NM: MEDV) announced today
that it has signed a Letter of Intent for the acquisition of the majority
of a US corporation engaged in MediVision's field of business. This US
corporation manufactures and distributes systems for various ophthalmic
applications and is considered to be a market leader in North America
with an annual turnover of over 6 million USD.
MediVision expects the contract to be signed within a short time, after
which more details on the acquisition will be announced. The consideration
for the acquisition will be partly in cash and partly in newly issued
ordinary MediVision shares, which are subject to certain limitations on
their re-sale. In addition the company undertook to effect certain investments
and/or loans in the acquired company. This transaction is subject to finalization
of definitive agreements, compliance with applicable laws and court approval.
Noam Allon, MediVision's President commented: "The transaction between the companies reflects high synergy in technology between the companies as well as in their marketing territories. It enhances each company's strength, strategies and needs. We estimate that subject to the completion of such a transaction MediVision's scope of activity in the United States will considerably increase".
The Israeli high-tech company MediVision is listed on Euro.NM. MediVision designs, develops, manufactures and markets digital imaging devices for Ophthalmic applications with an emphasis on diagnostics related to the Retina. Thanks to MediVision's array of system and their interconnectivity the company applies the "Complete Ophthalmic Digital Department" concept and also enables full connectivity between geographically distant clinics or hospitals and physicians. MediVision markets its range of digital ophthalmic systems in Europe, USA and the Far East.
For further information, please contact Noam Allon, President & CEO MediVision,
on tel. +972-54-614847, Ariel Shenhar, Vice-president & CFO MediVision,
on tel. +972-52-821728, or Frederic Dryhoel, PR Force, +32-2-7130714.
