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29/10/2001
MediVision closes an agreement for the acquisition of a
minority interest by Agfa
Creating an alliance for joint development and marketing of an
integrated, digital Ophthalmology PACS solution
Yokneam Elit, Israel (October 29th, 2001) - MediVision -
Medical Imaging Ltd. (EURO.NM: MEDV) announced today the consummation of the
closing of the agreement with Agfa-Gevaert N.V. (Brussels stock exchange:
AGFAt.BR / Frankfurt stock exchange: AGEG.FR), pursuant to which Agfa acquired a
minority interest in MediVision.
Pursuant to the Agreement Agfa is to invest up to 3.9 million
Euro, in three installments, at a price of 2.10 Euro per share. This offers a
considerable premium on the average share price of the past few months. The
investment is to be accomplished via a capital increase. At the closing, Agfa
provided the first installment of 1.1 million Euro and has been issued
MediVision shares representing approximately nine percent of MediVision's issued
share capital; assuming the investment is fully implemented, Agfa is to own up
to 25% of MediVision's issued share capital. The second and third installments
are to be implemented subject to achievement of performance-linked milestones
during a period of approximately 12 months.
Under the terms of the Agreement, Agfa and MediVision will
jointly develop, promote and market a combined, Integrated Digital Ophthalmology
Picture Archive & Communication System (PACS). The Integrated Digital
Ophthalmology PACS solution, the first such system to be introduced in the
ophthalmic imaging field, is intended to be composed of Agfa's IMPAX viewing
stations, archive and associated software and networking systems and
MediVision's digital imaging systems and software solutions for ophthalmology.
The marketing efforts under this agreement are anticipated to be implemented
first in the US market, together with OIS (Ophthalmic Imaging Systems Inc.),
MediVision's American subsidiary.
In mid November the Company intends to attend the AAO 2001, a
major international ophthalmic convention in New Orleans, USA, where MediVision,
OIS and Agfa intend to jointly present the Digital Ophthalmic PACS solution.
The Agreement was approved by a general meeting of the
Company's shareholders, who also adopted amendments to the Company's Articles of
Association, incorporating certain rights granted to Agfa pursuant to the
Agreement into the Articles, as well as additional amendments conforming the
articles to the requirements of and/or privileges available under the Israeli
Companies Law.
About MediVision
MediVision specializes in digital imaging devices for
ophthalmic applications with an emphasis on diagnostics related to the eye
retina. MediVision's products provide digital upgrades for a range of ophthalmic
imaging systems, designed to significantly enhance imaging capabilities and
provide its users with advanced diagnostic tools. The Company's goals are to
achieve a significant market share and become a market leader in the ophthalmic
digital imaging field. Publicly held, MediVision achieved revenues of US$ 3.639
million in the first six months of 2001. The Company owns a 73% interest in
Ophthalmic Imaging Systems Inc. based in Sacramento, California, USA.
This Release contains certain forward-looking statements and
information relating to the Company that are based on the beliefs of the
Management of the Company as well as assumptions made by and information
currently available to the Management of the Company. Such statements reflect
the current views of the Company with respect to future events, the outcome of
which is subject to certain risks and other factors, which may be outside of the
Company's control. Should one or more of these risks or uncertainties
materialize, or should underlying assumptions prove incorrect, actual results of
outcomes may vary materially from those described herein as projected,
anticipated, believed, estimated, expected or intended.
For more information, please contact:
Ariel Shenhar
MediVision Medical Imaging Ltd. ) ++972-4-9894884
Vice President, Chief Financial Officer 2 ++972-4-9894883
Cell: ++972-52-821728
* P.O .Box 45, IL-20692 Yokneam Elit (Israel) : ariel@medivision-ois.com
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