EKF Diagnostics Holdings PLC Payment of DiaSpect's deferred consideration (2194B)
January 05 2015 - 02:00AM
UK Regulatory
TIDMEKF
RNS Number : 2194B
EKF Diagnostics Holdings PLC
05 January 2015
EKF Diagnostics Holdings plc
("EKF", the "Company")
Payment of DiaSpect's deferred consideration
EKF Diagnostics Holdings plc (AIM: EKF), the AIM listed
point-of-care, central laboratory and molecular diagnostics
business, announces that, further to the announcement on 20 March
2014, the Company announces it will make a cash payment of
GBP1.425m by 30 January 2015, as a settlement for the total
deferred cash consideration due in relation to the acquisition of
DiaSpect Medical AB ('DiaSpect'), which completed in April
2014.
Following the payment the vendors of DiaSpect have agreed to
relinquish their rights to any further potential deferred
consideration, whereby the maximum deferred consideration could
have totalled GBP4.75m, and so no further payments are now due in
relation to this acquisition.
Julian Baines, CEO of EKF commented: "I am pleased that we have
been able to settle the deferred cash consideration payable to the
DiaSpect vendors at an early stage; this represents a substantial
discount from the original contractual obligations and allows us to
integrate the DiaSpect business into the rest of the Group more
rapidly."
Enquiries:
EKF Diagnostics Holdings plc Tel: 029 2071 0570
David Evans, Executive Chairman Mob: 07740 084 452
Julian Baines, CEO Mob: 07788 420 859
Paul Foulger, CFO Mob: 07710 989 255
Canaccord Genuity Limited Tel: 020 7523 8350
Nominated Adviser/Corporate
Broking
Lucy Tilley /Julian Feneley /Henry Fitzgerald-O'Connor
/Cara Griffiths
Walbrook PR Limited Tel: 020 7933 8780 or ekf@walbrookpr.com
Paul McManus Mob: 07980 541 893
Lianne Cawthorne Mob: 07584 391 303
About EKF Diagnostics Holdings plc - www.ekfdiagnostics.com
EKF Diagnostics Holdings plc was formed in July 2010 following
the acquisition of EKF-diagnostic GmbH for EUR14.32m and refocused
its strategy to one of building a substantial point of care
diagnostics business. As part of this strategy, the Group has
integrated three further acquisitions, Quotient Diagnostics Limited
(acquired in September 2010), Argutus Medical Limited (acquired in
December 2010) and Stanbio Laboratory L.P. (acquired in June 2011).
In 2013 EKF established a new subsidiary, EKF Molecular Diagnostics
Ltd, to focus on molecular and companion diagnostics and acquired
360 Genomics Ltd, a business that owns diagnostics technologies for
cancer gene detection.
The Company, with its head office in Cardiff and operations in
London, Germany, Poland, Russia, Ireland and the US, is a leading
diagnostics business, focussing on the development, production and
distribution of chemical reagents and analysers for the testing of
Glucose, Lactate, Haemoglobin, Haematocrit and HbA1c.
In March 2011 EKF entered into a distribution agreement with
Alere Inc ("Alere"), a global diagnostics company, under which
Alere was appointed the exclusive distributor of EKF's CLIA waived
Hemo Control device and cuvettes in the US, Canada and United
Kingdom. The device is distributed in the US under the name
HemoPoint H2.
In March 2014, EKF acquired Separation Technology, Inc., a
Florida based manufacturer of in vitro diagnostics devices for the
haematology testing market. In April 2014, EKF completed the
acquisitions of Selah Genomics Inc., a US based developer of
molecular diagnostics for personalised medicine and DiaSpect
Medical AB., a Swedish based manufacturer of point-of-care
haemoglobin analysers.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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