TUCSON, Ariz., Oct. 15 /PRNewswire/ -- Ventana Medical Systems, Inc.
(Nasdaq: VMSI) today announced that it closed on Oct. 14, 1998, its previously
announced acquisition of BioTechnology Tools, Inc. doing business as RMC.
"The acquisition of RMC represents another important step in broadening
Ventana's product offering to our core histology lab customer base," commented
Hank Pietraszek, Ventana's President and CEO. "RMC's tissue processor and
line of microtomes will be sold alongside our immunohistochemistry and
recently launched special stain slide stainers. RMC's products will enable
Ventana to better control patient sample quality throughout the histology
lab," added Mr. Pietraszek. "Further, RMC's Tucson location simplifies the
task of integrating the activities of the two corporations."
Pierre Sice, Ventana's Chief Financial Officer, commented that the
acquisition involved the purchase of all the outstanding equity of RMC for a
net cash price of $5 million and was subject to closing balance sheet
adjustments. "The transaction will be accounted for as a purchase, RMC's
revenues and profits will first be reported in Ventana's fourth quarter ended
Dec. 31, 1998, and the acquisition is expected to be accretive to earnings in
1999," added Mr. Sice.
Safe Harbor Statement: Statements in the press release which are not
strictly historical are "forward-looking" statements that are made pursuant to
the Safe Harbor provisions of the Private Securities Litigation Reform Act of
1995. Forward-looking statements involve known and unknown risks, which may
cause the company's actual results in the future to differ materially from
expected results. The risks and uncertainties that may affect the results of
the company's business are described in the company's specific filings with
the Securities and Exchange Commission.
Ventana develops, manufactures and markets instrument/reagents systems
that automate tissue preparation and slide staining in histology laboratories
worldwide. Ventana's systems are important tools used in the diagnosis and
treatment of cancer and infectious diseases.
SOURCE Ventana Medical Systems, Inc.
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CONTACT:
Henry T. Pietraszek, President and Chief
Executive Officer of Ventana Medical Systems, Inc., 520-887-2155;
or Bill Murphy, General Inquiries, Kathy Brunson, Analyst
Contact, or Darcy Bretz, Media Inquiries, of Financial Relations
Board, 312-266-7800
NOTE TO EDITORS: For more information on Ventana Medical Systems,
Inc. via facsimile at no additional cost, simply dial
1-800-PRO-INFO and enter the company code 273.
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