Intelligent Ultrasound Group plc
(the
"Group" or the "Company")
Reduction of Capital: Posting
of Circular & Notice of General Meeting
Further to the conditional sale of
the Clinical AI Business to GE HealthCare for £40.5 million
expected to complete on 1st October, Intelligent
Ultrasound Group plc (AIM: IUG), announces that it is proposing to
undertake a reduction of capital as the preliminary step to provide
the distributable reserves required to return capital to
shareholders. The reduction of capital will be subject to
shareholder approval and a court approval process.
The Company has today posted a
Circular to shareholders, including on our website, setting out the
reasons for the capital reduction, and including a notice of the
General Meeting to approve the resolution, which will be held on
15th October at the Company offices in
Cardiff.
The capital reduction is expected to
be confirmed by Court Order on 18th November after which
further details on the Company's plans will also be
announced.
For further information, please
contact:
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Intelligent Ultrasound Group plc
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www.intelligentultrasound.com
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Stuart Gall, CEO
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Tel: +44
(0)29 2075 6534
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Helen Jones, CFO
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Cavendish Capital Markets Limited
(Nominated advisor and broker)
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Giles Balleny / Dan Hodkinson (Corporate Finance)
Nigel Birks (ECM)
Dale Bellis (Sales)
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Tel: +44
(0)20 7397 8900
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Cardew Group - PR Advisors
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Intelligentultrasound@cardewgroup.com
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Allison Connolly
Emma Pascoe-Watson
Jessica Pilling
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Tel: +44
(0)7587 453955
Tel: +44
(0)7774 620415
Tel: +44
(0)7918 584573
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About Intelligent Ultrasound
Group
Intelligent Ultrasound (AIM:
IUG) is one of the world's leading 'classroom to clinic' ultrasound
companies, specialising in real-time hi-fidelity virtual reality
simulation for the ultrasound training market ('classroom') and
artificial intelligence-based clinical image analysis software
tools for the diagnostic medical ultrasound market ('clinic').
Based in Cardiff in
the UK and Atlanta in the US, the Group has two
revenue streams:
Simulation
Real-time hi-fidelity ultrasound
education and training through simulation. Our main products
are the ScanTrainer obstetrics and gynaecology training
simulator, the HeartWorks echocardiography training
simulator, the BodyWorks Eve Point of Care and
Emergency Medicine training simulator with Covid-19 module and the
new BabyWorks Neonate and Paediatric training simulator. To
date over 1,700 simulators have been sold
to over 800 medical institutions around the
world.
Clinical AI software
Deep learning-based algorithms to
make ultrasound machines smarter and more accessible using our
proprietary ScanNav ultrasound image
analysis technology. Current products on the market utilising this
technology are GE
HealthCare's SonoLyst software that is incorporated in their
Voluson Expert and SWIFT ultrasound machines; ScanNav Anatomy PNB
that simplifies ultrasound-guided needling by providing the user
with real-time AI-based anatomy highlighting for a range of
medical procedures; and NeedleTrainer that teaches real-time
ultrasound-guided needling and incorporates ScanNav Anatomy
PNB.
www.intelligentultrasound.com
NOTE: ScanNav Anatomy PNB is CE
approved and cleared for sale in the US by the FDA but is not
available for sale in any other territory requiring government
approval for this type of product.