Cedara Software Pleased to Announce Analogic Corporation's Disposition of Cedara Shares
17 Februar 2005 - 5:34PM
PR Newswire (US)
Cedara Software Pleased to Announce Analogic Corporation's
Disposition of Cedara Shares - Cedara recently entered into
comprehensive, long-term commercial contract to provide its
advanced medical imaging software and development services to
Analogic and its subsidiaries TORONTO, Feb. 17
/PRNewswire-FirstCall/ -- CEDARA SOFTWARE CORP.
(TSX:CDE/NASDAQ:CDSW), a leading independent provider of medical
imaging technologies for the global healthcare market, today
announced that Analogic Corporation (NASDAQ:ALOG) sold the
4,580,461 shares it held in Cedara, representing approximately
14.6% of the company's outstanding shares. "I am delighted that
Analogic, a leading designer and manufacturer of advanced health
and security systems and subsystems sold primarily to Original
Equipment Manufacturers (OEMs), was able to realize net proceeds of
over USD$50,000,000 from its investment in Cedara", said Cedara
President and CEO, Abe Schwartz." "My understanding is that
Analogic sold the shares to a Canadian investment dealer who
subsequently sold them to a number of institutional investors. I am
delighted that there exists a sufficient demand and following in
Cedara's shares and obvious confidence in the recently announced
merger between Cedara and Merge eFilm for one Canadian investment
dealer to have acquired Analogic's entire holding for resale to
those institutional investors. Having Analogic's block of Cedara
shares being widely-held is of benefit to Cedara." "I will always
be grateful to Analogic for saving Cedara. In September 2001,
Analogic made a critical USD$7,500,000 investment in Cedara in
order to secure access to Cedara's leading-edge medical imaging
software. Analogic then proceeded to guarantee Cedara's bank line.
Without that assistance Cedara would simply not have been able to
survive and subsequently prosper. Analogic was especially
supportive of me ever since I arrived as Cedara's new CEO in
September 2002." "As a result of the dramatic turnaround in our
financial performance, Cedara stopped requiring Analogic's support
as of March 2004 when we completed a CDN$50,000,000 share
offering." "Cedara recently signed a comprehensive, long-term
commercial contract to provide its advanced medical imaging
software and development services to Analogic and its subsidiaries.
Analogic now feels that it will continue to meet its requirement
for medical imaging software without the need to maintain an
ownership interest in Cedara. I very much look forward to
continuing Cedara's close relationship with Analogic for many years
to come," said Schwartz. About Cedara Software Corp Cedara Software
Corp. is a leading independent provider of medical imaging
technologies. Cedara's software is deployed in hospitals and
clinics worldwide and is licensed by many of the world's leading
medical device and healthcare information technology companies.
Approximately 28,000 medical imaging systems and 6,400 Picture
Archiving and Communications System (PACS) workstations have been
licensed to date. Cedara recently acquired eMed Technologies
Corporation, widely known as a provider of innovative PACS and
teleradiology solutions that have been installed in over 2,000
hospitals and imaging centres. Cedara is unique in that it has
technologies and expertise that span all the major digital imaging
modalities including computed tomography (CT), magnetic resonance
imaging (MRI), digital X-ray, mammography, ultrasound,
echo-cardiology, angiography, nuclear medicine, positron emission
tomography (PET) and fluoroscopy. Furthermore, the Company's
medical imaging offerings are used in all aspects of clinical
workflow including the capture of a patient's digital image; the
archiving, communication and manipulation of digital images;
sophisticated clinical applications to analyze digital images; and
even the use of imaging in minimally-invasive surgery. On January
18, 2005, Cedara announced that it had signed a definitive
agreement to merge with Merge Technologies Incorporated
(NASDAQ:MRGE), d.b.a. Merge eFilm, in an all-stock transaction. The
merger is subject to shareholder and regulatory approval. Certain
statements contained in this news release are forward-looking
within the meaning of securities laws and are based on current
expectations that are subject to a number of assumptions,
uncertainties and risks, and the actual results may differ
materially from what is currently expected. In particular,
statements relating to the healthcare imaging software market and
market share, relating to the Company's expectations concerning its
licensed software products, relating to the Company's expectations
as to revenues, costs and cash flows, relating to the acquisition
of eMed and relating to the proposed merger with Merge eFilm are
forward looking statements. The assumptions, uncertainties and
risks upon which these forward looking statements are based
include, but are not limited to: dependence on key personnel of the
Company, dependence on major customers and individual contracts,
fluctuations in quarterly financial results, competitive pressures
(including price competition), rapid technological change, exchange
rate fluctuations, risks associated with international operations,
dependence on intellectual property rights, regulatory clearances
and approvals for new products, risks relating to product defects
and product liability, adverse consequences of financial leverage,
ability to service debt, continued acceptance of the Company's
products, regulatory changes to the health care industry,
seasonality, economic and political conditions, risks relating to
the acquisition of eMed and risks relating to the proposed merger
with Merge eFilm including risks associated with obtaining
regulatory and shareholder approvals without unexpected delays or
conditions, timely implementation and execution of merger
integration plans, retention of customers and the Company's
original employees, successfully leveraging Merge eFilm's and the
Company's comprehensive product offering to the combined customer
base and sustaining continued growth at rates approximating recent
levels. Further information about these risks and uncertainties can
be found in the continuous disclosure documents filed from time to
time by Cedara with the securities regulatory authorities, which
documents are available at http://www.sedar.com/. DATASOURCE:
Cedara Software Corp. CONTACT: Brian Pedlar, Chief Financial
Officer, Cedara Software Corp., (905) 672-2100, Extension 2015, ;
To request a free copy of this organization's annual report, please
go to http://www.newswire.ca/ and click on reports@cnw.
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