 |
QUINTON CARDIOLOGY SYSTEMS
AND CARDIAC SCIENCE ANNOUNCE
COMPLETION OF MERGER
- Newly Formed Cardiac Science Corporation to Commence Trading on NASDAQ
Under New Stock Symbol CSCX.
Transaction Praised by Washington Governor Christine Gregoire
BOTHELL, WA – September 1, 2005
Quinton Cardiology Systems, Inc. (Nasdaq: QUIN), a global leader in advanced cardiology products, and Cardiac Science, Inc. (Nasdaq: DFIB), a leading provider of life-saving automated external defibrillators (AEDs), today announced they completed their merger, resulting in a combined company called Cardiac Science Corporation (Nasdaq: CSCX).
The merger was approved in special meetings yesterday by the respective stockholders of both Cardiac Science and Quinton. Approximately 96 percent of the shares of Cardiac Science common stock cast at the Cardiac Science special meeting voted in favor of the merger proposal and approximately 97 percent of the shares of Quinton common stock cast at the Quinton special meeting voted in favor of the merger proposal. The merger agreement was originally approved by the boards of directors of both companies in February 2005.
“We appreciate the overwhelming support of the shareholders of both organizations,” said Cardiac Science Corporation President and Chief Executive Officer and former Quinton CEO, John R. Hinson. “We believe the new company will have enhanced prospects for revenue growth based on our expanded product portfolio, stronger distribution capabilities in both the domestic and international markets, and the potential to leverage combined technological expertise and manufacturing strengths. We will now turn our focus to completing our integration work during the balance of 2005 and creating value for all Cardiac Science Corporation stakeholders.”
“The merger creates a significantly larger, debt free company with excellent people, technology and products which speak well for our future prospects,” said former Cardiac Science Chairman and CEO Raymond W. Cohen, who will continue as Chairman of the Board of the new company. “Both John Hinson and Michael Matysik, the company's CEO and CFO, have the management expertise and leadership skills necessary to ensure we realize the potential for growth in revenue and profitability.”
Washington Governor Christine Gregoire praised the transaction. “Fostering growth in the biotechnology sector is a key priority in our state,” said Governor Gregoire. “This merger is an example of the increasing intellectual capital and economic vitality in this important sector, which holds great promise for future job creation. It further demonstrates Washington State's potential in the development of life-saving science and technology.”
The newly formed company, Cardiac Science Corporation, will leverage the combined managerial, operational and technology strengths of its predecessor companies to become a global leader in the development, manufacturing and marketing of a broad range of life-saving cardiology products and services under the trusted brand names, Burdick®, Powerheart®, and Quinton®.
The company's sole focus will be developing and distributing technology to address heart disease, which according to the World Health Organization is the leading cause of death in the world, accounting for more than 17 million deaths per year.
BACK TO TOP
|
|
|
