Faxitron-Bioptics Merger Press Release 19-July-11-Final by cuiliqing

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									Press Release


July 19, 2011




Bioptics, Inc. and Faxitron X-Ray, LLC Merge to Create World Leader in Digital
Specimen Radiography

Tucson, AZ - - Bioptics, Inc, a pioneer in cutting edge digital x-ray camera technology
and a leader in breast specimen radiography devices, privately controlled by Eugene
Murtagh & his family, today announced it has completed a merger with Chicago based
Faxitron X-Ray, LLC, the premier brand in cabinet x-ray systems, in an all stock
transaction. The combined company, to be headquartered in Tucson, AZ, will continue
to maintain a substantial presence in Chicago.

Faxitron X-Ray, LLC, once a part of Hewlett Packard Company (NYSE: HPQ) was
acquired by Inverness Graham Investments in 2007. The company has over a 30 year
history operating in the medical, NDT (non-destructive testing) and pre-clinical research
arenas across several different imaging and irradiation applications.

The combined company will operate as Faxitron Bioptics, LLC. Faxitron Bioptics has an
installed base of over 6,000 systems worldwide. While all three business segments will
see increased investment post merger, its fast growing medical division will see a
substantial ramp up in activity. Both companies have pioneered the use of sophisticated
digital cabinet x-ray systems in the treatment of breast cancer. Commenting on the
merger, Paul Murtagh, Chairman & CEO Faxitron Bioptics says,“Both companies are
very excited about what we bring to each other. Faxitron has set the standard and is the
leading brand in the cabinet x-ray market. Faxitron is the generic term for cabinet x-ray
which is something of immense value. Bioptics with its proprietary digital camera x-ray
technology is an emerging force in cabinet x-ray. It really is a perfect fit.”

The combination of both organizations creates a stronger, more agile company with a
significantly improved ability to accelerate the market adoption of its devices in both
breast cancer surgery and radiology environments. Bob Dockendorff, President Faxitron
Bioptics comments, “We play a very important role in the critical ‘standard of care’
chain enabling radiologists to diagnose and surgeons to operate on breast cancer more
efficiently. This motivates all our employees every single day who, like every one of us,
have been touched in some way by this terrible disease.”

Scott Kehoe, Managing Principal of Inverness Graham Investments, says “Every woman
deserves the best breast cancer treatment available. Our overriding goal is to bring our
technology into every breast cancer surgery and radiology department around the world.
Together we can and will accelerate adoption dramatically.”
In connection with the transaction, Cleary & Oxford Associates acted as financial advisor
to Carraig Capital Limited. KPMG (Ireland) acted as financial advisor to Bioptics Inc.
Preti Flaherty Beliveau & Pachios LLP acted as Bioptics’ legal advisor. Drinker Biddle
acted as the legal advisor to Faxitron X-Ray, LLC and RSM McGladrey provided due
diligence services to Faxitron X-Ray, LLC.

About Faxitron
Faxitron X-Ray LLC is the global leader in cabinet x-ray systems for specimen
radiography, research, and NDT applications. With an installed base of over 6,000
systems in medical facilities and scientific and industrial laboratories around the world,
Faxitron is the industry standard in cabinet x-ray. For more than 30 years, Faxitron has
defined cabinet x-ray by developing innovative products to meet the evolving needs of
our customers. From film to the latest in digital imaging technology, our focus on quality
and ease-of-use continues to earn the trust and repeat business of our customers.
www.faxitron.com

About Bioptics
Founded in 2001, Bioptics, Inc. is an industry pioneer in the digital x-ray sensor
technology. Based in Tucson, Arizona, Bioptics’ mission is to develop world class
medical imaging technology focused on women's health. Bioptics designs and
manufactures cassette based digital x-ray cameras that can be used to upgrade film based
radiography and specimen radiography systems. The company's products dramatically
improve the standard of care for breast cancer patients. The following videos explain the
company’s BioVision http://bit.ly/fah6sn and CoreVision http://bit.ly/eqaaBx product
lines.
www.bioptics-inc.com

About Inverness Graham Investments
Inverness Graham is an operationally focused, lower middle market private equity firm
headquartered in suburban Philadelphia. Inverness acquires high growth, innovative
manufacturing and service companies with enterprise values of less than $75M. The firm
has over $200M under management and was founded by senior executives of the Graham
Group of industrial businesses.
www.invernessgraham.com

								
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