EGI.L Share News (EGI)

Electrical Geodesics, a neurodiagnostic medical technology company, has acquired Avatar EEG Solutions, a privately-held Canadian corporation which has developed a portable, pocket-sized eight-channel EEG recorder. Both the recorder and company were created by professional engineer Carl Turner to develop a competitive EEG product for neuroscience research. The firm, which generated sales of some $100,000 in the last twelve months, was purchased for a cash consideration of $325,000.Don Tucker, Chairman and Chief Executive Officer of Electrical Geodesics, said: "As mentioned in our recent interim results announcement, we intend to build a full product offering for neuroscience researchers and clinicians. The Avatar product is a nice addition to our portfolio, offering an entry level adjunct to our high-end, dense array EEG product range. "We are also pleased to secure the skills of Carl Turner who is relocating to Eugene to bring his considerable skills to our product design efforts. Carl's expertise in software, firmware and hardware product development and bringing innovative products to market will be invaluable to EGI as we build our business further."NR