29 Jun 2010 07:00
Amphion Innovations Partner Company, Kromek, Acquires US Company
London and New York, 29 June 2010 - Amphion Innovations plc (LSE: AMP; "Amphion" or the "Company"), the builder of medical and technology companies, announces that Amphion Partner Company, Kromek, Ltd., has successfully completed the acquisition of California-based NOVA R&D, Inc.
UK based Kromek specialises in the development of disruptive technology solutions for a range of commercial markets. The Company is pioneering the digital colour imaging of x-rays and advanced 3D imaging for the medical, security, industrial inspection and defence markets.
NOVA brings a strong IP portfolio of 22 patents in the fields of imaging and radiation detection to Kromek, which complement Kromek's own patent portfolio. Specifically, NOVA has a number of important technologies and products in the chemical, biological, radiological, and nuclear (CBRNE) space and significant commercial relationships in these vital and growing markets.
This acquisition is strategically significant for Kromek. The deal strengthens the company's position in the imaging and detection market, boosts its capabilities in the field of electronics and application-specific integrated circuit (ASIC) design and provides Kromek with a permanent presence in the US.
Dr. Tumay Tumer, former CEO and President of NOVA and originator of the majority of the technology and patents will stay on as Chief Scientist. Dr. Tumer is a visionary and highly-respected technologist in the field of multispectral imaging and detection, and will be a great addition to the wider Kromek team.
The part-cash, part-stock acquisition, completes Kromek's imaging and detection competencies, giving it more freedom to integrate and develop core technologies, and the Directors believe it will help confirm its position as one of the few companies in the world with such technical capabilities and scope.
Dr. Arnab Basu, Chief Executive Officer of Kromek, said "These are exciting times for everyone at Kromek. The team has worked tirelessly to push us forward in target markets and identify opportunities for business expansion. This acquisition is a major part of that strategic effort and we are proud to now be at the global forefront of the imaging and detection market, which has so many industrial applications. We are all looking forward to working with our new colleagues in California to make the newly combined business a big success."
Richard C.E. Morgan, Chairman and CEO of Amphion as well as Chairman of Kromek, said: "The acquisition of NOVA is a major milestone for Kromek, bringing with it an important IP portfolio, relationships, technologies and products. I look forward to further exciting developments as Kromek continues to develop and implement its innovative technologies."
For further information please contact:
Amphion Innovations
Charlie Morgan: +1 (212) 210-6282
Cardew Group
Tim Robertson/ Jamie Milton: +44 020 7930 0777
MC Services AG
Birte Stein: +49 89 210 228 12
Charles Stanley Securities, Nominated Adviser
Mark Taylor +44 020 7149 6000
About Amphion Innovations plc
Amphion (LSE: AMP) builds shareholder value in high growth companies in the medical and technology sectors, by using a focused, hands-on company building approach, based on decades of experience in both the US and UK. Amphion has significant shareholding in 8 Partner Companies developing proven technologies targeting substantial commercial marketplaces, each in excess of $1 billion. Each Partner Company is chosen with the goal of achieving an exit valuation in excess of $100 million. The Amphion model has been refined to optimise the commercialisation of patents and other intellectual property within the Partner Companies. The Partner Companies collectively own or control over 200 separately identified pieces of intellectual property, a number which grows rapidly each year.
On the web: www.amphionplc.com
About Kromek
Kromek specializes in the development of disruptive technology solutions for a broad range of commercial markets. It is currently pioneering digital colour imaging for x-rays and advances 3D imaging for the medical, security, industrial inspection and defence markets. The company has successfully pioneered a revolutionary 3D x-ray technology which has huge commercial benefits for a range of sectors, especially the airline security industry, where it is uniquely placed to fulfil an increasing, necessary worldwide demand for liquid explosive detection at airports.
On the web: www.kromek.com