1 Oct 2013 07:00
Electrical Geodesics, Inc.
Expansion of Product Line through the Acquisition of Portable Wireless EEG Technology
EUGENE, OREGON, US, 1 October 2013 - Electrical Geodesics, Inc. ("EGI" or the "Company"), a leading neurodiagnostic medical technology company, today announces the acquisition of a portable, pocket-sized 8-channel EEG recorder as an addition to its research product range through the purchase of Avatar EEG Solutions Inc. ("Avatar") for a cash consideration of US$325,000.
Avatar, a privately-held Canadian corporation based in Calgary, was established by professional engineer Carl Turner to develop a competitive EEG product for neuroscience research. Harnessing advances in the miniaturization and performance of microelectronics, Avatar has designed and manufactured highly portable, 8 channel, untethered, wireless EEG devices that are competitively priced and suited to the needs of investigators in areas such as sleep research and ambulatory studies of epilepsy, concussion and other medical conditions. The signal from any Avatar EEG recorder can be viewed directly with a Bluetooth enabled smartphone or tablet and the Avatar Android App allows users to view the signal from an Avatar EEG device without linking to a laptop or desktop device. Signals from Avatar EEG recorders can also be viewed on desktop or laptop computer and files stored in multiple formats.
Avatar generated sales of some US$100,000 in the last twelve months and its two employees will join the EGI team going forwards.
Don Tucker, PhD, Chairman and CEO, commented: "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. "
For more information contact:
EGI | |
UK: Christine Soden, CFO | +44 7710 484199 |
US: Ann Bunnenberg, COO | +1 541 687 7962 |
Peel Hunt LLP (NOMAD and Broker) | +44 (0) 20 7418 8900 |
James Steel, Vijay Barathan | |
FTI Consulting (PR Advisors) | +44 (0) 20 7831 3113 |
Simon Conway, Mo Noonan |
About EGI
Founded in 1992, EGI designs, develops and commercialises a range of non-invasive neurodiagnostic products used to monitor and interpret brain activity based on its proprietary dense array electroencephalography ("dEEG") platform technology. The Company's technology uses up to 256 sensors, providing much higher resolution brain activity data compared to conventional 8 or 16 channel EEG and is used in medical, clinical and research settings in a diverse range of applications including important areas such as the diagnosis and monitoring of epilepsy, neurosurgical planning, sleep assessment, and many others.
EGI's dEEG systems, available in the GES 300 and now the GES 400 lines, capitalize on the Company's unique Hydrocel Geodesic Sensor Net which allows faster, easier, and more convenient placement of many EEG sensors in an even distribution over the entire scalp, providing more accurate and precise diagnosis and measurement. EGI's technology is now widely used in neuroscience research laboratories and is becoming more commonly used in clinics, care centers, and hospitals around the world. Data is measured and visualised using EGI's proprietary amplifier technology and software, providing a complete, advanced, high-resolution EEG platform. The Company's products are compatible with multiple diagnostic and imaging technologies, including magnetic resonance (MR) imaging, functional MRI (fMRI), and magneto-encephalography (MEG).
In April 2013 EGI commenced trading on the London Stock Exchange AIM market under the symbol EGI.L. See www.egi.com for more information on the Company.
About AVATAR
Avatar EEG Solutions Inc. is incorporated in Alberta and based in Calgary, Canada. Avatar EEG Solutions is an innovative company that develops data acquisition technology for experimental neuroscience research. The team's expertise in EEG, microelectronics, firmware and software development and data acquisition systems allows the rapid design, customisation and roll out of state of the art instrumentation for medical research. See www.avatareeg.com for more information.