Acquisition

13 Nov 2006 07:01

Amphion Innovations PLC13 November 2006 Amphion Innovations plc Acquisition Partner Company Supertron acquires Spin Systems London, 13 November 2006 - Amphion Innovations plc ("Amphion"), a developer oflife sciences and technology businesses, announces today that one of its PartnerCompanies, Supertron Technologies ("Supertron"), a developer of high performanceclinical and preclinical imaging products for magnetic resonance imaging (MRI),has acquired Spin Systems, an Australia based manufacturer of MRI coils andother imaging accessories. Following the acquisition, the enlarged company willchange its name to m2m Imaging Corporation ("m2m") to encapsulate the broadspectrum of "molecule-to-man" imaging products the new combined company isdeveloping. Spin Systems was acquired by Superton for 313,878 Series C Preferred Sharesvalued at $5.00 per share and $752,284 in cash. The total consideration of theacquisition was $2,322,000. Supertron Chief Executive Officer C. Richard Hullihen will serve as the CEO ofthe combined company. Amphion will be the largest strategic investor in m2mwith a 23.5% percent ownership interest. The post acquisition value for m2m is$20m based on the offering price of the Series C Round that closed in July 2006. m2m will combine Spin Systems' well-established portfolio of MRI coils andaccessories with Supertron's cryogenic coil technology. The cryogenic coil hasbeen shown to dramatically improve the performance of the MRI scanner, producingsignificantly clearer images in less time. Richard C. E. Morgan, Amphion's Chief Executive Officer, said: "m2m's evolution demonstrates the strength of Amphion's company building model.Since Supertron became one of Amphion's Partner Companies, we have developed itrapidly from a University start-up into an established, revenue producingcompany, with industry leading partners, strong technology and world classmanagement. "The cryogenic coils have the potential to provide doctors and clinicians withmuch needed superior imaging for earlier disease detection and faster drugdevelopment. m2m's products greatly enhance MRI imaging by reducing scan time,greatly lowering the cost and producing significantly clearer images." For more information please contact: Amphion Innovations plc Josh Berkman, Media Relations +1 (646) 747-7158 m2m Imaging Corp. Cameron Barnard +1 862 368 3524 Financial Dynamics Ben Atwell/John Gilbert +44 207 269 7169 About Amphion Innovations plc Amphion Innovations plc (AMP) is listed on the AIM market of the London StockExchange. Amphion's business activities are the formation, financing, managementand development of life sciences and technology companies, working inpartnership with corporations, governments, universities and entrepreneursseeking to commercialise their intellectual property. Website: www.amphionplc.com About m2m Imaging Corp. m2m Imaging is a market leading developer and manufacturer of conventional andcryogenic preclinical and clinical MRI coils and imaging accessories. Ourgateway technology MRI coils have demonstrated capability of significantlyincreasing speed and resolution of the MRI scanner for imaging molecules to man. m2m's coils have been demonstrated at leading medical institutions such asBrigham & Women's Hospital of Harvard Medical School. Website: www.m2mimaging.com This information is provided by RNS The company news service from the London Stock Exchange