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VIASYS Healthcare Inc. Welcomes Pulmonetic Systems, Inc.
Today VIASYS Healthcare Inc. issued a joint announcement that it has signed a definitive agreement for VIASYS to acquire, by merger, all of the outstanding stock of Pulmonetic Systems. The Board of Directors of Pulmonetic Systems has approved the merger, which is subject to the satisfaction of customary closing conditions, including regulatory approval and the approval of the stockholders of Pulmonetic Systems. We expect the transaction to close in the second quarter of 2005.
Pulmonetic Systems, based in Minneapolis, Minnesota, manufactures and markets mechanical ventilators for use in the patient's home. The Pulmonetic LTV® Series ventilator was the first commercially available mechanical ventilator to offer sophisticated respiratory modalities in a laptop-size device. The LTV Series is the ventilator of choice for both pediatric and adult home care patients seeking true portability and a higher quality of life.
The addition of Pulmonetic Systems strategically extends VIASYS' product line into the home care market segment, and we expect this acquisition will accelerate our ability to address patient needs across the continuum of care. It is consistent with our strategy of adding strategically valuable products, technologies, and distribution in the respiratory and neurological markets.
The Pulmonetics agreement follows two other strategic acquisitions made earlier in 2005, Oxford Medical and Micro Medical. The completion of these three transactions marks a major milestone as VIASYS emerges from a period of restructuring and consolidation. VIASYS has already established itself as a company highly focused in Respiratory Care and NeuroCare and as a market leader in most segments in which we compete. As we enter the second quarter of 2005, that restructuring is completed, and we are clearly focused on these two business sectors. We have a balance sheet and cash flow to allow us to build the company through strategic acquisitions and mergers such as Pulmonetic Systems, Inc. Once this transaction is complete, we believe it will create excellent shareholder value.
Most importantly, Pulmonetic Systems, Inc., when combined with VIASYS Respiratory Care, will allow us to better assist the caregivers we serve and the patients who rely on the quality and innovation of our products.
Lastly, I would like to welcome all Pulmonetic Systems employees to the VIASYS family. I believe Pulmonetic Systems and VIASYS share the same mission, that of improving the quality of human life. Following the addition of Pulmonetic Systems and its dedicated employees, we will have furthered that mission.
Sincerely,
Randy H. Thurman
Chairman, President & CEO
VIASYS Healthcare Inc.
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