Payment of DiaSpect's deferred consideration

RNS Number : 2194B

EKF Diagnostics Holdings PLC

05 January 2015

 

EKF Diagnostics Holdings plc

("EKF", the "Company")

Payment of DiaSpect's deferred consideration

EKF Diagnostics Holdings plc (AIM: EKF), the AIM listed point-of-care, central laboratory and molecular diagnostics business, announces that, further to the announcement on 20 March 2014, the Company announces it will make a cash payment of £1.425m by 30 January 2015, as a settlement for the total deferred cash consideration due in relation to the acquisition of DiaSpect Medical AB ('DiaSpect'), which completed in April 2014.

Following the payment the vendors of DiaSpect have agreed to relinquish their rights to any further potential deferred consideration, whereby the maximum deferred consideration could have totalled £4.75m, and so no further payments are now due in relation to this acquisition.

Julian Baines, CEO of EKF commented: "I am pleased that we have been able to settle the deferred cash consideration payable to the DiaSpect vendors at an early stage; this represents a substantial discount from the original contractual obligations and allows us to integrate the DiaSpect business into the rest of the Group more rapidly."

Enquiries:

EKF Diagnostics Holdings plc	Tel: [phone]
David Evans, Executive Chairman	Mob: [phone]
Julian Baines, CEO	Mob: [phone]
Paul Foulger, CFO	Mob: [phone]
Canaccord Genuity Limited Nominated Adviser/Corporate Broking	Tel: [phone]
Lucy Tilley /Julian Feneley /Henry Fitzgerald-O'Connor /Cara Griffiths
Walbrook PR Limited	Tel: [phone] or [e-mail]
Paul McManus	Mob: [phone]
Lianne Cawthorne	Mob: [phone]

About EKF Diagnostics Holdings plc - www.ekfdiagnostics.com

EKF Diagnostics Holdings plc was formed in July 2010 following the acquisition of EKF-diagnostic GmbH for €14.32m and refocused its strategy to one of building a substantial point of care diagnostics business. As part of this strategy, the Group has integrated three further acquisitions, Quotient Diagnostics Limited (acquired in September 2010), Argutus Medical Limited (acquired in December 2010) and Stanbio Laboratory L.P. (acquired in June 2011). In 2013 EKF established a new subsidiary, EKF Molecular Diagnostics Ltd, to focus on molecular and companion diagnostics and acquired 360 Genomics Ltd, a business that owns diagnostics technologies for cancer gene detection.

The Company, with its head office in Cardiff and operations in London, Germany, Poland, Russia, Ireland and the US, is a leading diagnostics business, focussing on the development, production and distribution of chemical reagents and analysers for the testing of Glucose, Lactate, Haemoglobin, Haematocrit and HbA1c.

In March 2011 EKF entered into a distribution agreement with Alere Inc ("Alere"), a global diagnostics company, under which Alere was appointed the exclusive distributor of EKF's CLIA waived Hemo Control device and cuvettes in the US, Canada and United Kingdom. The device is distributed in the US under the name HemoPoint H2. 

In March 2014, EKF acquired Separation Technology, Inc., a Florida based manufacturer of in vitro diagnostics devices for the haematology testing market. In April 2014, EKF completed the acquisitions of Selah Genomics Inc., a US based developer of molecular diagnostics for personalised medicine and DiaSpect Medical AB., a Swedish based manufacturer of point-of-care haemoglobin analysers.

 

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