Cardiac Science and Quinton Cardiology Systems complete merger
4 September 2005
Washington, USA. Quinton Cardiology Systems, Inc. (Nasdaq:QUIN) and
Cardiac Science, Inc. (Nasdaq: DFIB), have completed their merger, resulting
in a combined company called Cardiac Science Corporation (Nasdaq: CSCX).
Quinton manufactures cardiology products such as electrocardiographs, stress
test systems and monitors. Cardiac Science makes automatic external
defibrillators (AEDs) and patient monitors.
Cardiac Science's manufacturing operations will be consolidated into
Quinton's factory in Washington. Quinton acquired the business from GE
Medical Systems, now called GE Healthcare Technologies, in 2003. Cardiac
Science's administrative operations will also be consolidated into Quinton's
headquarters in Seattle, Washington.
The merger was approved in special meetings on 31 August by the
respective stockholders of both Cardiac Science and Quinton. Approximately
96% of the shares of Cardiac Science common stock cast at the Cardiac
Science special meeting voted in favour of the merger proposal and
approximately 97% of the shares of Quinton common stock cast at the Quinton
special meeting voted in favour of the merger proposal.
The merger agreement was originally approved by the boards of directors
of both companies in February 2005. “We appreciate the overwhelming support
of the shareholders of both organisations,”
said Cardiac Science Corporation President and Chief Executive Officer and
former Quinton CEO, John R. Hinson. “We believe the new company will have
enhanced prospects for revenue growth based on our expanded product
portfolio, stronger distribution capabilities in both the domestic and
international markets, and the potential
to leverage combined technological expertise and manufacturing strengths. We
will now turn our focus to completing our integration work during the
balance of 2005 and creating value for all Cardiac Science Corporation
stakeholders.”
"The merger creates a significantly larger, debt free company with
excellent people, technology and products which speak well for our future
prospects,” said former Cardiac Science Chairman and CEO Raymond W. Cohen,
who will continue as Chairman of the
Board of the new company. “Both John Hinson and Michael Matysik, the
company’s CEO and CFO, have the management expertise and leadership skills
necessary to ensure we realize the potential for growth in revenue and
profitability.”
For further information see:
www.cardiacscience.com/index.cfm
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