Shimadzu buys Canadian RIS/PACS
MONTREAL – Evolved Digital Systems
Inc. announced that it has entered into an asset purchase agreement with
Shimadzu Corp. of Japan. Under the arrangement, Shimadzu will purchase
substantially all of the assets of the Canadian operations of the
company for US$8.5 million.
As previously disclosed, the company is obligated to use the proceeds to
repay all secured debt, including all amounts owed to Argosy Bridge Fund
L.P. II and Garantie Québec, which totals approximately US$ 4.4 million.
Argosy Bridge Fund L.P. II has agreed to extend their previously
disclosed forbearance arrangement related to the matured debt until
April 17,2007. The transaction with Shimadzu is expected to close by
April 17, 2007.
When completed, the transaction will enable Evolved to satisfy all of
its current and long-term debt obligations and focus on the Company’s
core radiology business of managed services solutions for hospitals and
“This sale provides a full and fair valuation for this business, and
allows Evolved to increase its financial flexibility,” said Bill D.
Greer, Evolved’s President and Chief Executive Officer.
“We are very pleased to formalize this transaction with Shimadzu
Corporation, one of the world’s leading manufacturers of medical imaging
systems,” Greer said. “We now plan to focus our attention on the growth
opportunities within our core radiology information system business.”
Through its Digital Imaging Workflow Solution, Evolved serves its
clients with a Managed Services approach proven to increase operational
efficiency and to reduce IT spending in hospitals and imaging facilities
across the United States. Evolved’s fully managed, web-based RIS
solution includes image and data verification from a modality to the
archive and/or HIS, on-line dictation and transcription, and optional
integrated PACS with 5 years of on-site storage. Evolved’s Managed
Services offering provides a unique workflow solution, seamlessly
integrated and backed by a highly qualified and dedicated team of
experts. Evolved’s clients can additionally choose to utilize Evolved’s
secure, state of the art data center for offsite archiving and disaster
recovery. Evolved’s solution addresses common challenges that small to
medium-sized facilities face today by providing custom solutions,
founded on a pay-as-you-go financial model, and backed by unparalleled
off-site customer service and support. Evolved is a publicly traded
company listed on the Toronto Stock Exchange. Corporate headquarters are
based in Laval, Quebec. U.S. offices are located in Brentwood,TN. For
more information, visit the company website at
About Shimadzu Corporation
Shimadzu is one of the world’s leading manufacturers of advanced imaging
systems and equipment for use in medical diagnosis and treatment. Based
in Kyoto, Japan, Shimadzu is a $2 billion multinational corporation with
three major divisions: Medical Systems, Aircraft Equipment, and
Analytical/Measuring Instruments. For more information, visit the
Shimadzu website at www.shimadzu.com.