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Radiology

Shimadzu buys Canadian RIS/PACS developer

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 imaging centers.

“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.”

About Evolved
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 www.evolveddigital.com.

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.

 

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