SOURCE: Spacelabs Healthcare

December 13, 2007 05:45 ET

OSI Systems, Inc. Spacelabs Healthcare Merger Announcement

HAWTHORNE, CA--(Marketwire - December 13, 2007) - OSI Systems, Inc., announces today that it has increased its beneficial ownership in Spacelabs Healthcare, Inc. ("Spacelabs") (LSE: SLAB) to more than 90%. Pursuant to its previously-published plans, OSI Systems intends, within the next 10 business days, to complete its acquisition, at 100p per share, of all shares of Spacelabs through a merger whereby Spacelabs will become a wholly-owned subsidiary of OSI Systems. At the point of the merger, the remaining stockholders of Spacelabs will have a right to consideration in the amount of 100p per share. A notification of the merger, together with details regarding procedures for claiming the consideration, and related information, will be delivered to Spacelabs stockholders shortly after the execution of the merger.

Spacelabs' Fiscal 2007 Annual Report, recently distributed to shareholders and available on the Spacelabs website, describes a challenging year for the company and the actions that management has taken to turn the situation around. On November 12, 2007, Spacelabs announced that its revenues for the quarter ended September 30, 2007 were up 17% as compared with the prior-year period, and income from operations for the period had improved to approximately $1 million, compared with a loss of approximately $4.2 million during the prior-year period. At the Spacelabs Annual Shareholders' Meeting on December 7, 2007 it was further announced that Spacelabs' business is on course to meet expectations for the first half of fiscal 2008.

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements include information regarding the Company's expectations, goals or intentions about the future, including the Company's predictions with regard to the prospective performance of, and market acceptance of, its products. The actual results may differ materially from those described in or implied by any forward-looking statement. Other important factors are set forth in our Securities and Exchange Commission filings. All forward-looking statements speak only as of the date made, and we undertake no obligation to update these forward-looking statements.

Contact Information

  • Enquiries:

    OSI Systems, Inc.
    Jeremy Norton
    Tel: +1 310 978 0516