Lenzar, a medical video camera manufacturer and defense contractor,extricated itself from a nasty financial situation last month.The Riviera Beach, FL, firm was purchased by a subsidiary of Ogden,a large conglomerate, for about $1 million. Prior to its
Lenzar, a medical video camera manufacturer and defense contractor,extricated itself from a nasty financial situation last month.The Riviera Beach, FL, firm was purchased by a subsidiary of Ogden,a large conglomerate, for about $1 million.
Prior to its acquisition, Lenzar had to be freed from the bankruptcyproceedings of Corvus. That firm arranged last year to purchaseTele-Optics, Lenzar's previous parent company, but promptly wentbelly up before payment was made (SCAN 11/21/90).
Lenzar's new owners are active in defense-related optics,but have also expressed an interest in building Lenzar's medicalbusiness, said James Uhrig, medical sales manager.
A new company, Condor Electro-Optics of Melbourne, FL, wascreated by W. J. Schafer, the Ogden subsidiary, to purchase Lenzar,which has been renamed Lenzar Tele-Optics. Schafer was particularlyinterested in obtaining Lenzar's manufacturing facility, Uhrigsaid.
James E. Davis, former president of Lenzar, continues as generalmanager of Lenzar Tele-Optics' medical division. John Scott, aSchafer executive, has been named president of Lenzar Tele-Optics.
Much of Schafer's technology in the defense field was similarto Lenzar's. Lenzar had been working to modify a high-resolutionfilm digitizer developed for aerospace applications. Lenzar hopedto adapt the digitizer for use in medical imaging. The firm willnow use a similar digitizer developed by Schafer, Uhrig said.
"This is a shot in the arm for us," Uhrig said. "They(Schafer) are very interested in the medical division. With theirhelp, we have been able to extend our commitments to customersand expand our business."
Lenzar introduced a compact camera at the Radiological Societyof North America in November, but the firm had not tied down anOEM agreement. The 2020 Frontline camera, suited for small ultrasoundcarts, is targeted at nuclear medicine and ultrasound applicationsand will be sold through dealers as well as OEMs.
Customers were wary of dealing with Lenzar while it was caughtin the Corvus bankruptcy. Medical interest is warming up sincethe firm's sale, however, Uhrig said.
Lenzar expects to build its medical staff this year in bothsales and manufacturing, he said. Resources from Schafer willalso help to expand the firm's medical R&D effort both invideo cameras and electronic imaging technology.
"Listing with the NYSE is part of our long-term strategyof improving the visibility and liquidity of Diasonics stock,"said Stewart Carrell, chairman and CEO.