Swissray expands corporate relationships

Swissray expands corporate relationships

Digital x-ray developer Swissray International has signed an agreement with Imation to sell that company's DryView laser imaging systems. The one-year agreement is renewable on a yearly basis, according to New York City-based Swissray.

Swissray has also signed a distribution agreement with Elscint, who would serve as exclusive distributor for the company's AddOn-Multi-System in the markets of France, Italy, Spain, U.K., Belgium, Luxembourg, Poland, Hungary, Ukraine, Israel, South Africa, Brazil, Mexico, and Canada.

The timing for the agreement proved to be unfortunate, however, as Haifa, Israel-based Elscint's parent Elbit Medical Imaging elected to sell off its Elscint subsidiary in pieces just a few weeks later. In separate deals, GE Medical Systems of Milwaukee purchased Elscint's nuclear medicine and MRI divisions for $100 million, while Cleveland-based Picker International acquired the company's CT business for $275 million. Those deals are expected to close in November.

Despite the news, the changes could turn out to be positive for the company if one of Elscint's new owners elects to pick up distribution of AddOn-Multi-System, said Ueli Laupper, vice president of sales and marketing. If not, Swissray will have to find a new partner.

In other Swissray news, the company announced that its shareholders have approved a reverse stock split at a shareholder meeting in late August (PNN 9/98). The split, which will be no less than 1 for 4 but no greater than 1 for 10, would bring the company into compliance with listing requirements on the NASDAQ stock exchange. The board of directors will implement the stock split at their discretion, according to the firm.

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