FINAL
FOR FURTHER INFORMATION
OSI Systems Inc
12525 CHADRON AVE
HAWTHORNE CA 90250
(310) 349 2237
Contact: Jeremy Norton - Director of Investor Relations
OSI SYSTEMS ANNOUNCES SUCCESSFUL COMPLETION OF
SPACELABS HEALTHCARE IPO ON AIM IN LONDON
o OSI RETAINS OWNERSHIP OF APPROXIMATELY 80% OF SPACELABS HEALTHCARE;
o COMPANY RAISES APPROXIMATELY $29.7 MILLION BEFORE EXPENSES.
HAWTHORNE, Calif. -- (BUSINESS WIRE) -- October 25, 2005--OSI Systems, Inc.
(Nasdaq:OSIS) today announced that it had successfully completed the listing on
AIM in London of Spacelabs Healthcare Inc., a newly formed Delaware corporation
composed of the Healthcare operations of OSI: Spacelabs Medical, Blease Medical,
Dolphin Medical and Osteometer MediTech. In conjunction with the listing
approximately 20% of the shares in Spacelabs Healthcare were placed with
institutional investors raising approximately $27 million net of expenses. The
shares will begin trading October 31, 2005 under the ticker symbol `SLAB'.
Of the proceeds raised, Spacelabs Healthcare will repay approximately $22
million of its $57.3 million debt to OSI - leaving a balance owed to OSI of
approximately $35 million. Prior to the commencement of trading, the market
capitalization of Spacelabs Healthcare will be approximately $150 million plus
the approximate $35 million in debt.
Deepak Chopra, CEO of Spacelabs Healthcare, stated, "We are delighted to have
successfully completed the listing of Spacelabs Healthcare on AIM in London.
During a period of difficult market conditions we are pleased to have been able
to attract a high quality institutional shareholder base. Since 1987, we have
built a profitable global business with a portfolio of strong brand names and
cutting edge technologies in the areas of patient monitoring, anesthesia and
pulse oximetry. We look forward to the support of our shareholders as we pursue
our future growth strategies utilizing the proceeds of the placing to accelerate
the next phase of our strategic development."
For the past year the OSI has been exploring strategic alternatives for its
Security, Healthcare and Opto-electronic business groups. The company's
Healthcare Group, now known as Spacelabs Healthcare has grown from approximately
$11 million in annual revenues in fiscal 2003, to $195.7 million in fiscal 2005
primarily as a result of the acquisitions of Spacelabs and Blease.
As the above described placement of Spacelabs Healthcare shares was made in the
UK these shares have not been registered for offering in the United States.
Therefore, these shares cannot be resold to U.S. persons unless an exemption
from such registration applies.
ABOUT SPACELABS HEALTHCARE, INC.
Spacelabs Healthcare, Inc. is an international developer, manufacturer and
distributor of medical equipment and services including patient monitoring
solutions, anesthesia delivery and ventilation systems, pulse oximeters and
sensors and bone densitometers selling to hospitals, clinics and physicians
offices. Additionally, the company provides ECG laboratory services to
pharmaceutical companies undertaking clinical trials, whereby patient ECG data
is recorded, analyzed, tabulated and interpreted.
The company has established brand names in both medical devices and medical
services such as "Spacelabs", "Blease" and "Dolphin". The company employs
approximately 1,050 personnel in its 14 offices in UK, Canada, France, Germany,
Finland, Singapore and the United States. The company conducts its manufacturing
and R&D in India, the UK and the United States.
Spacelabs Healthcare is a subsidiary of OSI Systems Inc, a US-based,
Nasdaq-listed company.
ABOUT OSI SYSTEMS, INC.
OSI Systems Inc. is a Hawthorne, California based diversified global developer,
manufacturer and seller of security and inspection systems, medical monitoring
and anesthesia products, and optoelectronic devices and value-added subsystems.
The company has more than 30 years of experience in electronics engineering and
manufacturing and maintains offices and production facilities located in more
than a dozen countries. OSI Systems implements a strategy of expansion by
leveraging its electronics and contract manufacturing capabilities into
selective end product markets through organic growth and acquisitions. For more
information on OSI Systems Inc. or any of its subsidiary companies, visit
www.osi-systems.com.
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 our expectations, goals or intentions about the future, including, but
not limited to, statements regarding the listing of shares of common stock of
Spacelabs Healthcare, Inc. on the AIM in London. 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.
