Exhibit 99.1
Form 8-K
Viking Systems, Inc.
File No. 000-49636
Press Release
VIKING SYSTEMS AGREES TO BUY
3D VISUALIZATION BUSINESS OF VISTA MEDICAL TECHNOLOGIES
La Jolla, CA December 23, 2003 - Viking Systems, Inc. (VKSY:PK) today announced
that it has agreed to acquire the assets of the visualization technology
business of Vista Medical Technologies, Inc, (NASDAQ: VMTI) for a combination of
stock in Viking, royalties and other cash payments. This transaction is subject
to the approval of Vista Medical's stockholders: if approved, it is expected to
close in the second half of January, 2004. Over a five year period, the royalty
and cash payments will range between a minimum of $1,475,000 and an approximate
maximum of $5,500,000, dependent on the performance of the acquired business
unit. The stock received in Viking will represent approximately ten percent of
its fully diluted equity at the time the transaction closes. Vista Medical and
Viking have also agreed to negotiate a joint Marketing and Technology Agreement
for the Obesity Surgery market.
President of Viking Systems, Thomas B. Marsh, said, "This is the first of a
planned series of acquisitions in this market and we believe Vista Medical
Technologies will be a good platform for our visualization and surgical control
effort. We are excited about this technology and look forward to growing the
business, both for laparoscopic bariatric surgery and other complex minimally
invasive surgical applications."
About Viking Systems, Inc.
The Vision statement of Viking Systems, Inc., is to be recognized as the market
leader in the development of integrated imaging, information and surgical
control technologies that significantly enhance performance and patient outcomes
of complex surgical procedures. Viking plans to complete a series of
acquisitions in the medical device market focused on companies with vision,
optics, laser, sensor and other technology.
Following a recent change in control, the principal investor in Viking is Donald
E. Tucker, a Senior Partner with the world's largest consulting and technology
company, with over 24 years of consulting experience across a number of industry
segments. He has held several management and leadership positions during his
career and currently has global responsibility for the Medical Technology,
Diagnostics and Devices industry segment, as well as the west coast
biotech/pharmaceutical market. He has primary responsibility for establishing
global market and operational leadership in these industry segments and is an
advisor to a number of associations in the life sciences industry.
Mr. Tucker is an expert in the strategy, planning and implementation of
large-scale complex change programs with extensive experience in new product
development, supply chain management and commercial operations. He has served
numerous Fortune 100 companies in planning and executing global mergers,
consolidating operations and implementing new strategic capabilities. He has
worked extensively throughout the Americas and Europe. From 1997 to 2000, Mr.
Tucker led the development and operations of the Company's west coast Business
Launch Center, where over 16 new technology-centric businesses were formed,
funded and launched.
The President of Viking, following the change in control, is Thomas B. Marsh.
Mr. Marsh is a Partner and Co-founder of Marsh and Flagg, a merger and
acquisition advisory firm, and serves as a Director and Secretary/Treasurer of
PurchaseSoft, Inc. Previously he has been CEO of Co-Mack Technology, CEO of
Emark Corporation and President of Spectrum Companies International.
Vista Medical Technologies, Inc.
Vista Medical Technologies, Inc. operates two business units. The Obesity
Surgical and Medical Management Services business, based in Carlsbad, CA,
provides services to physicians and hospitals involved in the surgical treatment
of morbid obesity. Our services include management of the Laparoscopic Bariatric
Surgery Preceptorship, a comprehensive introduction to starting a minimally
invasive gastric bypass surgical program. Additionally, we offer systems,
consulting and program management services which enable the efficient operation
of obesity surgery programs. The Visualization Technology business, based in
Westborough, MA, develops, manufactures and markets products that provide
information to physicians performing minimally invasive general surgical,
cardiac surgical and other selected endoscopic and interventional procedures.
Our technology products combine a head mounted display with video cameras to
provide surgeons with critical visual information during complex minimally
invasive procedures, and also incorporate the benefit of viewing complementary
information in a voice-controlled, picture-in-picture format, to facilitate
real-time decision making during surgery. The Visualization Technology business
also manufactures compact, high-resolution endoscopic cameras for original
equipment manufacturer customers and strategic partners. Vista Medical
Technologies is traded on the NASDAQ SmallCap Market under the stock symbol
VMTI. The Company's Internet Website is www.vistamt.com. Information on the
Company's nutritional supplements for post-surgical gastric bypass patients may
be found on www.vistavitamins.com.
FORWARD LOOKING STATEMENTS
This current report contains certain forward-looking statements and any
statements contained in this current report that are not statements of
historical fact may be deemed to be forward-looking statements. Without limiting
the foregoing, words such as "may," "will," "expect," "believe," "anticipate,"
"estimate" or "continue" or comparable terminology are intended to identify
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forward-looking statements. These statements by their nature involve substantial
risks and uncertainties, and actual results may differ materially depending on a
variety of factors, many of which are not within Viking's control. These factors
include, but are not limited to, economic conditions generally and in the
markets in which Viking may participate, competition within Viking's markets and
failure by Viking to successfully develop business relationships.
For further information please contact: Thomas B. Marsh, President of Viking
Systems, Inc., (858) 456-6608, tmarsh@vikingsystems.com. The Viking web site is
www.vikingsystems.com.
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