WALTHAM, Mass., Jan. 11 /PRNewswire-FirstCall/ -- Inverness Medical Innovations, Inc. , a leading manufacturer and marketer of rapid diagnostic products for the consumer and professional markets, today announced that it has acquired Med-Ox Chemicals Limited, a closely held distributor of professional diagnostic products to the Canadian marketplace for approximately 5.4 million USD. The acquisition of Med-Ox, located in Ottawa, provides Inverness with an established Canadian distribution network for its professional diagnostic products and is consistent with Inverness' efforts to continue to improve margins by bringing distribution in-house. Med-Ox revenues for its fiscal year-ended October 31, 2006 were approximately 6.0 million USD.
For more information about Inverness Medical Innovations, please visit our website at http://www.invernessmedical.com/.
Inverness Medical Innovations is a leading global developer of advanced diagnostic devices and is presently exploring new opportunities for its proprietary electrochemical and other technologies in a variety of professional diagnostic and consumer-oriented applications including immuno- diagnostics with a focus on women's health, cardiology and infectious disease. The Company's new product development efforts, as well as its position as a leading supplier of consumer pregnancy and fertility/ovulation tests and rapid point-of-care diagnostics, are supported by the strength of its intellectual property portfolio. Inverness is headquartered in Waltham, Massachusetts.
This press release contains forward-looking statements within the meaning of the federal securities laws. Actual results may differ materially due to numerous factors, including without limitation, the operational integration associated with the acquisition of Med-Ox, including unanticipated loss of suppliers, customers, employees or other business partners; future demand for and costs of the Company's products which will impact the margins that the Company will realize on future product sales; and the risks and uncertainties described in the Company's periodic reports filed with the Securities and Exchange Commission under the federal securities laws, including the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2006. The Company undertakes no obligation to update any forward-looking statements.
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