MINNEAPOLIS, April 20 /PRNewswire-FirstCall/ -- Biotel Inc. (BULLETIN BOARD: BTEL) , today announced that its Board of Directors voted to respectfully decline the previously-announced proposal of Arrhythmia Research Technology, Inc. to acquire Biotel. The Biotel Board believes the proposed purchase price is inadequate and that this is the wrong time to sell the company.
Biotel President and CEO Steve Springrose said: "The Biotel Directors and management are pleased with the progress that Biotel is making, and we expect to report solid revenue and earnings growth:
both at Braemar in the design and build of arrhythmia devices and
other medical devices, and
at Agility in providing contract ECG research services for medical
corporations and research evaluations.
Biotel has made investments over the past two years in new products and services which are just coming into their own, including a new Holter recorder and a new event recorder at Braemar. Agility has developed a solid position contracting ECG clinical research services for new cardiology devices and on methods used to treat atrial fibrillation. Agility revenues are ramping as a result of several new studies booked, cleared by FDA, and launched. Agility is expected to achieve profitability within the next two or three quarters. We are confident that as the benefits of these investments become evident, Biotel's share value will increase accordingly."
Biotel provides completed medical devices and clinical research services to medical companies seeking to partner their research, development and manufacturing capabilities. Biotel subsidiaries design, accomplish regulatory approval, manufacture, and test medical devices such as: 24- and 48-hour Holter recorders, 30-day ECG event recorders, tissue extraction components, flow control devices; and provide 24/7 clinical ECG research services and internet technologies; and develop, service, and test other custom medical devices.
