Positron Finalizes Acquisition of Manhattan Isotope Technology, LLC
FISHERS, Ind., Jan. 17, 2012 /PRNewswire/ -- Positron Corporation (OTCBB: POSC), a leading molecular imaging company specializing in the field of nuclear cardiology is pleased to announce the acquisition of Manhattan Isotope Technology, LLC (MIT). Positron has acquired all of the assets, business operations and retained all employees of MIT. In exchange, MIT shall receive cash advances, assumption of certain indebtedness and earn-out consideration of $3,500,000 based on 20 percent of the net income from sales relating to radioisotope and radiopharmaceutical operations of MIT.
Positron, through its wholly owned subsidiary MIT, is the only commercial resource in the United States with practical knowledge and experience in all stages of strontium-82 (Sr-82) production, and spent generator lifecycle management. Positron will focus on increasing Sr-82 supply through the processing of proton irradiated target material from domestic & foreign suppliers and recycling Sr-82 from spent generators. MIT seeks to become the first supplier to provide Active Pharmaceutical Ingredient (API) grade Sr-82 in the U.S. besides the United States Department of Energy. In an effort to expand Positron's radioisotope product offerings, MIT possesses the unique and specialized expertise in the production of additional radioisotopes, such as germanium-68, selenium-72 and others, which are currently only supplied by the U.S. Government.
In pursuit of securing a proprietary supply of radioisotopes for cardiac PET imaging, Positron plans to build and operate the world's largest commercial high energy/high current cyclotron (70MeV) in the U.S. With the addition of MIT, Positron gains the ability to develop internal processing capabilities, gain regulatory approvals and establish a broad multiple product customer base further enhancing the timeliness of launch and long term value of this project. Positron's planned cyclotron facility, once completed, will become the workhorse of high energy radioisotope production in North America, providing a reliable, secure, indigenous supply of radioisotopes therefore stabilizing and building confidence throughout the cardiac PET market and nuclear medicine community overall. Positron is committed to advancing the practice and technology of Nuclear Cardiology and with our integrated solution will play the largest role in the future and longevity of the industry.
Commenting upon the significance of the new company, MIT President Jason Kitten stated, "The staff at MIT brings decades of combined experience in isotope manufacturing and high consequence radiological facility engineering and design. With Positron's vertically integrated approach and foresight in developing a robust solution to the isotope supply limitations, Positron is well positioned to become a total solutions provider expanding the U.S. market while taking its total solution strategy global."
About Positron: Positron Corporation is a leading molecular imaging company providing innovative nuclear medicine technologies and services that are reshaping the field of nuclear cardiology. Through proprietary PET imaging systems and radiopharmaceutical solutions, Positron enables healthcare providers to more accurately diagnose disease and improve patient outcomes while practicing cost effective medicine. Positron has gained significant traction in a diverse industry and continues their strong commitment to excellence and advancing cardiac imaging solutions. More information about Positron is available at www.positron.com.
Forward Looking Statements: Statements in this document contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are based on many assumptions and estimates and are not guarantees of future performance. These statements may involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Positron Corporation to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Positron assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Our actual results may differ materially from the results anticipated in these forward-looking statements due to a variety of factors, including, without limitation those set forth as "Risk Factors" in our filings with the Securities and Exchange Commission.
SOURCE Positron Corporation