PARSIPPANY, N.J., March 29, 2016 /PRNewswire/ -- Trinity Medical Devices Inc., a company intensely focused on delivering high-quality single use medical products at lower costs to the global health care market; today announced the purchase of assets related to CAS Medical Systems, Inc. neonatal intensive care disposables product line. The purchase is in the amount of $3.35 million, with up to $400,000 of additional proceeds if certain sales targets are reached within the next 12 months. The neonatal product line includes the Klear-Trace® electrodes and NEOGUARD® disposable temperature probes, reflectors, and arm boards.
"I can't express enough how pleased we are to complete this transaction," said John Easom, Chief Executive Officer of Trinity Medical Devices. "I believe we will see more and more opportunities where consumable medical devices do not fit with the infrastructure of a technology or equipment based business, or fit with companies requiring overburdening overhead to accommodate a wide variety of products other than consumables. We are excited about the addition of the neonatal disposables product line and look forward to building relationships with our new customers. With the highly regarded Klear-Trace and NEOGUARD brands, the neonatal product line has great potential to fulfill the needs of an expanded range of customers and fits strategically within our product portfolio."
Mr. Easom went on to say; "I'd like to thank Trinity's Board of Directors, our Chairman Tony Dimun, our Investment Advisor Blakely Page of Spouting Rock, and the Trinity Management Team for working tirelessly to bring this transaction home to Trinity."
"The NEOGUARD and Klear-Trace neonatal products will integrate smoothly into our highly efficient Supply Chain & Customer Based Systems, and is consistent with our mission to lead the industry in offering value to healthcare providers. Trinity intends to maintain and grow the Klear-Trace® and NEOGUARD® product lines with long established distributors and customers." explains Benn Vennesland, Trinity's President & COO.
"The sale of this legacy product line allows CASMED to tighten further our strategic focus on our high growth FORE-SIGHT cerebral oximetry business where we see opportunities for continued market penetration and expansion," remarked Thomas M. Patton, President and Chief Executive Officer of CASMED.
Under the agreement, CASMED will provide certain transition services as necessary, including manufacturing and customer service through a period not to extend beyond the end of 2016 to ensure that all customer needs will be satisfied without interruption while operations are transitioned to Trinity Medical Devices.
CASMED is a leading developer and manufacturer of medical devices for non-invasive patient monitoring.
TRINITY MEDICAL DEVICES INC. is an FDA registered, ISO 13485 certified, private medical device company focused on providing high-quality cost-effective alternatives in the commodity medical device market.
For more information on Trinity Medical Devices Inc., visit: http://trinitymdi.com/
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SOURCE Trinity Medical Devices Inc.