SDIX Sells Life Science Assets to OriGene Technologies, Inc. for $16 Million
NEWARK, Del. -- April 8, 2013
SDIX™ (NASDAQ: SDIX), a leading provider of biotechnology-based products and
services, today announced that it has entered into an agreement to sell the
assets of its Life Science business to OriGene Technologies, Inc. for $16
million. OriGene is acquiring substantially all of the assets of SDIX and has
agreed to offer employment to a substantial majority of SDIX’s employees.
Francis DiNuzzo, SDIX’s President and CEO, commented, “The sale of our Life
Science business to OriGene is a natural progression for SDIX. The combination
of our core Life Science business and our Advanced GAT technologies with
OriGene's technologies and global operations will result in a broader
portfolio of products and services for our customer base and a reach into
markets that SDIX would be challenged to achieve as a standalone business."
Steven Becker, the Chairman of the SDIX Board of Directors, also stated, “Over
the past few years the Board and Management of SDIX have worked diligently to
pursue multiple avenues for value creation. After reviewing many alternatives
the Board determined that the best course of action for all of our
stakeholders was to pursue a transaction which would create scale for our
remaining life science and advanced technologies business. We believe this
transaction is the best possible outcome for our shareholders, employees and
valued customers. Post the closing of the transaction the Company will have a
strong balance sheet and no remaining operations and the Board will review
alternatives for the Company's cash and public Company status."
The acquisition is expected to be completed during the second quarter of 2013,
subject to the approval of SDIX’s shareholders and other customary closing
In connection with the proposed sale of assets, the Company intends to file a
proxy statement on Schedule 14A with the Securities and Exchange Commission,
or SEC, and the Company intends to file other relevant materials with the SEC.
Stockholders of the Company are urged to read all relevant documents filed
with the SEC when they become available, including the Company’s proxy
statement, because they will contain important information about the proposed
transaction. A definitive proxy statement will be sent to holders of the
Company’s common stock seeking their approval of the proposed transaction.
Investors and security holders will be able to obtain the documents (when
available) free of charge at the SEC’s web site, http://www.sec.gov. In
addition, the Company’s stockholders may obtain free copies of the documents
filed with the SEC when available by contacting the Company at 111 Pencader
Drive, Newark, DE 19702. Phone 1-302-456-6789. Such documents are not
currently available. You may also read and copy any reports, statements and
other information filed with the SEC at the SEC public reference room at 100 F
Street, N.E., Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330 or
visit the SEC’s website for further information on its public reference room.
The Company and its directors and executive officers, may be deemed to be
participants in the solicitation of proxies from the holders of the Company’s
common stock in respect of the proposed transaction. Information regarding the
directors and executive officers of the Company is available in the 2011
Annual Report on Form 10-K, filed with the SEC on March 30, 2012. Additional
information regarding the interests of such potential participants will be
included in the proxy statement and the other relevant documents filed with
the SEC when they become available.
This news release may contain forward-looking statements reflecting SDIX's
current expectations. When used in this press release, words like
“anticipate”, “could”, “enable”, “estimate”, “intend”, “expect”, “believe”,
“can”, “potential”, “will”, “should”, “project”, “plan” and similar
expressions as they relate to SDIX are intended to identify said
forward-looking statements. Investors are cautioned that all forward-looking
statements involve risks and uncertainties, which may cause actual results to
differ from those anticipated by SDIX at this time. Such risks and
uncertainties include, without limitation, changes in demand for products, the
application of our technologies to various uses, delays in product
development, delays in market acceptance of new products, retention of
customers and employees, adequate supply of raw materials, inability to obtain
or delays in obtaining fourth party, or required government approvals, the
ability to meet increased market demand, competition, protection of
intellectual property, non-infringement of intellectual property, seasonality,
and other factors more fully described in SDIX's public filings with the U.S.
Securities and Exchange Commission.
Kevin Bratton, 302-456-6789
Chief Financial Officer
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