Mindray Medical Completes Acquisition of ZONARE Medical Systems
SHENZHEN, China, July 17, 2013
SHENZHEN, China, July17, 2013 /PRNewswire/ -- Mindray Medical International
Limited (the "Company" or "Mindray") (NYSE: MR), a leading developer,
manufacturer and marketer of medical devices worldwide, announced today that
it has completed the acquisition of ZONARE Medical Systems, Inc. ("ZONARE"),
an ultrasound technology leader in the high-end radiology segment pursuant to
the terms of the previously announced definitive agreement entered into on
June 12, 2013.
Under the agreement, Mindray has acquired ZONARE for a total purchase price of
US$101.7 million in cash, as adjusted for working capital at the closing date.
The Company expects that the combined business will benefit from ZONARE's
strong innovative R&D capability and direct sales and service network in the
high-end ultrasound market together with Mindray's efficient engineering,
extensive distribution channels and broad production platforms.
"We are pleased to complete this acquisition, furthering Mindray's goal of
becoming a leading provider of high-quality imaging products worldwide," said
Mr. Minghe Cheng, Mindray's co-chief executive officer. "This transaction
brings us superior technology that will ultimately accelerate the launch of
our next-generation high-end ultrasound product. It also gives us immediate
access to the high-end ultrasound market in the countries like U.S., Canada,
Scandinavia and Germany. We are optimistic about the transaction and believe
we will be better positioned to serve the healthcare market on a worldwide
basis for the long run."
Cautionary Note Regarding Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of
the safe harbor provisions of the Private Securities Litigation Reform Act of
1995. Statements that are not historical facts are forward-looking statements.
Forward looking statements in this press release include, without limitation,
statements regarding Mindray management's expectation that the combined
business will benefit from ZONARE's strong innovative R&D capability and
direct sales and service network in the high-end ultrasound market together
with Mindray's efficient engineering, extensive distribution channels and
broad production platforms, Mindray's goal of becoming a leading provider of
high-quality imaging products worldwide, that this transaction brings Mindray
superior technology that will ultimately accelerate the launch of the
Company's next-generation high-end ultrasound product, that this transaction
also gives Mindray immediate access to the high-end ultrasound market in the
U.S., Canada, Scandinavia and Germany, and the belief that the Company will be
better positioned to serve the healthcare market on a worldwide basis for the
long term run. Readers are cautioned that these forward-looking statements are
only predictions and may differ materially from actual results. For example,
the transaction maybe more or less dilutive to Mindray's financial results
than anticipated and the other anticipated transaction benefits may not be
realized. The success of the transaction, the combined company's business and
the ability to recognize the anticipated transaction benefits are subject to a
variety of factors, including, without limitation, successful integration of
Mindray's and ZONARE's R&D, manufacturing and sales activities and customer
and employee bases; the growth and expected global growth of the medical
device market; relevant government policies and regulations relating to the
medical device industry; market acceptance of the combined company's products;
expectations regarding demand for our combined products; our ability to expand
our production, our sales and distribution network and other aspects of our
operations; our ability to stay abreast of market trends and technological
advances; our ability to effectively protect our intellectual property rights
and not infringe on the intellectual property rights of others; our ability to
settle disputes with our customers and suppliers; competition in the medical
device industry in China and internationally; and general economic and
business conditions in the countries in which we operate. For a discussion of
other important factors that could adversely affect the transaction and
related integration, the combined business and our financial condition,
results of operations and prospects, see "Risk Factors" beginning on page 5 of
Mindray's annual report on Form 20-F, which was filed with the Securities and
Exchange Commission on April 8, 2013. Any projections in this release are
based on limited information currently available to us, which is subject to
change. Although such projections and the factors influencing them will likely
change, we will not necessarily update the information. Such information
speaks only as of the date of this release.
Mindray is a leading developer, manufacturer and marketer of medical devices
worldwide. Mindray maintains its global headquarters in Shenzhen, China, U.S.
headquarters in Mahwah, New Jersey and multiple sales offices in major
international markets. From its main manufacturing and engineering base in
China, Mindray supplies through its worldwide distribution network a broad
range of products across three primary business segments, namely patient
monitoring and life support, in-vitro diagnostic, and medical imaging systems.
For more information, please visit http://ir.mindray.com.
For investor and media inquiries, please contact:
In the U.S:
Western Bridge, LLC
Mindray Medical International Limited
SOURCE Mindray Medical International Limited
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