Scientific Industries Announces Proposed Acquisition
BOHEMIA, N.Y., Dec. 2, 2013 (GLOBE NEWSWIRE) -- Scientific Industries Inc.,
(OTCBB:SCND) (the "Company") announced that an agreement in principle has been
reached with Fulcrum Inc., a privately held company, to acquire its laboratory
and pharmacy balance and digital scale business, including the Torbal DRX3
mechanical scale. The purchase is subject to the execution of a Purchase
Agreement which is to provide for a consideration of cash, shares of Common
Stock of the Company, and commissions on future sales of the products through
the year ending June 30, 2017. Scientific estimates that the total purchase
consideration value will be approximately $1,700,000.
The Purchase Agreement is to contain several conditions for consummation of
the acquisition, including the execution of a long term supply agreement with
Fulcrum's supplier of its digital scales and related products, and a long term
employment agreement with the Company by Fulcrum's principal operating
No assurance can be given that the Agreement will be executed and a purchase
will be concluded.
About Scientific Industries
Scientific Industries designs, manufactures, and markets a variety of
laboratory equipment, including the world-renowned Vortex-Genie^® 2 Mixer;
produces and sells customized catalyst research instruments and the research,
development and production of bioprocessing systems and methods. Scientific
Industries' products are generally used and designed for research purposes in
laboratories of universities, hospitals, pharmaceutical companies, chemical
companies, and medical device manufacturers.
"Statements made in this press release that relate to future events,
performance or financial results of the Company are forward-looking statements
which involve uncertainties that could cause actual events, performance or
results to materially differ. The Company undertakes no obligation to update
any of these statements. Readers are cautioned not to place undue reliance on
these forward-looking statements, which speak only as to the date hereof.
Accordingly, any forward-looking statement should be read in conjunction with
the additional information about risks and uncertainties set forth in the
Company's Securities and Exchange Commission reports, including our annual
report on Form 10-K."
CONTACT: Phone: 888-850-6208
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