Harvard Bioscience Announces the Acquisition of Scie-Plas Ltd. a Manufacturer of Electrophoresis Tools for Molecular Biology
HOLLISTON, Mass., and CAMBRIDGE, England, Nov. 5 /PRNewswire/ -- Today Harvard Bioscience (Nasdaq: HBIO) announced the closing of its acquisition, through its Biochrom subsidiary in the UK, of Scie-Plas Ltd. The signing of the letter of intent for this acquisition was discussed in our third quarter conference call.
Scie-Plas designs, manufactures and markets equipment for gel electrophoresis, a popular technique for sample preparation in molecular biology. Harvard Bioscience currently distributes Scie-Plas's product line in the US through the Harvard Apparatus catalog. Because of the timing, Scie- Plas will have minimal impact on revenues and pro-forma earnings in 2001 but could add $3-4 million in revenues and be accretive to pro-forma earnings in 2002. In the past few years Scie-Plas has been consistently profitable and has grown in the 20-30% range annually.
Harvard Bioscience President, David Green, commented: "We are very pleased to announce this acquisition which is a good example of our strategy of acquiring businesses with strong franchises which we then seek to leverage through the introduction of high growth new technologies. David Parr, Managing Director of Biochrom, added "In addition to acquiring the Scie-Plas business we have retained the key management team of Dick Barker and Adrian Cleaver who have considerable experience in developing new products for life science applications. We look forward to working with both of them to grow the Scie-Plas business."
About Harvard Bioscience, Inc.
For further information please contact:
Chane Graziano, CEO, Harvard Bioscience at 508 893 8999 or
cgraziano@harvardbioscience.com
David Green, President, Harvard Bioscience at 508 893 8999 or
dgreen@harvardbioscience.com
Susan Luscinski, CFO, Harvard Bioscience at 508 893 8999 or
sluscinski@harvardbioscience.com
About Harvard Bioscience, Inc.
Harvard Bioscience is a global developer, manufacturer and marketer of innovative, enabling tools in drug discovery research at pharmaceutical and biotechnology companies, universities and government laboratories. HBIO sells approximately 10,000 products to thousands of researchers in over 60 countries though its direct sales force, 1,000 page catalog, and through its distributors, the most notable of which is Amersham Biosciences (formerly Amersham Pharmacia Biotech). HBIO has sales and manufacturing operations in the United States, the United Kingdom, Germany and Belgium with sales facilities in France and Canada. For more information please visit www.harvardbioscience.com or www.biochrom.co.uk
The statements made in this press release that are not statements of historical fact are 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. These statements involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements include, but are not limited to statements about the possible effect of our technology on the drug development process, the impact of an acquisition on future revenues and earnings, the Company's ability to leverage the acquired technology or business and the Company's plans, objectives and intentions contained in this press release that are not historical facts. In particular there is a risk that the acquisition will not generate revenues or pro forma earnings the Company anticipates. Other factors that may cause the Company's actual results to differ materially from those in the forward looking statements include those set forth under the heading "Important Factors That May Affect Future Operating Results" in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2000, as well as other risks described in the Company's public filings or factors, if any, of which the Company is not currently aware. The Company may not update these forward-looking statements, even though its situation may change in the future, unless it has obligations under the Federal securities laws to update and disclose material developments related to previously disclosed information.
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SOURCE Harvard Bioscience
CONTACT: Chane Graziano, CEO, +1-508-893-8999, cgraziano@harvardbioscience.com, or David Green, President, +1-508-893-8999, dgreen@harvardbioscience.com, or Susan Luscinski, CFO, +1-508-893-8999, sluscinski@harvardbioscience.com, all of Harvard Bioscience/
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