CardioDynamics Sells Vermed Business for $8M
June 22, 2007 - CardioDynamics, an impedance cardiography (ICG) technology developer, announced that it has reached an agreement to sell its Vermed unit to the subsidiary's management team for a cash purchase price of $8 million, allowing CardioDynamics to focus its resources on its proprietary ICG business, which continues to hold the highest growth potential.
The company will maintain a long-term preferential relationship with Vermed for ICG sensors. As a condition of closing, CardioDynamics will enter into a five-year fixed price supplier agreement with Vermed for the proprietary ICG sensors.
The sale is expected to close in the latter part of the company's fiscal third quarter ending Aug. 31, 2007.
For more information: www.cdic.com