Home > Press > IQ Micro Signs Agreement in Principle to Acquire Lifecare
Acquisition Will Secure Revolutionary Diabetes Monitoring Technology
IQ Micro Signs Agreement in Principle to Acquire Lifecare
WEST PALM BEACH, FL | Posted on July 10th, 2007
IQ Micro Inc. (OTCBB: IQMC), exclusive licensor of patented electro-osmotic membranes and micro-pumps for the rapidly emerging microfluidic technology sector, announced today that it has entered into an Agreement in Principle with its parent company, Osmolife AS, to acquire all of the issued and outstanding shares of Lifecare AS. A private Norwegian company, Lifecare is developing advanced micro and nanotechnology for the diabetes monitoring market.
The Agreement in Principle represents a key step on the part of the company's majority shareholders to expand IQ Micro's technology portfolio to include offerings to meet growing demand in the rapidly expanding field of diabetes monitoring. The consideration being offered by the company will take the form of restricted common shares and the purchase price will be based on the results of an independent valuation. The proposed transaction, scheduled to close on July 15, 2007, will be subject to required approvals.
IQ Micro President and CEO, Johnny Christiansen, said, "With this acquisition, IQ Micro will strengthen its position in the $11 billion worldwide diabetes market by gaining immediate access to the parent company's proprietary technologies. As we continue to commercialize our licensed microfluidics technologies, Lifecare's patented technology will create another important building block in the future of diabetes treatment for the company."
Lifecare has been developing a revolutionary, implantable osmotic sensor for automated, continuous glucose monitoring. For the 180 million individuals worldwide that have been diagnosed with diabetes, this technology presents a viable alternative to traditional treatment. The company's proprietary sensor, SENCELL, uses an advanced sensing technology based on osmotic readings that can improve precision and accuracy beyond existing solutions in the marketplace. SENCELL integrates micro and nanofabrication technologies into a tiny, implantable device that continuously monitors glucose levels and provides a unique platform for development of a long-term, in vivo glucose sensor solution to replace conventional, less efficient glucose monitoring and measurement techniques.
About IQ Micro Inc.
A subsidiary of Osmolife AS, IQ Micro Inc. ( http://www.iq-micro.com ) is an international licensing company that commercializes proprietary technology developed for use in the microfluidics sector. Developed from the micro-chip industry, microfluidics involves circuits of tiny chambers, channels and pumps that direct the flow of liquids on a single micro-chip.
IQ Micro is actively pursuing global licensing opportunities for its patented electro-osmotic membrane technology and its "invisible pump," a microfluidic technology with a wide range of consumer, medical and industrial applications. With its proprietary technology and highly experienced management, IQ Micro expects to become a leading global, specialized supplier of low-voltage microfluidic technology.
For more information, visit http://www.iq-micro.com . A profile for investors can be accessed at http://www.hawkassociates.com/iqmcprofile.aspx . An online investor kit, including press release, current price quotes, stock charts and other valuable information for investors may be found at http://www.hawkassociates.com . To receive free e-mail notification of future releases for IQ Micro, subscribe at http://www.hawkassociates.com/email.aspx .
CONTACT: D.P. Martin & Associates, Investor Relations for IQ Micro at: 561-514-0194 or or visit: http://www.dpmartin.com .
This release contains various forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended, which represent the company's expectations or beliefs concerning future events of the company's financial performance. These forward-looking statements are further qualified by important factors that could cause actual results to differ materially from those in the forward-looking statements. The words "may," "could," "should," "believe," "anticipate," "estimate," "expect," "intend," "plan" and similar words are intended to identify forward-looking statements. These factors include the effect of competitive pricing, the company's dependence on the ability of third-party manufacturers to produce components on a basis which is cost-effective to the company, our ability to protect our intellectual property rights from infringement by third parties, our ability to convert our intellectual property rights into product offerings that are accepted by the market, the development of competitors of intellectual property and associated products that are superior to ours or that gain better market acceptance than ours and the ability of our intellectual property rights to keep pace with the advances in technology, market acceptance of the company's products and licensing rights, the effects of government regulation and other factors. Results actually achieved may differ materially from expected results included in these statements. The company is under no obligation to, and expressly disclaims any such obligation to, update or alter its forward-looking statements, whether as a result of new information, future events or otherwise. Furthermore, this company cautions that the risk factors listed in this paragraph are not exhaustive.
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D.P. Martin & Associates
Investor Relations for IQ Micro
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