Nanotechnology Now - Press Release: Oxford Instruments plc Acquires Asylum Research Corp.

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Abstract:
Asylum Research, the technology leader in scanning probe/atomic force microscopy, announces that it has been acquired by Oxford Instruments plc ("Oxford Instruments"), a leading provider of high technology tools and systems for industry and research. The acquisition is subject to customary conditions of the London Stock Exchange and is expected to be completed before the end of December 2012.

Oxford Instruments plc Acquires Asylum Research Corp.

Santa Barbara, CA | Posted on December 17th, 2012

Asylum Research is being acquired from its management for an initial debt free, cash free consideration of US$32.0 million with a deferred element of up to US$48.0 million payable over three years dependent on its performance over that period. Asylum Research generated Earnings Before Interest and Taxation (EBIT) of $1.1 million in the twelve months to December 31, 2011 from revenue in the same period of $19.6 million. It had gross assets of $6.2 million as at December 31, 2011. The acquisition will be funded from existing facilities. Asylum Research will remain in Santa Barbara, CA and keep its current management structure with co-founders Dick Clark, Chief Financial Officer, Roger Proksch, President, and Jason Cleveland, Chief Executive Officer.

"We are very excited about joining Oxford Instruments," commented Dick Clark, co-founder and Chief Financial Officer. "The synergies between our companies is extensive and we're looking forward to joining this elite company that has proven leadership in the scientific instrumentation business."

Commenting on the acquisition, Jonathan Flint, Chief Executive of Oxford Instruments, stated, "the acquisition of Asylum Research significantly increases our footprint in the nanotechnology space and complements our strong position in electron microscopes with a presence in another fundamental nanotechnology measurement technique. The acquisition also gives us access to the rapidly growing bio- nano market as it allows customers to perform analysis of organic samples in their natural liquid environments, something which cannot readily be done using electron microscopes."

Added Roger Proksch, President of Asylum Research, "it was clear from the beginning of our talks that Asylum Research and Oxford Instruments both share the same core values while providing world class customer support and service, and making the most technologically-advanced instruments. We are looking forward to joining their team and getting the best AFMs to scientists faster and with even more capabilities."

"I would like to thank all our customers, employees and business associates for getting us to this point in our company history," said Jason Cleveland, Chief Executive Officer of Asylum Research. "Our passion for science has always been at Asylum's forefront. Partnering with Oxford Instruments will allow us to do an even better job at bringing instrumentation to scientists for discoveries that will ultimately lead to amazing innovations."

Asylum Research, founded in 1999 as an employee-owned company in Santa Barbara, California, has a worldwide presence with subsidiaries in the UK, Germany and Taiwan. Its product line of scanning probe/atomic force microscopes, including the CypherTM and MFP-3DTM AFM family, has set the industry standard for technological innovation for both imaging and characterizing many properties of surfaces and structures at the nanoscale. Its AFM/SPMs are used by academic and industrial customers across the world for a wide range of materials and bioscience applications.
A conference call for analysts and investors will be held at 8:30am (UK time) today to discuss this statement.
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About Asylum Research
Asylum Research is the technology leader in atomic force and scanning probe microscopy (AFM/SPM) for both materials and bioscience applications. Founded in 1999 and dedicated to innovative instrumentation for nanoscience and nanotechnology, Asylum Research has over 250 years combined AFM/SPM experience among our staff. Asylum Research AFMs are used for a variety of nanoscience applications in material science, physics, polymers, chemistry, biomaterials, and bioscience, including single molecule mechanical experiments on DNA, protein unfolding and polymer elasticity, as well as force measurements for biomaterials, chemical sensing, polymers, colloidal forces, adhesion, and more. Asylum’s MFP-3DTM has set the standard for AFM technology, with unprecedented precision and flexibility. The MFP-3D is the first AFM with true independent piezo positioning in all three axes, combined with low noise closed-loop feedback sensor technology. The MFP-3D offers both top and bottom sample viewing and easy integration with most commercially-available inverted optical microscopes.

The Cypher AFM is the highest resolution fast scanning AFM, now with environmental control. Cypher provides low-drift closed loop atomic resolution for the most accurate images and measurements possible today, point defect atomic resolution, >20X faster AC imaging with small cantilevers, Spot-OnTM automated laser and photodetector alignment for easy setup, integrated thermal, acoustic and vibration control, and broad support for all major AFM/SPM scanning modes and capabilities.

Asylum Research offers the lowest cost of ownership of any AFM company with the industry-best five-year warranty, legendary product and applications support, and exclusive six-month money-back satisfaction guarantee. Asylum Research is dedicated to providing the most technically advanced AFMs for researchers who want to take their experiments to the next level.

About Oxford Instruments plc

Oxford Instruments designs, supplies and supports high-technology tools and systems with a focus on research and industrial applications. It provides solutions needed to advance fundamental physics research and its transfer into commercial nanotechnology applications. Innovation has been the driving force behind Oxford Instruments' growth and success for over 50 years, and its strategy is to effect the successful commercialization of these ideas by bringing them to market in a timely and customer-focused fashion.

The first technology business to be spun out from Oxford University over fifty years ago, Oxford Instruments is now a global company with over 2000 staff worldwide and is listed on the FTSE250 index of the London Stock Exchange (OXIG). Its objective is to be the leading provider of new generation tools and systems for the research and industrial sectors.

This involves the combination of core technologies in areas such as low temperature, high magnetic field and ultra high vacuum environments, Nuclear Magnetic Resonance, X-ray, electron and optical based metrology, and advanced growth, deposition and etching.

Oxford Instruments aims to pursue responsible development and deeper understanding of our world through science and technology. Its products, expertise, and ideas address global issues such as energy, environment, security and health.

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Contacts:
Oxford Instruments Plc
Jonathan Flint
Chief Executive
Kevin Boyd
Group Finance Director
+44 (0)1865 393200

Asylum Research
Dick Clark, Chief Financial Officer Jason Cleveland
Chief Executive Officer
Roger Proksch
President
Terry Mehr
Director of Marketing
805-696-6466