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Austin company sold to Charles Schwab
A news release from Nationwide Financial Services
Nationwide Financial Services, Inc. (NYSE:NFS) today announced an agreement to sell The 401(k) Company, Inc. to The Charles Schwab Corporation (NASDAQ:SCHW) for $115 million in cash, subject to a post-closing adjustment.
The 401(k) Company, based in Austin, Texas, provides defined contribution plan administrative and record-keeping services to employers in the large-case market. As of Sept. 30, 2006, The 401(k) Company administered assets totaling approximately $21.7 billion for 100 companies with 400,000 participants.
The transaction has been approved by each company’s board of directors and is expected to close by the end of the first quarter of 2007. The proceeds of the sale will be used for general corporate purposes.
“This transaction will enable our private-sector business to focus on our core markets, which are small and micro 401(k) plans,” said Mark R. Thresher, president and chief operating officer of Nationwide Financial, which is based in Columbus, Ohio. “By sharpening our focus, not only will we better serve this market, but we also will be able to more effectively deploy capital through reinvestment in core businesses.”
“We believe this transaction is a good fit for The 401(k) Company customers and will enable The 401(k) Company to continue Nationwide Financial’s tradition of providing high-quality retirement plan services,” Thresher added. “We’re also pleased to work with a company that is committed to making this transition as seamless as possible to affected associates and clients.”
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Luling gets $1 million economic development grant
A news release from U.S. Rep. Lloyd Doggett
Washington, DC - Today, Congressman Lloyd Doggett announced that the City of Luling is receiving a $1 million grant he helped secure from the Economic Development Administration of the U.S. Department of Commerce.
“This grant continues Luling’s efforts to capitalize on our region’s success in the high-tech industry,” said Congressman Doggett, a senior member of the House Ways and Means Committee. “This grant is not just about building security devices, it is about creating the economic security working families in Luling need.”
“Our partnership with the EDA on this project will enable us to compete in the growing economic development arena in our area,” said Luling Mayor Mike Hendricks. “In the past we have missed opportunities because we did not have available land in a public Business-Industrial Park setting. By getting the infrastructure out to this new facility it will open the door for continued development opportunities.”
Today’s $1 million in federal funding is part of a $16 million package of combined private and community investment for the creation of Luling’s first-ever Business-Industrial Park. The Business-Industrial Park has already signed as its anchor-tenant Security Cameras Direct, a supplier of closed-circuit television security systems to museums, businesses, homes, and law enforcement agencies. Security Cameras Direct is expected to employ as many as 120 people at the Luling site.
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City to create new Congress Avenue retail fund, spurred by Las Manitas debate
A news release from Mayor Will Wynn and some Austin City Council Members Media Release
Ongoing efforts to create a vibrant downtown got a shot in the arm Thursday with the announcement of a tool to draw new retail and help retain existing businesses that enhance Austin’s unique urban fabric along Congress Avenue.
Austin Mayor Will Wynn, Mayor Pro Tem Betty Dunkerly and Councilmember Mike Martinez announced plans to create the Congress Avenue Retail Retention and Enhancement Fund.
The fund will complement the Downtown Austin Retail Development Strategy – a partnership between the City and the Downtown Austin Alliance begun in 2005 to strengthen existing retail and bring new development downtown.
Phase I of the initiative established a framework for promoting downtown retail. Phase II provides recommendations for Congress Avenue specifically and also involved hiring a Retail Coordinator to begin recruiting new retailers to Congress.
The Congress Avenue Retail Retention and Enhancement Fund will complement Phase II by generating revenue for targeted programs and incentives to ensure a diverse, sustainable mix of retail along Austin’s signature corridor.
“The remarkable success we’ve had on 2nd Street is due to the fact that we developed a strategy, funded it and stuck to it. Now it’s time for us to make judicious, strategic investments in Congress Avenue,” Wynn said.
“The inspiration for this program is, of course, the situation regarding the proposed Marriott development on the 200 block of Congress and the desire to preserve Las Manitas, a mainstay of Congress Avenue,” Wynn said.
The program will be funded by designating a portion of certain developer fees paid to the City from new projects along Congress Avenue for things such as temporary use of parking lanes, alley vacations and air rights. Recent Congress Avenue projects had barricade fees alone of more than $500,000.
“These fees are compensation to the City for use of its resources, but the associated activities don’t actually cost anything in terms of general fund expenses,” Dunkerly said. “So, by utilizing these fees we can enhance our tax base and create an exceptional downtown without any additional cost to the tax payer.”
Grants from the fund will be administered based on scored criteria and will be approved by the Council before being disbursed. Wynn, Dunkerly and Martinez will sponsor a City Council resolution in January directing the City Manager to develop program details.
“The announcement of this program ties together the economic development and preservation efforts we’ve been working toward for years,” Martinez said. “This new policy direction sends a message that Austin welcomes growth downtown while maintaining a commitment to preserving the diversity and character of Austin along Congress Avenue. I look forward to finding avenues that incorporate minority and women-owned businesses as a strategic part of this program as well, while growing the retail presence along Congress Avenue.”
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Motion Computing adds second manufacturing partner
A news release from Motion Computing.
Motion Computing®, a leader in mobile computing and wireless communications, today announced a manufacturing agreement with ASUSTeK, Inc., a leading provider of computers, communications and consumer electronics based in Taipei, Taiwan. ASUS will become an original design manufacturer of Motion™ tablet PCs and peripherals. New Motion products built by ASUS will be released beginning in 2007.
This new agreement augments Motion’s existing relationship with Compal Electronics based in Taiwan and China. Compal will continue as a strategic partner for Motion, including manufacturing of Motion’s current award-winning product family as well as developing new Motion designs.
“Motion has a product strategy we believe in,” said Steve Hwang, general manager of ASUS IPC business unit. “ASUS’ expertise in specialized ultra-mobile product manufacturing and technology integration makes this partnership with Motion valuable to ASUS.”
“Motion is growing and we need this added manufacturing support to take our business to the next level,” said Scott Eckert, CEO of Motion. “ASUS is a strong partner for us, as it offers a local, experienced engineering team co-located with manufacturing to build the innovative, award-winning tablet PCs we bring to market.”
The addition of ASUS continues Motion’s strategy of world-class manufacturing quality, delivered in a cost-effective manner. Motion will continue to focus on what it does best: delivering computing products and services to meet the mobility needs of vertical markets.
Motion Computing produces slate tablet PCs for mobile professionals in vertical industries including healthcare, field sales and service, government and education. Motion is a mobile computing and wireless communications leader, combining world-class innovation and industry experience so individuals can use computing technology in new ways and places. Marketed through an experienced international reseller network and directly through its Web site, each Motion product is built to customer specifications. The company’s enhanced line of tablet PCs and accessories are designed to increase productivity for on-the-go users while providing security, power and versatility. For more information, visit www.motioncomputing.com
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Crossroads Systems reports fourth quarter financial results
A news release from Crossroads Systems:
Austin-based Crossroads Systems, Inc., a leading provider of business information assurance solutions for secure storage and data protection, today announced results for its fiscal fourth quarter (Q4’06) and fiscal year ended October 31, 2006.
Fiscal Fourth Quarter 2006
Revenue totaled $7.1 million for Q4’06 compared to $18.7 million in the fiscal third quarter ended July 31, 2006 (Q3’06). Product revenue totaled $2.8 million for Q4’06 as compared to $5.0 million for Q3’06. The decrease of $2.2 million was mainly the result of decreases in shipments to EMC during Q4’06, as well as a decrease from SUN resulting from their last time buy of certain products in Q3’06. In addition, revenue from IP license, royalty and other totaled $4.3 million for Q4’06 as compared to $13.7 million for Q3’06. The decrease of $9.4 million was mainly a result of IP license revenue received in Q3’06. The Company did receive the remaining $1.5 million from the Dot Hill settlement that was previously being disputed as well as the first quarterly payment.
Gross profit was $4.7 million, or 67 percent for Q4’06, compared to $12.2 million, or 65 percent for Q3’06. Net loss for Q4’06 was $2.1 million, or $0.08 cents per share, compared to a net income of $5.4 million, or $0.20 cents per share in Q3’06.
Fiscal Year 2006
Total revenue for fiscal year 2006 (FY’06) was $32.5 million, compared with $19.7 million for fiscal year 2005 (FY’05). Gross profit for FY’06 was $21.1 million, or 65 percent, compared with $13.8 million, or 70 percent, for FY’05. Net loss for FY’06 was $2.3 million, or $0.09 cents per share, compared with $8.1 million net loss, or $0.31 cents per share, for FY’05.
On June 28, 2006, Crossroads announced it settled outstanding patent litigation with Carlsbad, California-based Dot Hill Systems Corp. (NASDAQ:HILL), a provider of storage networking solutions. In the settlement, Crossroads receives a one-time $10.5 million cash payment and a 2.5 percent ongoing royalty on net sales of products utilizing Crossroads patented access controls technology.
On April 12, 2006, Crossroads announced the acquisition of Tape Laboratories, Inc. (TapeLabs), with headquarters located in Los Angeles, California. Crossroads purchased 100 percent of TapeLabs shares. In return, the shareholder of TapeLabs received one million shares of Crossroads’ common stock in addition to a cash payment at closing of approximately $2.4 million and the payment by Crossroads of approximately $2.3 million of TapeLabs’ debt. Crossroads consolidated the results of operations of TapeLabs for Q4’06, contributing approximately $0.8 million of product revenue and $0.2 million of net loss.
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Indian company buys Samuels Jewelers
A news release from Gitanjali Gems Ltd.
MUMBAI, India & AUSTIN, Texas—Gitanjali Gems Ltd. (Gitanjali) announced today that it has acquired a majority ownership interest in Samuels Jewelers Inc. (Samuels) from funds managed by DDJ Capital Management (DDJ). Terms of the transaction have not been disclosed.
Samuels operates 97 retail jewelry stores in 18 states throughout the United States. The company will remain headquartered in Austin.
Gitanjali CFO, G.K. Nair, stated, “This acquisition is consistent with Gitanjali’s objective to conform to a vertically integrated model, one that benefits from all the efficiencies that are realized through control of the entire supply chain, inclusive of retail. To that end, Samuels is an ideal match to complement Gitanjali’s strengths in manufacturing diamonds and jewelry products.”
Mehul Choksi, Gitanjali’s Chairman, added that, “Gitanjali is always seeking business opportunities which are consistent with its philosophy of adding incremental value at every level of the supply chain, thus ensuring greater shareholder value and bottom line profits. Gitanjali’s 11.5 million square foot Hyderabad Special Economic Zone will provide a tremendous support system for product development and jewelry manufacturing and will offer unparalleled economic benefits to Gitanjali’s customers worldwide, including Samuels.”
Nehal Modi, CEO of Gitanjali’s U.S. affiliated companies, Diamlink and JMC, commented that “the industry is prime for consolidation and we viewed this opportunity with Samuels’ stores and management team as an ideal compliment to our ongoing operations in the U.S. By combining Gitanjali’s extensive industry resources with Samuels’ rich network of retail stores, this transaction represents an exciting and unique endeavor for all those associated with Gitanjali and Samuels.”
Samuels’ President and CEO, Randy McCullough commented, “Samuels is excited to have Gitanjali as a majority shareholder and vendor partner. We look forward to working with Gitanjali and see this transaction as a tremendous opportunity for expanded market share and future growth.”
Financo, Inc. served as financial advisor and Greenberg Traurig, LLP as legal advisor to Samuels. Keynote and Virtus Global Partners served as financial advisors, Klestadt & Winters, LLP as legal advisors, and Marks, Paneth and Shron LLP as accountants to Gitanjali.
In connection with the stock purchase transaction, Samuels has obtained a financing facility from Wells Fargo Retail Finance, LLC. Samuels anticipates that the $60 million facility will be more than sufficient to meet its cash flow needs for the foreseeable future.
Samuels Jewelers, Inc. operates a national chain of specialty retail jewelry stores in regional shopping malls, power centers, strip centers and stand-alone stores. The company sells fine jewelry items in a wide range of styles and prices, with a principal emphasis on diamond and gemstone jewelry. Samuels operates 97 retail jewelry stores in 18 states and also sells jewelry online at SamuelsJewelers.com. The Company currently operates stores under the following three trade names: “Samuels”, “Schubach” and “Samuels Diamonds”. Measured by the number of retail locations, Samuels is the tenth largest specialty retailer of fine jewelry in the United States.
Gitanjali Gems Ltd. is one of the largest integrated diamond and jewelry manufacturers and retailers in India. Its operations include sourcing of rough diamonds from primary and secondary source suppliers in the international market, cutting and polishing the rough diamonds for export to its international markets, and the sale of diamond and other jewelry through Gitanjali’s retail operations in India, as well as in international markets. The company exports its cut and polished diamonds, and its diamond and other jewelry products to various international markets in Europe, including to Antwerp and Italy, the United States, the Middle East, as well as to markets in Asia, including Japan, China, Hong Kong and Thailand. Gitanjali sells its branded diamond and other jewelry products, such as “Nakshatra”, “Asmi”, “Gili”, “D’Damas”, “Collection g”, “Gold Expressions” and “Vivaha Gol”d, in India through its network of approximately 620 outlets. Gitanjali’s U.S. operations are conducted through its affiliates, JMC and Diamlink, which sell goods to independently operated stores as well as to retain chains.
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Dell CFO resigns, to be replaced by former American Airlines CEO
A news release from Dell Inc.
Dell ( today announced the appointment of Donald J. Carty to serve as the Company’s Vice Chairman and Chief Financial Officer, effective January 1, 2007.
Mr. Carty has been a member of the Company’s board of directors since 1992 and for much of that time has served as chairman of the Audit Committee. From 1998 to 2003, Carty served as Chairman of the Board and Chief Executive Officer of AMR Corporation.
He also previously served as President of AMR Airline Group and American Airlines, Inc. Prior to that he was the Chief Financial Officer and held various other executive positions at AMR and its subsidiaries. Mr. Carty has also served as a director of a number of public companies, including Sears Holding Corporation, Barrick Gold Corporation, CHC Helicopter Corporation, and Hawaiian Holdings, Inc. Mr. Carty is chairman of the Big Brothers Big Sisters of America, a member of the Board of Trustees of Southern Methodist University and of the Executive Board of the SMU Cox School of Business, and a member of the board of directors of the Dallas Center for the Performing Arts Foundation.
Michael Dell, the Company’s founder and Chairman of the Company’s board of directors, said, “Don has had a long association with the company and we are delighted that he is joining our senior leadership team.” Kevin Rollins, Dell CEO, noted that “Don’s remarkable management experience and his strong understanding of our company make him an ideal candidate to help lead our Dell 2.0 initiative.”
Mr. Carty succeeds James M. Schneider, the company’s Senior Vice President and Chief Financial Officer. Mr. Schneider will remain with the Company through the end of the current fiscal year to assist Mr. Carty in his transition. Mr. Schneider has recently agreed to become Executive Chairman of the Board of Frontier Bancshares Inc.
Mr. Schneider joined Dell in September 1996 from MCI Communications Corp., where he was senior vice president of finance. Before joining MCI in 1993, Mr. Schneider was associated with Price Waterhouse for 19 years, including 10 years as a partner.
Thomas W. Luce, III, a member of the board of directors, will assume Mr. Carty’s duties as Chairman of the board’s audit committee. Mr. Carty, who as CFO will report to Mr. Rollins, will continue to serve as a member of the company’s board of directors and will continue to work directly with Mr. Luce and the audit committee in connection with the ongoing investigation previously disclosed.
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Texas attorney general announces Sony settlement
A news release from the Texas Attorney General’s office
Texas Attorney General Greg Abbott today concluded a year-long investigation and legal action against Sony BMG Music Entertainment by obtaining an agreed final judgment that provides restitution to consumers and brings sweeping reforms that will protect consumers nationwide.
Texas was the first state in the nation to take legal action against the music giant after determining that Sony BMG released millions of compact discs containing harmful software that was not disclosed to consumers. Today’s precedent-setting action prohibits Sony BMG from selling CDs containing XCP, MediaMax or any other content-protection software that hides or cloaks its software files. Sony BMG must also destroy any existing CDs embedded with XCP or MediaMax technology, continue working to withdraw those CDs from the marketplace, and submit to independent, third-party monitoring of any software-enhanced music CDs for the next five years.
“Texans deserve to be protected from harmful, hidden files that threaten their privacy or the integrity of their computer systems,” said Attorney General Abbott. “Our first-in-the-nation action against Sony BMG shows that consumer privacy will be vigorously protected. Today’s settlement removes harmful products from the marketplace, compensates consumers for any harm they have suffered, and sets best practices that we hope will lead to reforms across the industry.”
In November 2005, the Attorney General’s Consumer Protection Division brought the first lawsuit ever filed under the Texas Consumer Protection Spyware Act after learning that so-called XCP and MediaMax technologies, which violated Texas’ consumer protection laws. Further investigation revealed that the software embedded on some Sony BMG CDs could damage consumers’ computers and create security vulnerabilities. The State’s lawsuit also claimed that Sony BMG violated the Deceptive Trade Practices Act.
Texas consumers whose computers and CD-ROM drives were damaged by XCP software may qualify for restitution from Sony BMG. Today’s agreement requires that Sony BMG publish claim forms on its Web site, www.sonybmg.com Consumers seeking restitution should submit claim forms to Sony BMG, along with repair receipts and other evidence of system damage. Claimants could receive up to $175 each to compensate them for the costs of repairing computers damaged by Sony BMG products. Those without proof of out-of-pocket expenses are still eligible for $25.
The judgment also requires that Sony BMG continue encouraging consumers to return XCP or MediaMax-enhanced compact discs. Consumers who return their CDs in accordance with the settlement will receive the following incentives:
XCP CDs
In exchange for an XCP-enhanced CD, consumers will receive:
• A compact disc bearing the same title (by the same artist) that does not contain copy-protection ( DRM) software, AND
• An MP3 download containing a data file of the disc bearing the same title (by the same artist) that they exchanged that does not include DRM software; AND
• $7.50 cash (debit card) and one (1) free album download (from select titles); OR
• Three (3) free album downloads (from select titles)
If any download codes are unused or unwanted, consumers can exchange them for $2.00 each.
MediaMax 5.0 CDs
• Consumers will receive an MP3 download containing a data file of the disc bearing the same title (by the same artist) that they exchanged that does not include DRM software; AND
• One (1) free album download (from select titles)
If any download codes are unused or unwanted, consumers can exchange them for $2.00 each.
MediaMax 3.0 CDs
• Consumers will receive an MP3 download containing a data file of the disc bearing the same title and by the same artist that they exchanged that does not include DRM software.
Today’s agreement permanently prohibits Sony BMG from manufacturing and selling compact discs that contain the XCP or MediaMax software that formed the basis for Texas’ lawsuit. Additionally, future Sony BMG CDs with anti-piracy programs are prevented from including any hidden files and must prominently disclose specific items on the CD packaging and on its Web site. The required disclosures include: system requirements; limitations on the number of times a CD can be copied; limitations on the digital file formats into which music on the CD can be converted; and any potential incompatibility issues.
In 2005, Sony BMG distributed millions of copies of 52 compact disc titles that utilized new copyright protection technology. When consumers inserted the discs into their computers, a pop-up window prompted them to enter into a licensing agreement consenting to the installation of a proprietary audio player. Sony BMG represented that accepting the agreement was the only way a consumer could listen to its CDs on a computer.
During the installation of the Sony BMG media player, however, the software also installed components of its XCP technology in Microsoft Windows folders. When these files are downloaded onto a computer, they “cloak” or hide themselves, making it almost impossible for a consumer to detect and remove them. The cloaking technique used by XCP and MediaMax undermines the computer’s data integrity by rendering it more susceptible to hackers.
Investigators soon discovered that files containing XCP and, in some cases, MediaMax software transmitted a unique code identifying the compact disc being played on a user’s computer. Once installed, the files remained hidden and active at all times (whether or not the media player was inactive), prompting concerns about the files’ true purpose. Investigators also discovered that secret files embedded in the XCP program were continually active in the background, thus using system resources and potentially slowing computers. The investigation has not revealed that users’ personal identifying information was transmitted.
Sony BMG compact discs containing MediaMax software secretly downloaded large files onto consumers’ computers immediately after they were inserted into CD-ROM drives. This download occurred despite a pop-up window indicating users could decline the terms of usage, cause the CD to be automatically ejected, and thereby not download the Sony BMG software, like XCP.
In September, the Office of the Attorney General sent a consumer alert warning about an incompatibility issue involving XCP files and certain anti-virus or anti-spyware programs, including America Online’s “Safety and Security Center” software and Computer Associates’ “Pest Patrol” software. Investigators discovered that Microsoft Windows users who played an XCP-enhanced CD while running those security programs could find their CD-ROM drives were disabled. As a result, some consumers may have spent considerable resources to replace or fix their computer systems.
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American Airlines starts Austin-Seattle nonstop flight
A news release from American Airlines
American Airlines announced today it will begin new service between Austin, Texas, and Seattle on April 10, 2007. American will operate one round trip a day on the route with its 136-seat MD80 aircraft featuring 16 First Class and 120 Main Cabin seats.
“The Austin and Seattle markets are important to American and its customers,” said Henry Joyner, American’s Senior Vice President — Planning. “We’ve done very well with our other flights between Austin and the West Coast — we expect this one to be a success as well.”
American, a founding member of the global oneworld(R) Alliance, offers other nonstop West Coast flights from Austin to both Los Angeles and San Jose, Calif.
Here is the schedule for American’s service between Austin and Seattle, effective April 10, 2007 — all times local:
Flight 1893 Departs Austin: 8:15 a.m. Arrives Seattle: 10:25 a.m. Flight 1960 Departs Seattle: 3:35 p.m. Arrives Austin: 9:35 p.m.
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Luminex to acquire molecular diagnostics company
A news release from Luminex Corp.:
Austin-based Luminex Corp. and Tm Bioscience Corporation today announced a definitive agreement for Luminex to acquire Tm Bioscience Corporation, a leader in the commercial genetic testing market. Under the terms of the agreement, each Tm Bioscience share will be exchanged for 0.06 shares of Luminex common stock. The per share consideration represents a 41.5 percent premium for Tm shares based on the closing price of a share of Tm common stock and Luminex common stock on December 14, 2006, the last trading day prior to the announcement of the acquisition. Upon completion of this transaction, Tm shareholders will own approximately 9 percent of Luminex outstanding common stock. Completion of the transaction is subject to the approval of Tm shareholders, required regulatory and court approvals, and certain other conditions set forth in the definitive agreement. The transaction is anticipated to close in the first quarter of 2007.
Based in Toronto, Ontario, Canada, Tm is a leading DNA-based diagnostics company developing a suite of molecular diagnostic tests. Tm’s products include tests for infectious diseases as well as tests for genetic mutations related to cystic fibrosis, sepsis, personalized medicine and other debilitating genetic disorders. Tm has proprietary technologies that improve the speed, accuracy, flexibility, and cost of DNA-based genetic tests. Tm’s cystic fibrosis test is the first multiplexed human disease genotyping test to be cleared by the U.S. Food and Drug Administration (FDA) for diagnostic use in the U.S. For the first nine months of 2006, Tm reported revenue of C$8.6 million, a 62% increase compared with C$5.3 million for the same period a year ago.
Commenting on the announcement, Patrick J. Balthrop, president and chief executive officer of Luminex, stated, “We believe that this transaction has the potential to be a transforming event for Luminex. We are very excited about the opportunity to bring the Tm products, capabilities and resources into our company and enhance our ability to be a leader in the growing molecular diagnostics market.
“As we previously announced, Luminex has been evaluating strategic acquisition candidates to advance our growth strategy. With Tm’s cGMP-capable manufacturing, proprietary molecular detection chemistries, assay development expertise and a strong menu of kits and reagents, and the complementary assets and strengths of Luminex’s partner-based business model, we intend to work closely with our business partners that have relevant distribution channels or complementary products to leverage this new business to the mutual benefit of Luminex and our partners. As we continue to support our partners in Life Science research and Immunoassay/HLA, molecular diagnostics will be an important growth market for Luminex. We believe this business combination will allow us to accelerate our growth strategy and build shareholder value.”
Commenting on the acquisition, Greg Hines, president and chief executive officer of Tm, stated, “After examining all of the options available to the company, we determined that the acquisition of Tm by Luminex was in the best interest of shareholders. During the six years that Luminex and Tm have worked together, we have become convinced that DNA-based diagnostics based on Tm’s Universal Array and Luminex’s xMAP can establish Luminex as a leader in the fast growing molecular diagnostics market. We believe that Luminex can secure the global reach and scale required to properly exploit Tm’s product portfolio. The proposed transaction will enable Tm shareholders to share in the growth of the combined business.”
J.P. Morgan Securities Inc. acted as exclusive financial advisor to Luminex in connection with this transaction. The investment banking firm Leerink Swann & Company (Boston, Massachusetts) acted as financial advisor to Tm in connection with the transaction and Westwind Partners (Toronto, Ontario) advised Tm with respect to financing for the transaction.
Management from both companies will host a conference call to discuss this announcement on Friday, December 15, 2006, at 8:00 a.m. Eastern time. The conference call will be webcast live and will be accompanied by a slide presentation, both of which may be accessed at Luminex Corporation’s website at http://www.luminexcorp.com or at Tm Bioscience’s website at http://www.tmbioscience.com . Simply log on to the web at the address above, go to the Company section and access the Investor Relations link. Please go to the website at least 15 minutes prior to the call to register, download and install any necessary audio/video software. If you are unable to participate during the live webcast, the call and slides will be archived for one year on the website using the ‘replay’ link.
About Tm Bioscience
Tm Bioscience is a Toronto-based diagnostics company developing a suite of DNA-based tests for genetic disorders, drug metabolism (pharmacogenetics) and infectious diseases. Tm Bioscience has developed and commercialized Analyte Specific Reagents* and a series of Tag-It(TM)** tests for a variety of genetic disorders. These tests are based on Tm Bioscience’s proprietary Tag-It(TM) Universal Array platform, which utilizes a proprietary universal tag system that allows for easy optimization, product development and expansion. Tm Bioscience’s ID-Tag(TM) Respiratory Viral Panel (RVP) is a reliable and cost- effective test designed to play a key role in patient management, infection control and in countering the pandemic threat of respiratory diseases, all with results in less than six hours. The ID-Tag(TM) RVP has received CE mark certification and the company is focused on gaining regulatory clearance from the FDA for the ID-Tag(TM) RVP as an in vitro device (IVD) in the United States. Tm Bioscience’s Cystic Fibrosis (CF) test is the first multiplexed human disease genotyping test to be cleared by the FDA as an in vitro device (IVD) for diagnostic use in the U.S. It has also received CE mark certification and Health Canada clearance, allowing the test to be marketed for diagnostic purposes in the European Union and Canada. In addition, the company is developing a companion test for the blood-thinning drug warfarin and a test for patients under treatment for sepsis.
About Luminex
Luminex Corporation develops, manufactures and markets proprietary biological testing technologies with applications throughout the life sciences industry. The company’s xMAP(R) system is an open-architecture, multi-analyte technology platform that delivers fast, accurate and cost-effective bioassay results to markets as diverse as pharmaceutical drug discovery, clinical diagnostics and biomedical research, including the genomics and proteomics research markets. The company’s xMAP(R) technology is sold worldwide and is in use in leading research laboratories as well as major pharmaceutical, diagnostic and biotechnology companies. Further information on Luminex Corporation or xMAP(R) can be obtained on the Internet at http://www.luminexcorp.com.
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I am very happy to hear about this because I am going to be making that trip in early May. Non-stop is so much better than having to change. thanks a lot.
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