Biotel Declines Proposal to Acquire Company
20 Abril 2007 - 7:49PM
PR Newswire (US)
MINNEAPOLIS, April 20 /PRNewswire-FirstCall/ -- Biotel Inc.
(OTC:BTEL) (BULLETIN BOARD: BTEL) , today announced that its Board
of Directors voted to respectfully decline the previously-announced
proposal of Arrhythmia Research Technology, Inc. (AMEX:HRT) to
acquire Biotel. The Biotel Board believes the proposed purchase
price is inadequate and that this is the wrong time to sell the
company. Biotel President and CEO Steve Springrose said: "The
Biotel Directors and management are pleased with the progress that
Biotel is making, and we expect to report solid revenue and
earnings growth: both at Braemar in the design and build of
arrhythmia devices and other medical devices, and at Agility in
providing contract ECG research services for medical corporations
and research evaluations. Biotel has made investments over the past
two years in new products and services which are just coming into
their own, including a new Holter recorder and a new event recorder
at Braemar. Agility has developed a solid position contracting ECG
clinical research services for new cardiology devices and on
methods used to treat atrial fibrillation. Agility revenues are
ramping as a result of several new studies booked, cleared by FDA,
and launched. Agility is expected to achieve profitability within
the next two or three quarters. We are confident that as the
benefits of these investments become evident, Biotel's share value
will increase accordingly." Biotel provides completed medical
devices and clinical research services to medical companies seeking
to partner their research, development and manufacturing
capabilities. Biotel subsidiaries design, accomplish regulatory
approval, manufacture, and test medical devices such as: 24- and
48-hour Holter recorders, 30-day ECG event recorders, tissue
extraction components, flow control devices; and provide 24/7
clinical ECG research services and internet technologies; and
develop, service, and test other custom medical devices.
DATASOURCE: Biotel Inc. CONTACT: Steve Springrose of Biotel Inc.,
+1-612-605-5366, Web site: http://www.biotelinc.com/
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