GE Healthcare Signs Exclusive Agreement to Distribute Cardiac Science Defibrillators in North American Hospitals
13 Juin 2005 - 8:30AM
PR Newswire (US)
GE Healthcare Signs Exclusive Agreement to Distribute Cardiac
Science Defibrillators in North American Hospitals Agreements Will
Continue Following Pending Merger with Quinton Cardiology IRVINE,
Calif., June 13 /PRNewswire-FirstCall/ -- Cardiac Science, Inc.
(NASDAQ:DFIB), a leading manufacturer of life-saving automatic
public-access defibrillators (AEDs), announced today that it has
expanded its multi-year strategic distribution agreements with GE
Healthcare, a division of General Electric Company (NYSE:GE). Under
the agreements, GE Healthcare will market Cardiac Science's
complete line of Powerheart(R)-brand external defibrillators on an
exclusive basis to hospitals in the United States and Canada. In
addition, GE also confirmed the assignment of the distribution
agreements to the new corporate entity being created by the pending
merger transaction between Cardiac Science and Quinton Cardiology
Systems, Inc. (NASDAQ:QUIN). The agreements provide GE Healthcare
exclusivity in North American hospitals, based on certain annual
performance criteria, for Cardiac Science's complete line of
defibrillators including Powerheart(R) G3 AEDs, Powerheart(R)
CRM(R) and Cardiac Science's new traditional "crash-cart"
in-hospital external defibrillator, which is currently pending
510(k) approval by the U.S. Food & Drug Administration and is
anticipated to be released for worldwide sale this summer. Cardiac
Science's Chairman and Chief Executive Officer Raymond W. Cohen
said, "These agreements confirm that GE Healthcare will market the
soon-to-be-released "crash-cart type" defibrillator in North
American hospitals under the Powerheart(R)-brand and
internationally under the GE Responder(R) brand post our pending
merger with Quinton. They also greatly expand our relationship with
GE Healthcare by granting GE exclusivity to North American
hospitals based on certain performance criteria." Cohen added, "For
the first time, we will soon begin competing for a share of the
lucrative traditional in-hospital external defibrillator market
where in the United States alone, several hundred million dollars
worth of these defibrillators are being purchased each year to
replace older models. In addition, we believe GE Healthcare can
help us sell AEDs in the emerging U.S. hospital AED market, where
AEDs are being deployed in the non-acute sections of the hospital
to treat patients and protect visitors and hospital employees who
suffer sudden cardiac arrest." As is the case with the existing
line of Cardiac Science Powerheart(R) AEDs, the new traditional
"crash-cart" hospital external defibrillator incorporates the
Company's patented STAR(R) biphasic technology and RHYTHMx(R)
analysis software. The new product will be manufactured by Cardiac
Science under the Powerheart(R)-brand for sale by GE Healthcare in
North American hospitals, and on a private label basis under the GE
Responder(R) brand name for sale by GE Healthcare in Europe, Asia,
the Middle East and other international markets. GE Healthcare
first began selling an OEM version of the Cardiac Science-
manufactured AEDs internationally in the late 2003. In October
2004, Cardiac Science made its first shipments to GE Healthcare of
its G3 PRO AED, designed for medical professionals, under the
Responder(R) label. About Cardiac Science Cardiac Science, with
operations in Orange County, CA, Minneapolis, MN, Manchester,
England and Copenhagen, Denmark, develops, manufactures and markets
Powerheart(R)-brand automatic public-access defibrillators (AEDs)
and offers comprehensive AED/CPR training and AED program
management services that facilitate successful deployments. The
Company also makes the Powerheart(R) CRM(R), the only FDA-cleared
therapeutic patient monitor that instantly and automatically treats
hospitalized cardiac patients who suffer life-threatening heart
rhythms. In the U.S., Cardiac Science products are sold to
corporations, police and fire departments, state and local
municipalities, the federal government and schools by its 55-person
direct sales force, and certain national and local distributors.
Internationally, Cardiac Science products are sold direct in the
United Kingdom and by independent distributors in over 60
countries. Cardiac Science also manufactures its AED products on a
private label basis for other leading medical companies such as
Quinton Cardiology Systems, Nihon Kohden (Japan) and GE Healthcare.
In 2004, Cardiac Science was recognized by Deloitte & Touche as
the 4th fastest growing technology company in North America and as
the fastest growing company in Orange County, CA. For more
information, please visit http://www.cardiacscience.com/ or contact
Cardiac Science at (949) 797-3800. This news release contains
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. In addition, from time to
time the company, or its representatives, have made or may make
forward looking statements orally or in writing. The words
"estimate," "potential," "intended," "expect," "anticipate,"
"believe," and similar expressions or words are intended to
identify forward looking statements. Such forward-looking
statements include, but are not limited to the achievement of
future revenue growth based on the expanded agreement with GE
Healthcare. Cardiac Science has based these forward-looking
statements on current expectations, assumptions, estimates and
projections. While Cardiac Science believes these expectations,
assumptions, estimates and projections are reasonable, such
forward-looking statements are only predictions and involve known
and unknown risks and uncertainties, many of which are beyond our
control. Cardiac Science cautions that these statements are subject
to substantial risks and uncertainties and are qualified by
important factors that could cause actual results to differ
materially from those reflected by the forward-looking statements
and should not be relied upon by investors when making an
investment decision. Information on these and other factors is
detailed in the Company's Form 10-K for the year ending December
31, 2004, subsequent quarterly filings, and other documents filed
by Cardiac Science with the Securities and Exchange Commission. .
Given these risks and uncertainties, you are cautioned not to place
undue reliance on such forward- looking statements. Cardiac Science
does not undertake any obligation to update any such statements or
to publicly announce the results of any revisions to any such
statements to reflect future events or developments. Contact: Matt
Clawson (Investors), or Michael Gioffredi Len Hall (Media) Chief
Marketing Officer Allen & Caron Inc Cardiac Science, Inc. (949)
474-4300 (949) 797 3800 DATASOURCE: Cardiac Science, Inc. CONTACT:
Matt Clawson, Investors, , or Len Hall, Media, , both of Allen
& Caron Inc, +1-949-474-4300; Michael Gioffredi, Chief
Marketing Officer, Cardiac Science, Inc., +1-949-797-3800, Web
site: http://www.cardiacscience.com/
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