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Midmark to
Acquire Michigan-based Versus Technology, Inc.
Advancing Midmark leadership in outpatient clinical workflows using
real-time locating systems
DAYTON, Ohio, and TRAVERSE CITY, Mich., April 8, 2016 — Midmark
Corporation (“Midmark”), a leader in workflow solutions for outpatient
settings, today announced it has entered into a definitive merger
agreement to acquire Versus Technology, Inc. (“Versus”) pursuant to
which Midmark will acquire all the issued and outstanding common shares
of Versus. The Traverse City, Mich. based company is the most-deployed
real-time locating systems (RTLS) provider in healthcare, using
location technology and rules-based automation tools to make health
systems safer and more efficient.
The combination of Midmark and Versus will create a unique offering of
clinical workflow solutions. These solutions encompass clinical
workflow services, RTLS technology, medical equipment, diagnostic
devices and design assistance, resulting in improved efficiency within
health systems.
Using its clinical expertise attained by years of immersive research,
Midmark developed Midmark Clinical Solutions (MCS), a foundational tool
in assisting health networks to improve clinical workflows and enhance
the patient-caregiver experience. MCS workflow principles teach
industry professionals the value of a holistic approach in achieving
optimal workflows in their healthcare environments. For nearly 30
years, Versus has provided expertise in automating clinical workflows
and resource optimization. The addition of Versus RTLS technology will
give Midmark the ability to provide customers improved, data-driven
decision making when developing these processes within health systems.
John Baumann, president and CEO of Midmark stated, “This rapidly
propels us toward becoming the foremost provider of clinical workflow
solutions. We will leverage this technology to deliver data-driven
solutions to our customers that will provide a better healthcare
experience for their patients. We are looking forward to welcoming our
new teammates in Traverse City and are excited for our future together.”
“We are very excited for the opportunity this collaboration will
provide for our system integrators and end-user customers,” said HT
Snowday, president of Versus. “Healthcare providers face difficult
decisions every day relating to equipment, room design, staffing and
workflow. Together, Versus and Midmark will be able to provide more
specialized, data-driven solutions to health systems, strengthening our
businesses while enhancing healthcare for all involved.”
The merger has been unanimously approved and recommended to the Versus
shareholders by the Versus Board of Directors, and is subject to
shareholder approval. A special meeting of shareholders has been
scheduled for April 29, 2016, to seek approval. Assuming shareholder
approval is obtained and all conditions to closing have been met,
closing of the merger is estimated to occur on or before approximately
May 4, 2016. After closing, initial cash distributions to shareholders
will be approximately $0.35 per share with additional distributions
over the next five years of up to $0.047 per share depending on claims
against certain escrow holdback provisions. Versus core operations will
remain in Traverse City, Mich.
About Midmark
Founded in 1915, Midmark Corporation strives to bring efficient patient
care to millions of people each day in the human and animal healthcare
industries around the world. A leading provider of medical, dental and
veterinary equipment solutions, Midmark is focused on continuously
improving exam room workflow and enhancing patient-caregiver
interactions. Midmark’s more than 1,500 teammates worldwide are
dedicated to redefining the future of the clinical space and making a
positive difference in the practice of healthcare. Headquartered in
Dayton, Ohio, Midmark now maintains production and administrative
offices in Versailles, Ohio, as well as five subsidiaries in the United
States and international subsidiaries in the United Kingdom, India and
Italy. To learn more about Midmark, visit midmark.com
ormidmarkclinicalsolutions.com, and follow Midmark on Facebook,
LinkedIn, Twitter and
YouTube.
About Versus Technology, Inc.
Established in 1988, Versus Technology, Inc. specializes in Real-time
Locating Systems (RTLS) for healthcare. Used by more than 800 hospitals
for enterprise patient tracking, bed management, asset tracking, and
nurse call automation, Versus improves patient flow and documentation
of caregiver and patient interactions, while enhancing communication
and efficiency. The Versus infrared (IR), Active RFIDand Wi-Fi solution
is responsible for enterprise visibility, clinical-grade location and
automation at hospitals, clinics, surgery centers and senior care
facilities worldwide. To learn more about Versus Technology, Inc., our
technology and client successes, visit versustech.com.
Safe Harbor Provision
This release may include forward-looking statements which “bespeak
caution,” and which are subject to risks and uncertainties that could
cause actual results to differ materially from the forward-looking
statements. The statements are made only as of the date of this
release, and Versus undertakes no obligation to update them to reflect
subsequent events or circumstances.
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