PET vendor Positron has sold its cardiac PET software to GE Medical Systems in exchange for cancellation of a note and other obligations owed to GE as a result of the Waukesha, WI-based vendor's 2001 acquisition of Imatron, which at the time of the acquisition was Positron’s principal shareholder.
GE has surrendered for cancellation Positron's $2 million note and accrued interest, nine million shares of Positron common stock, and a warrant exercisable for six million shares of Positron common stock. In connection with the deal, GE subsequently gave Positron a worldwide, perpetual, nonexclusive, royalty-free license to use the cardiac PET software.
The firms also signed a services agreement, in which GE will pay the Houston-based vendor to provide support to transition the software to GE. The transaction, which will have no material result on Positron's cardiac PET business, allows the firm to clean up its balance sheet and proceed with its business plan, said Positron chairman and CEO Gary Brooks.
By AuntMinnie.com staff writersJuly 9, 2003
Related Reading
Positron turns in record revenues, May 19, 2003
Positron adds University of Texas to client list, February 18, 2003
Positron ships PET unit, February 18, 2003
Positron records PET sale, January 20, 2003
Positron losses continue, November 18, 2002
Copyright © 2003 AuntMinnie.com
