Digitizer manufacturer Howtek of Hudson, NH, plans to expand its product line by merging with computer-aided detection (CAD) developer Intelligent Systems Software (ISSI) of Boca Raton, FL.
Howtek will exchange 8.4 million shares of common stock for all of ISSI’s outstanding stock. ISSI will be merged into a subsidiary of Howtek, and ISSI chairman, president, and CEO Kip Speyer will become Howtek’s chairman and CEO. Howtek president Scott Parr will continue in that position. Howtek and ISSI will continue to maintain their respective offices in New Hampshire and Florida.
The deal expands on an existing relationship between the firms, in which Howtek has been supplying its MultiRad digitizers to ISSI for use with that company’s MammoReader CAD system. MammoReader received FDA approval in January 2002. Howtek said it will continue to provide digitizers to ISSI and other OEM clients following completion of the merger, which is expected to occur by June 30.
By AuntMinnie.com staff writers
January 20, 2002
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