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FOR IMMEDIATE RELEASE For
more information contact: Applied Spectral Imaging Ltd. Gets $11M Boost
Migdal Ha'Emek, Israel, August 30, 2000 - Applied Spectral Imaging Ltd. (ASI), a medical light-imaging company, received an $11M investment from Tintanic Corporation B.V. (a holding company for TAT Capital Partners Ltd and Private Equity Holding, Inc. managed by Bank Von Tobel), New Medical Technologies and its current investors. Following the investment, Rolf Haegler, Managing Director of TAT, has been appointed to ASI's board of directors. "ASI's technology opens up new possibilities in medical imaging. We were particularly attracted to the broad range of possible applications that can benefit from their technology as well as their quality management team which has rapidly brought new applications to market in ophthalmology and pathology," he said. ASI will use the funds to continue to develop and commercialize products in ophthalmology, pathology and new non-invasive intraoperative neurosurgical navigation system. H. Laurence Shaw, M.D., ASI's Chief Executive Officer, says, "This investment is the direct result of our revolutionary imaging technology. Our investors not only see its potential for broad applications in health care but are also impressed by the concrete proof of the technology's value. Our track record includes several successful health care applications and being a grand prize winner of the European Information Technology Prize." This investment follows on the heels of an agreement ASI recently signed with Welch Allyn Inc. to jointly develop portable imaging products to detect and monitor retinal diseases that may lead to blindness. Along with Tintanic Corporation B.V. and New Medical Technologies, investors in ASI are: CI Technologies Inc., European Medical Venture, Medical Science Partners II LP, Medmax, Denali Ventures, Yozma Venture Capital Ltd, The Challenge Fund, Mezam Capital Funds Management Ltd and Gemini Israel. ASI has developed a light-related platform imaging technology called SpectraCube®. Patented worldwide, SpectraCube® displays information in an image that cannot be detected with existing imaging technologies. Over the last five years, ASI has been issued twenty-six patents in the US, Europe and Israel and has 41 pending patents worldwide on the use of various spectral imaging systems for a wide variety of imaging applications. This press release contains forward-looking statements that are subject to risks and uncertainties. Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to, general business conditions in the industry, changes in demand for products, the timing and amount or cancellation of orders and other risks. |