ESCONDIDO, Calif., Nov. 11, 2020 (GLOBE NEWSWIRE) — via InvestorWire – CB Scientific. Inc. (OTC:CBSC) (“CBSC” or the “Company”), a provider of innovative products and services for the ambulatory noninvasive cardiac monitoring space, is pleased to announce a definitive purchase agreement to acquire Datrix, LLC (Datrix), a global ambulatory device manufacturer based in Escondido, California. Datrix brings to CBSC a diversely experienced team of highly qualified individuals with extensive knowledge of design and engineering related to medical devices utilized in this ever-expanding market. This acquisition further strengthens CBSC’s digital offering with the addition of an existing commercially available product line, which includes wireless mobile cardiac telemetry, cardiac event, extended and standard holter monitoring through the Datrix Sirona and VX3 devices.
Under the terms of the acquisition agreement, Datrix will continue to operate as an OEM manufacturer to its existing customer base and also become the exclusive manufacturer for the next generation of CBSC’s proprietary FDA- and CE-cleared ECG my-Cam Cardiac Event Monitor, including the interactive cloud-based My-Cardia acquisition software and the associated smartphone apps. This acquisition also provides CBSC and its subsidiary My-Cardia (USA) Inc. the opportunity to expand their product offerings quickly with the addition, integration and implementation of Datrix’s wireless Sirona and VX3 devices. The addition of these new products to CBSC’s existing portfolio will now give the Company’s customers several new alternative monitoring/testing choices, which will further help improve earlier remote detection and diagnosis of problematic cardiac rhythms in patients.
Jon Barron, president and founder of Datrix, LLC, said, “We are enthusiastic about our exciting new partnership with CBSC. They provide a great new platform for us to extend the outreach of our current products, improve and enhance their existing offerings, and expand the design and development of newer device technologies, leading to new avenues for improving the detection of cardiac heart rhythm abnormalities remotely.”
“We are extremely excited about our acquisition of Datrix, LLC and how it enhances and strengthens the growth trajectory of our business,” said Charles Martin, CBSC CEO. “The acquisition, combined with other expansion efforts already underway, will position CBSC to play a significant role in delivering innovative diagnostic devices and testing into this ever-expanding market, further helping our company to establish a solid footprint in the worldwide remote cardiac ambulatory noninvasive ECG monitoring market.”
The acquisition is expected to close during Q4 of fiscal year 2020, subject to customary closing conditions. Financial terms of the agreement are not being disclosed.
As new developments occur, CB Scientific plans to make further announcements through press releases and regulatory filings to keep its shareholders, industry participants and the public markets informed.
About Datrix, LLC:
Datrix, LLC is a leading global manufacturer and provider of ambulatory ECG devices, established in 1988. For over 30 years, medical companies, distributors and dealers have partnered with Datrix to design and develop dependable products with the latest technologies and advancements that meet the highest industry standard. Datrix’s approach to quality exceeds today’s requirements through the implementation of lean manufacturing practices. Their Quality Management System is certified to international standards of ISO 13485 and is in compliance with the Quality Systems Regulations of the FDA, with proprietary devices also bearing CE marking for conformity for marketing in the European Union. The manufacturing facility is registered with the FDA. For more information, please visit: www.datrixmed.com.
CB Scientific Inc. Company Contact Information:
340 State Place
Escondido, CA 92029
General inquires: [email protected]
Investor Inquiries: [email protected]
This information disclosure may contain forward-looking statements covered within the meaning of the Private Securities Litigation Act of 1995. These forward-looking statements relate to, among other things, plans and timing for the introduction or enhancement of our services and products, statements about future market conditions, supply and demand conditions, and other expectations, intentions and plans contained in this press release that are not historical fact and involve risks and uncertainties. Our expectations regarding future revenues depend upon our ability to develop and supply products and services that we may not produce today and that meet defined specifications. When used in this press release, the words “plan,” “expect,” “believe” and similar expressions generally identify forward-looking statements. These statements reflect our current expectations. They are subject to a number of risks and uncertainties, including, but not limited to, changes in technology and changes in pervasive markets. This release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 27E of the Securities Act of 1934. Statements contained in this release that are not historical facts may be deemed to be forward-looking statements. Investors are cautioned that forward-looking statements are inherently uncertain. Actual performance and results may differ materially from that projected or suggested herein due to certain risks and uncertainties including, without limitation, ability to obtain financing and regulatory and shareholder approval for anticipated actions.