Nanogram Press Release
WILSON GREATBATCH TECHNOLOGIES, INC. ANNOUNCES ACQUISITION OF NANOGRAM DEVICES CORPORATION
Clarence, NY – Wilson Greatbatch Technologies, Inc. (“WGT”) (NYSE:GB) announced today that it has completed the acquisition of NanoGram Devices Corporation (“NDC”), located in Fremont, California. NDC is a materials research and development (“R&D”) company focused on developing nanoscale materials for use in various battery and medical device applications.
Under terms of the agreement, WGT acquired all of the outstanding stock of NDC for $45 million in cash. WGT expects that the acquisition will result in increased operating expenses of approximately $6 to $7 million during 2004, most of which will be directed toward R&D as well as product engineering. In acquisition will result in a first-quarter, one-time, non-cash charge for the write off of the fair value of NDC’s in-process R&D as well as one -time transaction costs.
The amount of the in-process R&D charge and other purchase accounting allocations will be determined by an independent valuation, and WGT anticipates providing more detail on the financial impact of the transaction on 2004 projected results when it reports first quarter results on April 28, 2004.
“The addition of NDC’s patented nanomaterials synthesis technology provides an opportunity to extend our battery product line offering, as well as an opportunity to enhance the development of new products that incorporate WGT and NDC technologies said Edward F. Voboril, WGT’s Chairman, President and Chief Executive Officer. “The inclusion of nanomaterial technology will provide us with another dimension to explore in developing reliable power products for use in medical device applications.”
“We are very pleased to be joining WGT, the recognized leader in the development of medical power sources, commented Barry Cheskin, President and Chief Executive Officer of NDC. The combination of our research efforts will enable WGT to continue bringing advanced products to the market for use in implantable medical devices.”
About Wilson Greatbatch Technologies
Wilson Greatbatch Technologies, Inc. is a leading developer and manufacturer of critical components used in implantable medical devices and other technically demanding applications. Additional information about the company is available at www.greatbatch.com.
About NanoGram Devices Corporation
NanoGram Devices Corporation develops novel materials technology based on its proven and patented laser-based nanomaterials synthesis process. Additional information about the company is available at www.nanogramdevices.com.
Contact Information
Wilson Greatbatch Technologies, Inc.
Anthony Borowicz, Investor Relations, 716/759-5809
tborowicz@greatbatch.com