The primary reason for the acquisition is to capitalise on the complementary strengths of Instromedix and Card Guard. Collectively, the two companies are the global leaders in cardiac telemedicine devices. Over the past 30 years, Instromedix has earned the reputation of providing high-quality and reliable devices as well as exceptional customer support. With products like the King of Hearts Express and HeartCard cardiac monitoring devices, Instromedix has captured and maintained market leadership in the ambulatory event recorder market. It also is the market leader in trans-telephonic pacemaker monitors. Card Guard, which markets its products in the USA under the CorDigital brand, has an impressive record in bringing new, innovative products to market.
Through collaborative R&D of new products and continued excellence in customer support, Instromedix and Card Guard intend to jointly focus on expanding their worldwide position in telemedicine, especially in cardiology and respiratory devices, and on selectively entering new markets, such as those for disease state management systems. Arie Cohen, president and CEO of Card Guard's operations in the USA will oversee the ongoing operations of both Instromedix, located in San Diego, and CorDigital, based in Stillwater, Minnesota. Instromedix and CorDigital will become divisions of Card Guard Technologies Inc., that is a wholly owned subsidiary of Card Guard Scientific Survival Ltd.
"The strengths of Instromedix and Card Guard are very complementary and we believe that this combination will produce a stronger, more focused entity that is better equipped to meet customers' needs", stated Mr. Cohen. "We are sensitive to the impact this acquisition could have on our customers and are working diligently to ensure that we maintain our high-quality standards and excellence in customer service as we smoothly move through this transition." TeleLab America, an Instromedix-owned monitoring service, located in Seattle, will become aligned with Lifewatch, which forms another division of Card Guard and one of the nation's leading cardiac monitoring service providers.
Instromedix will continue its operations in San Diego where it is currently negotiating on a facility in Sorrento Valley for its new headquarters and manufacturing operations. The company expects to significantly increase its number of employees in the next six months as it transitions its operations into the new facility. Founded in 1969, Instromedix constitutes a global leader in telecardiology, specialising in non-invasive, portable cardiac event monitoring and pacemaker follow-up systems. Instromedix has captured and maintained market leadership in pacemaker follow-up with the CarryAll products and in cardiac event recording with the HeartCard and King of Hearts Express product lines. Instromedix was acquired by ALARIS Medical Systems Inc. in July 1998.
Through its operating subsidiary ALARIS Medical Systems Inc., ALARIS Medical Inc. is known for its IMED and IVAC brand names of intravenous infusion therapy systems. The company's principal line of business is the design, manufacture and marketing of intravenous infusion therapy products, patient monitoring instruments and related disposables. In addition to its San Diego world headquarters and manufacturing facility, the company also operates manufacturing facilities in Creedmoor, North Carolina; Basingstoke, Hampshire, United Kingdom; and Tijuana, Mexico.
Card Guard Scientific Survival Ltd. is a leading medical technology company specialising in advanced telemedicine systems for patient populations, ranging from high risk and chronically ill patients to ordinary consumers of health products. Card Guard Scientific Survival, based in Rehovot, Israel, with wholly-based subsidiaries in the United States, Europe, and Brazil, and offices in Japan and Italy, was incorporated in 1986 and commenced its operations in 1990. In November 1999, Card Guard Scientific Survival successfully completed an initial public offering on the Swiss Stock Exchange New Market. In January of 2000, the company acquired the assets of Lifewatch, a provider of telemedicine services.