Mountain View, CA, December 23, 2003
Impac Software,
Inc. (NASDAQ:IMPC) and IMPATH Inc. (OTC:IMPHQ.PK) announced today
that Impac Software has completed the acquisition of substantially all of
the assets and certain liabilities of Tamtron Corporation and
Medical Registry Services, Inc., IMPATH’s PowerPath® pathology
information management and cancer registry information system
businesses, pursuant to an asset purchase agreement entered into
by the parties on November 24, 2003. The transaction is valued at
approximately $22 million in cash and the assumption of certain
liabilities.
IMPATH, Tamtron Corporation and Medical Registry Services, Inc.
are operating as debtors-in-possession under the Bankruptcy Code,
after having commenced a chapter 11 case on September 28, 2003 in
the U.S. Bankruptcy Court for the Southern District of New York.
Prior to the closing of this transaction, IMPATH entertained
inquiries from a number of parties and conducted an auction under
Section 363 of the United States Bankruptcy Code.
Asanté Partners LLC acted as financial advisor, and Weil, Gotshal
& Manges LLP acted as legal advisor, to IMPATH with respect to the
sale of Tamtron Corporation and Medical Registry Services. Orrick,
Herrington & Sutcliffe LLP acted as legal advisor to Impac Software.
About Impac Software Inc.
About IMPAC Medical Systems, Inc.
IMPAC Medical Systems, Inc. is a
leading provider of specialized IT solutions that streamline both
clinical and business operations to help improve the process of
delivering quality patient care. With open integration to multiple
healthcare data and imaging systems, Impac Software offers a comprehensive
IT solution that includes specialized electronic charting,
full-featured practice management, clinical laboratory management,
and outcomes reporting. Supporting over 1,600 installations
worldwide, Impac Software delivers practical solutions that deliver better
overall communication, process efficiency and quality patient
care. For more information about Impac Software' products
and services, please call 650-623-8800 or visit
www.impac.com.
About IMPATH Inc.
IMPATH is in the business of improving outcomes for cancer
patients. The Company is a leading source of cancer information
and analyses with a database of over 1 million patient profiles
and outcomes data on more than 2.3 million individuals. IMPATH
Physician Services uses sophisticated technologies to provide
patient-specific cancer diagnostic and prognostic information to
more than 8,700 pathologists and oncologists in over 2,100
hospitals and 630 oncology practices. Utilizing its comprehensive
resources, IMPATH Predictive Oncology serves genomics,
biotechnology and pharmaceutical companies involved in developing
new therapeutics targeted to specific, biological characteristics
of cancer. IMPATH Information Services provides software products,
including PowerPath® and the IMPATH Cancer RegistryTM for the
collection and management of diagnostic data and outcomes
information. The Company's software products are currently being
utilized in nearly 1,000 hospitals, academic centers and
independent laboratories across the country.
The statements contained in this press
release that are not purely historical are forward looking
statements within the meaning of Section 21E of the Securities and
Exchange Act of 1934, including statements regarding each
company's expectations, beliefs, hopes, intentions or strategies
regarding the future. Forward looking statements include
statements regarding the proposed acquisition, each company's
business strategy, timing of, and plans for, the introduction of
new products and enhancements, future sales, market growth and
direction, competition, market share, revenue growth, operating
margins and profitability. All forward looking statements included
in this document are based upon information available to each
company as of the date hereof, and neither company assumes any
obligation to update any such forward looking statement. Actual
results could differ materially from current expectations as a
result of known and unknown risks and uncertainties. Factors that
could cause or contribute to such differences include Impac Software’s
ability to expand outside the radiation oncology market or expand
into international markets, lost sales or lower sales prices due
to competitive pressures, ability to integrate its products
successfully with related products and systems in the medical
services industry, reliance on distributors and manufacturers of
oncology equipment to market its products, and other factors and
risks discussed in reports filed by each company from time to time
with the Securities and Exchange Commission.
In addition to the foregoing, additional factors could include the
outcome of IMPATH’s chapter 11 case, including any restructuring
or reorganization efforts, risks inherent in IMPATH’s chapter 11
process, results of the current investigation into accounting
irregularities and discrepancies at IMPATH and the outcome of any
legal proceeding or any SEC investigation relating to IMPATH. |
