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Innovia Medical Acquires EarCheck Ear Infection Diagnostic Technology from MDI Instruments, Assisted by IP Brokerage Firm yet2.comCAMBRIDGE, Mass. --(Business Wire)-- June 6, 2005 -- Innovia Medical has acquired the EarCheck(R) medical device products and related technology from MDI Instruments, Inc. of Chester, NJ and Access Sales & Marketing, LLC, Alpharetta, GA. Yet2.com, a Boston, MA intellectual property marketplace and brokerage firm, assisted in the transaction. EarCheck(R) is a unique hand-held medical device that accurately detects the presence of middle-ear fluid to indicate the presence of an ear infection in young children. The device has FDA 510K approval and is protected by 11 US and 22 international patents. The device currently is sold in two versions; one for medical professionals, EarCheck(R) PRO, and one for parents, EarCheck(R) - Middle Ear Monitor. William N. Nelson, President/CEO of Innovia Medical, said, "We are excited to complete this transaction, and our plans are to continue to develop the next-generation technology for medical professionals, and lower the cost to consumers. Ear infections are the number-one reason for emergency room visits by children and the number-two reason for office visits to pediatricians. EarCheck also helps to address today's concern with the overuse of antibiotics. We're very appreciative to Ben DuPont and the staff at yet2.com for introducing us to this opportunity." "This is a unique technology that we believe will have a significant impact on the diagnostics of middle-ear infections for medical professionals and parents. We found a real gem and moved quickly to acquire it," declared Joseph Kessinger, CFO/COO of Innovia Medical. Robert Oringer, Director of MDI, said, "We're very pleased with the qualifications William and his team bring to the table. We evaluated multiple highly qualified potential buyers, and we think even more of William's group given the caliber of the alternatives. EarCheck(R) will be a good addition to Innovia Medical." Steve Smith, a partner and board member of Access commented, "This transaction allows Access to free up capital from a non-core business and for Earcheck(R) to expand its market reach through focus and support provided by Innovia Medical. We're very pleased to know that this important product will become more readily available to those whom it will benefit." "Ear infection detection in children is an important market need, and we're delighted to assist in the acquisition of the EarCheck(R) products and technology. Yet2.com has enjoyed working with both management teams," offered Ben DuPont, President of Yet2.com. "We are pleased to have played a part in introducing EarCheck(R) to Mr. Nelson." Covington Associates, LLC, Boston based financial advisors to the healthcare, technology and consumer / industrial sectors, acted as an advisor to Access Product Marketing, LLC in the sale. About Innovia Medical Innovia Medical, founded by William N. Nelson, President/CEO and Joseph Kessinger, CFO/COO, is a medical device company focused on the development and marketing of products that improve the diagnosis of middle-ear infections in children. Mr. Nelson and Mr. Kessinger have extensive experience in successfully developing, commercializing and licensing technology, and growing technology companies. They have both been involved with several successful technology companies over the past 15 years. The company is located in Lenexa, KS 66214. For more information, visit www.earcheck.com. About MDI Instruments, Inc. MDI Instruments, Inc. is a subsidiary of Access Product Marketing, LLC, Alpharetta, GA. Access Product Marketing, LLC distributes and markets high-quality healthcare products to consumers. Access focuses on two sub-sectors of the health care market through its Can-Am Care subsidiary: diabetes care and mobility assistance/home safety products. Can-Am Care offers value-based healthcare solutions for people with diabetes through retail pharmacies across the country. Additionally, it also manages the distribution and marketing of its HUGO(R) rolling walker product designed to provide people with mobility assistance. For more information, visit www.access2access.com www.mdiinstruments.com. About Covington Associates, LLC Covington Associates is a specialty investment banking firm offering financial advisory services in the areas of mergers, acquisitions, and capital-raising. For more than a decade, Covington Associates' senior advisors have been providing a superior level of service to middle-market companies in the healthcare, technology, and consumer/industrial sectors. Covington Associates has completed transactions ranging from $5 million to more than $1 billion for both privately held and publicly traded companies across the U.S. and abroad. To learn more about Covington Associates, visit www.covingtonassociates.com. About yet2.com Yet2.com provides intellectual property consulting and licensing services to clients worldwide. Yet2.com Inc and its online marketplace were founded in 1999 to promote technology licensing and transfer, with joint investment from Siemens, Bayer, Honeywell, Dupont, Procter & Gamble, Caterpillar, and NTT Leasing. The privately held company has offices in the United States, Europe, and Japan. Its clientele consists of a quarter of the Fortune 1000. Yet2.com draws upon its global network of technology leaders in thousands of companies across all industries, to establish productive dialogs quickly. Its clientele consists of many of the Fortune 1000. The company has offices in the United States, Europe, and Japan. For more information, visit www.yet2.com |
