Apteryx becomes new wholly owned standalone subsidiary of LED
Vancouver, British Columbia, February 13, 2017 — LED Medical Diagnostics Inc. (“LED” or the “Company”) (TSX-V: LMD) is pleased to announce the closing of the previously announced acquisition of Apteryx, Inc. (“Apteryx”) for an aggregate purchase price of US$10.25 million, and the closing of the related financings for gross proceeds totaling approximately C$14.4 million.
“Today is a key moment toward a bright future for both LED and Apteryx,” stated LED Chief Executive Officer, Dr. David Gane. “We are very excited to add such a talented team that brings a vast amount of experience and leadership to the LED family. With this transaction, collectively, we have created a leading North American dental imaging Company that possesses some of the industry’s best technologies, a significant customer base, strong growing and recurring revenue streams with very high margins and a platform for continued growth. Furthermore, we have recapitalized the business, providing LED with sufficient financial resources to capture additional revenue opportunities on an accelerated basis in the years to come.”