SOURCE: AmbiCom Holdings
December 14, 2010 08:00 ET
AmbiCom Signed MOT to Acquire E-Care Technology, a Taiwanese Healthcare Product Manufacturer
SAN JOSE, CA--(Marketwire - December 14, 2010) - AmbiCom Holdings, Inc. (OTCBB: ABHI), a leader in the development of wireless products for medical equipment suppliers, today announced that it has entered into a definitive agreement to acquire 100% of E-Care Technology Co., Ltd., a Taiwan Corporation. Pending appropriate due diligence and other obligations on the part of E-Care Technology, the acquisition is expected to be completed within the next 90 days. Terms were not disclosed at this time.
"This is a significant step for AmbiCom," said John Hwang, Chairman, who noted that E-Care Technology has established itself as a manufacturer of thermometers for adults and children, a unique thermometer for pets and a digital intra-oral camera. "The acquisition of E-Care Technology, in addition to offering us a complement of products provides us with a manufacturing capability and expertise in Taiwan from which we can continue to grow AmbiCom's business." Hwang noted that currently E-Care manufactures and sells thermometers for Europe but that upon completion of the acquisition it is expected that Ambicom will introduce the E-Care line of thermometers into other markets, including North America.
According to research published by Global Industry Analysts, Inc., the market for temperature monitoring devices is forecast to exceed $694.4 million by 2015 and that key factors driving this growth include the rising number of healthcare-conscious consumers, advancements in the medical self care market, and higher demand for disposable thermometers. Additionally, the report notes that technological innovations focused on delivery of innovative thermometers such as digital, electronic and infrared thermometers are driving temperature monitoring devices growth.
E-Care Technology Co., Ltd. was founded in Taiwain in December 1999 and is privately held. E-Care has a strong focus on developing electronic medical devices by taking advantage of the integrated and competitive electronics industry capabilities in Taiwan. Within its portfolio of products, the Infrared Ear/Forehead Therometer is the company's leading product offering, which is sold throughout Europe and ranks within the top 10. The company holds ISO 9001 and ISO 13485 certificates, both of which were granted in 2001 and in 2001 received an FDA 501K for its thermometers. In addition to the infrared thermometers, the company also manufactures the Intra-Oral Camera where they develop both hardware and software for this dental product. A wireless version of the product is expected to be available in 2011. The company is presently developing a digital/analog (wire/wireless) endoscope for ear, nose and mouth use and plans also call for the development of an electronic stethoscope and digital hearing aid in the future.
AmbiCom is headquartered in San Jose, California, and is a leading designer and developer of wireless products focusing on the wireless medical industry. The Company's wireless modules and devices are based on the Company's innovative application software for both Wi-Fi and Bluetooth technologies. AmbiCom is committed to wireless design and development of software and hardware, and to bringing new and innovative products to the wireless medical markets and other sectors. The Company plans to grow organically, and to augment that growth by selectively acquiring complementary products and technologies via acquisition opportunities deemed to be of strategic value.
This press release contains 'forward-looking statements' within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. Although the forward- looking statements in this release reflect the good faith judgment of management, forward-looking statements are inherently subject to known and unknown risks and uncertainties that may cause actual results to be materially different from those discussed in these forward-looking statements including, but not limited to, our ability to maintain our website and associated computer systems, our ability generate sufficient market acceptance for our shipping products and services, our inability to generate sufficient operating cash flow, and general economic conditions. Readers are urged to carefully review and consider the various disclosures made by us in the our reports filed with the Securities and Exchange Commission, including those risks set forth in the Company's Current Report on Form 8-K filed on November 13, 2007, which attempt to advise interested parties of the risks and factors that may affect our business, financial condition, results of operation and cash flows. If one or more of these risks or uncertainties materialize, or if the underlying assumptions prove incorrect, our actual results may vary materially from those expected or projected. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. We assume no obligation to update any forward- looking statements in order to reflect any event or circumstance that may arise after the date of this release.