Sanomedics, a medical technology company, announced the approval of the sale of its Thermomedics subsidiary and its FDA cleared Caregiver non-contact clinical-grade thermometer to Positive ID Corporation for a combination of cash, stock and earn-outs which may be valued at as much as $2m.
At Closing the Company will receive cash of approximately $250,000 and Preferred Stock of Positive ID having a value of $500,000. The Closing of the sale is subject to certain closing conditions set forth in the definitive agreement.
Separately, Sanomedics announced today that it has reached a definitive agreement to acquire all of the membership interests of The Brace Shop , a full service retailer of orthopedic braces, physical therapy and rehabilitation equipment with annual revenues of in excess of $7 Million.
Subject to the satisfaction of certain closing conditions set forth in the definitive agreement, the Company will pay cash of $250,000 and issue preferred stock of the Company to the owner of Brace Shop in exchange for all of the membership interests thereof.
The closing of both transactions is expected to occur during the 4th quarter of 2015.
Sanomedics is an international medical technology company focused on developing, manufacturing, and acquiring cutting-edge technology, products and services. The Company operates mainly through its subsidiary, Thermomedics, which is dedicated to engineering, marketing and selling the Caregiver TouchFree Infrared thermometer.
The Caregiver non-contact thermometer is FDA-cleared in the United States for clinical use by medical professionals. The Caregiver provides an accurate and expedited temperature reading without direct contact between patient and medical professional.
Sanomedics has established an extensive distribution network with several leading healthcare supply chain providers to increase adoption of the Caregiver device within the medical community worldwide.