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cspu
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March 26, 2007 9:13am ET

Evolved Digital Systems Inc. (TSX: EVD)(the "Company"), announced today that its Board of Directors has approved a proposal to enter into an asset purchase agreement with Shimadzu Corporation, Japan ("Shimadzu") whereby Shimadzu would purchase substantially all of the assets of the Canadian operations of the Company for US$8.5 million. Under the proposed agreement, the Company would be obligated to use the proceeds to repay all secured debt, including all amounts owed to Argosy Bridge Fund L.P. II and Garantie Québec, which totals approximately US$ 4.4 million. The transaction would be subject to conditions usual for a transaction of this type. The Board cautions shareholders and others considering trading in securities of the Company that the proposal is non-binding, and there can be no assurance that the transaction contemplated by the proposal, or any other transaction, will be completed.

If completed, the transaction will enable the Company to satisfy all of its current and long-term debt obligations and focus on the Company's core radiology business of managed services solutions for hospitals and imaging centers.

About Evolved

Through its Digital Imaging Workflow Solution, Evolved serves its clients with a Managed Services approach proven to increase operational efficiency and to reduce IT spending in hospitals and imaging facilities across the United States. Evolved's fully managed, web-based RIS solution includes image and data verification from a modality to the archive and/or HIS, on-line dictation and transcription, and optional integrated PACS with 5 years of on-site storage. Evolved's Managed Services offering provides a unique workflow solution seamlessly integrated, and backed by a highly qualified and dedicated team of experts. Evolved's clients can additionally choose to utilize Evolved's secure, state of the art data center for offsite archiving and disaster recovery. Evolved's solution addresses common challenges small to medium sized facilities face today by providing custom solutions, founded on a pay as you go financial model, and backed by unparalleled off-site customer service and support. Evolved is a publicly traded company listed on the Toronto Stock Exchange (TSX: EVD). Corporate headquarters are based in Laval, Quebec. U.S. offices are located at 5141 Virginia Way, Suite 300, Brentwood, TN 37027.

For more information, contact EVOLVED at 1-800-5EVOLVED or visit the company website at www.evolveddigital.com

About Shimadzu Corporation

SHIMADZU is one of the world's leading manufacturers of advanced imaging systems and equipment for use in medical diagnosis and treatment. Based in Kyoto, Japan, Shimadzu is a $2 billion multinational corporation with three major divisions: Medical Systems, Aircraft Equipment, and Analytical/Measuring Instruments. For more information, please visit the Shimadzu website at www.shimadzu.com

FORWARD_LOOKING STATEMENTS: Certain statements in this communication may constitute forward-looking statements. They are based on management's current expectation and could be affected by numerous factors and are subject to various risks and uncertainties. Certain of those risks and uncertainties are discussed in company filings with the Canadian Securities Commission. Do not rely on any forward-looking statements as we cannot predict or control many of the factors that ultimately may affect our ability to achieve the results estimated. We make no promise to update any forward-looking statement, whether as a result of changes in underlying factors, new information or future events.

The TSX has neither approved nor disapproved the information contained

herein.

SOURCE: Evolved Digital Systems Inc. Linda Willis, Vice President and Controller, (615) 850-3029, linda.willis*evolveddigital.com; Source: Evolved Digital Systems Inc.

Posts: 26 | Registered: Feb 2006  |  IP: Logged | Report this post to a Moderator
   

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