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EXHIBIT 99.1
GSI LUMONICS COMPLETES
SALE OF ITS LIFE SCIENCES BUSINESS
KANATA, ONTARIO (October 2, 2000): GSI Lumonics Inc. (Nasdaq: GSLI and TSE: LSI)
today announced it has completed the previously announced sale of its Life
Sciences business to Packard BioScience Company (Nasdaq: PBSC). Packard
purchased the business for $40M US in cash and approximately 4.6 million shares
of Packard common stock (with an adjustment to be based on net assets acquired).
Packard BioScience Company located in Meriden, Connecticut, is a leading global
developer, manufacturer and marketer of instruments and related consumables and
services for use in the life sciences research and nuclear industries.
GSI Lumonics Inc. supplies laser-based automated advanced manufacturing systems,
components and services to semiconductor, electronics and automotive markets and
provides precision optics for telecommunications. GSI Lumonics' common shares
are listed on Nasdaq (GSLI) and The Toronto Stock Exchange (LSI). The Company's
web site address is www.gsilumonics.com.
For more information:
Fran Crecco
GSI Lumonics Inc.
978-439-5511 (ext: 6104)
To the extent this new release discusses financial projections, information or
expectations about GSI Lumonics Inc., products or markets, or otherwise makes
statements about the future, such statements are forward looking and are subject
to a number of risks and uncertainties that could cause actual results to differ
materially from the statements made. The factors include the fact that the
Company's sales have been and are expected to continue to be dependent upon
customer capital equipment expenditures, which are, in turn, affected by
business cycles in the markets served by those customers. Other factors include
volatility in the semiconductor industry, the risk of order delays and
cancellations, the risk of delays by customers in introducing their new products
and market acceptance of products incorporating subsystems supplied by the
Company, similar risks to the Company of delays in its new products and other
risks detailed in the Company's Annual Reports on Form 10-K and Quarterly
Reports on Form 10-Q.
