EXHIBIT 99.3
Wednesday November 1, 8:03 am Eastern Time
Press Release
SOURCE: Accelr8 Technology Corporation
Accelr8 Set to Acquire New Technologies
DENVER, Nov. 1 /PRNewswire/ -- Accelr8 Technology Corporation (Nasdaq: ACLY -
news) announced today the signing of a non-binding letter of intent to acquire
100% ownership of OpTest(TM) technology from DDx, Inc., a privately owned
Colorado corporation located in Denver, Colorado. The acquisition is subject to
the completion of satisfactory due diligence and certain other conditions.
The OpTest(TM) platform technologies have a wide range of potential applications
to human and veterinary clinical and point of care diagnostics. The technologies
are being developed as easy to use, cost-effective, highly sensitive and
portable systems for rapid detection and quantification of molecular and
microscopic scale affinity binding events. The potential applications include
detecting or measuring toxic bacteria, such as E. coli O157:H7 or salmonella, in
food, water and beverages and their processing; detecting human and animal
diseases; high throughput screening to accelerate discovery of new drugs and
drug targets; genetic identification for medical predisposition, susceptibility,
profiling, therapeutic design, and forensics; Ag/biotech genome modification and
expression; research in molecular biology, cell biology, immunology, and
biochemistry; and detecting biowarfare agents.
The terms of the agreement call for $500,000 cash and the issuance of
approximately 1,925,000 Accelr8 common shares. The transaction is valued at
$3,000,000 and contemplates a commitment from Accelr8 to invest up to an
additional $1,000,000 in research and development over the next 12 months. The
transaction is expected to close by 12/31/2000.
Thomas Geimer, Chairman of Accelr8, noted that this is the first of several
acquisitions that Accelr8 expects to make as it broadens its corporate footprint
beyond software modernization solutions for legacy hardware systems. "It is
Accelr8's goal to enhance its shareholder value by leveraging its substantial
cash position into proven leading edge technologies that include biotech,
medical and computer related technologies," Geimer said.
OpTest(TM) has two related lines of proprietary development, Digital Assay(TM)
and OptiChem(TM). Digital Assay(TM) integrates optics, instrumentation, and
OptiChem(TM) for optimal performance. OptiChem(TM) is an innovative surface
chemistry material and process used to create ultra-low background by reducing
non-specific binding. Digital Assay(TM) works best in conjunction with
OptiChem(TM), but the technologies can stand alone as separate businesses.
Certain of the technologies are revolutionary in that they enable single binding
event detection, a critical level of sensitivity for several biomedical and
biotech markets.
The acquisition of the OpTest(TM) technology is intended to provide the basis
for the continued development and commercialization of the technologies. Accelr8
will actively pursue joint development and licensing opportunities with other
biotech companies that can utilize the OpTest(TM) platforms for advancing their
respective development cycles.
Certain statements in this news release may be "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, as amended. Statements
regarding future prospects and developments are based upon current expectations
and involve certain risks and uncertainties that could cause actual results and
developments to differ materially from the forward-looking statement, including
those detailed in the company's filings with the Securities and Exchange
Commission.
For more information on OpTest(TM) technologies, visit OpTest(TM) at
www.optest.com. Accelr8 Technology, headquartered in Denver, Colorado, offers
legacy systems modernization solutions. Contact Accelr8 at www.accelr8.com.
