PRESS RELEASE
PISCATAWAY, N.J.--(BUSINESS WIRE)--Nov. 21, 2000--Rheometric Scientific, Inc.
(OTCBB: RHEM) announced today that it has acquired 100% of Protein Solutions,
Inc. (PSI) and its UK affiliate, Protein Solutions, Ltd., for cash and shares of
Rheometric common stock.
PSI, based in Charlottesville, Va., is a leading manufacturer and marketer of
Dynamic Laser Light Scattering (DLS) instrumentation, software and services. PSI
is a recognized leader in the application of light scattering techniques for
biomolecular characterization. PSI's products are based on a proprietary,
patented technology for which PSI has an application exclusive license.
The PSI DLS technology employs sophisticated optical components and advanced
digital signal processing to measure molecular physical properties such as size,
mass, and diffusion. Pharmaceutical, biotechnology, and government funded
research and development laboratories use this information to gain a better
understanding of the stability and conformation of purified biomolecules. PSI
products are optimized for specialized applications in protein science including
biotherapeutic drug development, applied three dimensional protein structure
analysis, and developing structural genomics initiatives.
Robert Castello, Chairman and Chief Executive Officer of Rheometric Scientific,
stated: "Rheometric Scientific's long-term growth strategy is based on focusing
the Company's resources on attractive segments of the physical properties
instrumentation marketplace that complement and extend our Company's traditional
product/marketplace position. The acquisition of PSI extends our physical
properties measurement capability beyond rheology, viscosity and thermal
analysis into the life sciences instrumentation areas of particle sizing and
biomolecular characterization which address substantial, complementary market
segments."
Sheridan D. Snyder, President of PSI, stated: "PSI looks forward to the new
opportunities presented by becoming a division of Rheometric Scientific. We will
continue to serve our valued customer base and distribution channels in the
biomolecular sciences while developing new growth opportunities with Rheometric
Scientific's 30-year presence in the physical properties instrumentation
marketplace. The managerial, financial and organizational infrastructure in
place globally at Rheometric Scientific will significantly enhance our ability
to better serve customers with new products and comprehensive technical
support."
Details of the transaction (which is not expected to require the filing of
separate financial statements for PSI) were not immediately disclosed. The
Boards of Directors of both companies have approved the acquisition.
In conjunction with this transaction, Andlinger Capital XXVI LLC exercised
warrants for the purchase of one million shares of common stock of the Company
at an exercise prices of $1.00 per share. These warrants were acquired by
Andlinger Capital in March of 2000 in connection
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with its equity investment in securities of the Company. A portion of the $1
million received by the Company upon such exercise will be applied to the cash
portion of the purchase price of PSI. Rheometric Scientific, founded in 1970,
manufactures instrumentation and provides laboratory services for material
characterization. The Company's products and services are sold to numerous
markets such as the petrochemical industry, academic and government research
laboratories, and the food, pharmaceutical, biotechnology, and semiconductor
industries worldwide. The Company is headquartered in Piscataway, New Jersey and
has operations in the United Kingdom, Germany, France, Italy and Japan. More
information about Rheometric Scientific can be found on the World Wide Web at
www.rheosci.com; information about PSI can be found at
www.protein-solutions.com.
This press release includes forward-looking statements which are subject to
inherent uncertainties when discussing future results. Various factors could
cause the Company's actual experience as a result of the acquisition to differ
materially from that anticipated. The Company assumes no obligation to update
its forward-looking statements or advise of changes in the assumptions and
factors on which they are based.
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Contact:
Rheometric Scientific, Piscataway
Joseph Musanti or Don Becker
732/560-8550
