MONTREAL, QUEBEC--(Marketwire - Jan 2, 2013) - IBEX Technologies Inc. (TSX VENTURE:IBT) today announced that it has acquired Bio-Research Products Inc. ("BRP"), an Iowa-based maker of specialized reagents.
BRP specializes in the production of enzymes, lectins, protease inhibitors, organics, substrates and assay solutions for diagnostic, industrial and research use. Manufacturing is conducted in 10,000 sq. ft. facility with fermentation capability up to 300L.
BRP was founded by Dr. Bryce Cunningham in 1975 and employs 12 people in North Liberty, Iowa. BRP will operate as a wholly-owned subsidiary of IBEX and will retain the Bio-Research Products name
"We are extremely pleased to have been able to acquire a company so complementary to our current business" said Paul Baehr, President and CEO of IBEX. "In addition to an expanded product line of enzymes, BRP brings an excellent manufacturing facility with a skilled professional staff including expert scientists in protein purification, characterization and analysis".
Dr. Bryce Cunningham, President and Founder of BRP, said "After having spent so many years building the company, I am happy to see, for the sake of our employees and our customers, that BRP will find a home with a company like IBEX, which shares our values and our aspirations".
The shareholders of BRP will receive US$2,000,000 in cash and future earn out to a maximum of US$700,000). IBEX funded the acquisition from its cash reserves, but expects to obtain a mortgage of approximately US$1,000,000 on BRP''s land and buildings, for a net IBEX outlay of US$1,000,000 in cash for the acquisition.
IBEX expects that the acquisition will have no impact on its fiscal 2013 earnings, but should be accretive in fiscal 2014.
The Company manufactures and markets a series of proprietary enzymes (heparinases and chondroitinases). These enzymes are used in pharmaceutical research, quality assurance and, in the case of Heparinase I, in diagnostic devices which measure hemostasis in patients.
IBEX also develops, manufactures and markets arthritis assays which are widely used in pharmaceutical research. These assays enable the measurement of cartilage synthesis and degradation, and are powerful tools in the study of osteo and rheumatoid arthritis.
For more information, please visit the Company''s web site at www.ibex.ca.
Safe Harbor Statement
All of the statements contained in this news release, other than statements of fact that are independently verifiable at the date hereof, are forward-looking statements. Such statements, based as they are on the current expectations of management, inherently involve numerous risks and uncertainties, known and unknown. Some examples of known risks are: the impact of general economic conditions, general conditions in the pharmaceutical industry, changes in the regulatory environment in the jurisdictions in which IBEX does business, stock market volatility, fluctuations in costs, and changes to the competitive environment due to consolidation or otherwise. Consequently, actual future results may differ materially from the anticipated results expressed in the forward-looking statements. IBEX disclaims any intention or obligation to update these statements.