BOHEMIA, N.Y., Nov. 15, 2011 (GLOBE NEWSWIRE) -- Scientific Industries Inc. (OTCBB:SCND) announced that it has acquired from Fluorometrix Corporation, a privately held corporation, its license from the University of Maryland, Baltimore County ("UMBC") and related sublicenses, including one with the Company with respect to patents related to the design, development and sale of bioprocessing products, systems and methods. The Company also has engaged the seller to perform research and development services with respect to bioprocessing products under the patents and has entered into a non-competition agreement with seller's affiliates.
Consideration consists of $260,000 in cash, 135,135 shares of Common Stock, a $230,000 long term promissory note and contingent amounts payable from fees and royalties received by the Company under the acquired licenses and sublicenses.
Helena R. Santos, President and Chief Executive Officer of Scientific Industries, noted: "The acquisition of licenses represents a product line diversification with substantial growth potential" which, she expects, will be accretive to the Company's earnings.
About Scientific Industries
Scientific Industries designs, manufactures, and markets a variety of laboratory equipment, including the world-renowned Vortex-Genie(R) 2 Mixer, and produces and sells customized catalyst research instruments. Scientific Industries' products are generally used for research purposes in laboratories of universities, hospitals, pharmaceutical companies, chemical companies, and medical device manufacturers.
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Statements made in this press release that relate to future events, performance or financial results of the Company are forward-looking statements which involve uncertainties that could cause actual events, performance or results to materially differ. The Company undertakes no obligation to update any of these statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as to the date hereof. Accordingly, any forward-looking statement should be read in conjunction with the additional information about risks and uncertainties set forth in the Company's Securities and Exchange Commission reports, including our annual report on Form 10-K.