IMGC Intermagnetics General

LATHAM, N.Y., July 24 /PRNewswire-FirstCall/ -- Intermagnetics General Corporation (NASDAQ:IMGC), announced today that the waiting period under the Hart-Scott Rodino Antitrust Improvements Act of 1976 regarding the acquisition of Intermagnetics by Philips Holding USA Inc., subsidiary of Koninklijke Philips Electronics, N.V. (NYSE:PHGNYSE:AEX:NYSE:PHI), has expired. Completion of the transaction remains subject to satisfaction or waiver of conditions and terms of the merger agreement, European regulatory approval, and the approval of Intermagnetics' shareholders. The merger is expected to close during the fourth quarter of calendar 2006. Intermagnetics (http://www.intermagnetics.com/) draws on the financial strength, operational excellence and technical leadership in the market of Magnetic Resonance Imaging (MRI), as well as its expanding businesses within Medical Devices that encompass Invivo Diagnostic Imaging (focusing on MRI components & imaging sub-systems) and Invivo Patient Care (focusing on monitoring & other patient care devices). Intermagnetics is also a prominent participant in superconducting applications for Energy Technology. The company has a 35-year history as a successful developer, manufacturer and marketer of superconducting materials, high-field magnets, medical systems & components and other specialized high-value added devices. Forward-Looking Statements: This release may contain certain forward-looking statements. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future, and there are many factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements. IMPORTANT ADDITIONAL INFORMATION WILL BE FILED WITH THE SEC: Intermagnetics intends to mail to its stockholders and file with the Securities and Exchange Commission (the "SEC") a Proxy Statement in connection with the proposed transaction and to file other relevant materials with the SEC. The Proxy Statement and other materials filed with the SEC will contain important information about Intermagnetics, Philips, the Merger and related matters. Investors and security holders are urged to read the Proxy Statement carefully when it is available. Investors and security holders will be able to obtain free copies of the Proxy Statement and other documents filed with the SEC by Intermagnetics and Philips through the web site maintained by the SEC at http://www.sec.gov/. In addition, investors and security holders will be able to obtain free copies of the Proxy Statement from Intermagnetics by contacting Investor Relations, Intermagnetics General Corporation, P.O. Box 461, Latham, New York 12110-0461, or by telephoning (518) 782-1122, or on Intermagnetics' web site at http://www.igc.com/. Intermagnetics and its directors and executive officers also may be deemed to be participants in the solicitation of proxies from the stockholders of Intermagnetics in connection with the transaction described herein. Information regarding the special interests of these directors and executive officers in the transaction described herein will be included in the Proxy Statement described above. Additional information regarding these directors and executive officers is also included in Intermagnetics' proxy statement for its 2005 Annual Meeting of Stockholders, which was filed with the SEC on or about September 26, 2005. This document is available free of charge at the SEC's web site at http://www.sec.gov/ and from Intermagnetics by contacting Investor Relations, Intermagnetics General Corporation, P.O. Box 461, Latham, New York 12110-0461, or by telephoning (518) 782-1122, or on Intermagnetics' web site at http://www.igc.com/. DATASOURCE: Intermagnetics General Corporation CONTACT: Glenn Epstein, Chairman and CEO, or Cathy Yudzevich, Investor Relations Manager, , both of Intermagnetics General Corporation, +1-518-782-1122 Web site: http://www.intermagnetics.com/

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