TearLab Closes Acquisition of AOA's OcuHub Technology Platform
15 3월 2014 - 1:30AM
TearLab Corporation (Nasdaq:TEAR) (TSX:TLB) ("TearLab" or the
"Company") today announced the closing of the acquisition of the
assets of the OcuHub business unit from AOAExcel, Inc., the
for-profit subsidiary of the American Optometric Association
("AOA").
As of the close of the transaction, the OcuHub purchased assets
and business activities will be operated out of a fully-owned
subsidiary of TearLab. Barry Barresi, OcuHub's CEO and former
executive director of the AOA, will remain CEO of TearLab's OcuHub
subsidiary. The net purchase was approximately $1.4 million, paid
in cash and the Company is in the process of completing the
analysis of the accounting treatment of the transaction.
OcuHub, powered by AT&T and Covisint, facilitates an
effective and efficient shared care model with a single sign-on
portal, which simplifies secure connectivity between doctors,
patients, institutions and payers. It is a subscription-based
service that is HIPAA compliant and eliminates the need for a
complex and expensive IT structure. In addition, eye care
practices of all sizes will be able to benefit from OcuHub's
cloud-based technology advances and innovations, such as electronic
medical records software, image management and storage, practice
management tools and marketing programs.
"We believe that the OcuHub offering is completely aligned with
our corporate mission to partner with the eye care community to
deliver innovative technologies that enable doctors to provide the
highest quality of care for their patients," commented Elias
Vamvakas, TearLab's Chief Executive Officer. "We are
excited to welcome Barry and his team to the TearLab family and
look forward to updating everyone on OcuHub's progress as we move
forward."
About TearLab Corporation
TearLab Corporation (www.tearlab.com) develops and markets
lab-on-a-chip technologies that enable eye care practitioners to
improve standard of care by objectively and quantitatively testing
for disease markers in tears at the point-of-care. The
TearLab® Osmolarity Test, for diagnosing Dry Eye Disease, is the
first assay developed for the award-winning TearLab Osmolarity
System. Headquartered in San Diego, CA, TearLab Corporation's
common shares trade on the NASDAQ Capital Market under the symbol
'TEAR' and on the Toronto Stock Exchange under the symbol
'TLB'.
Forward-Looking Statements
This press release may contain forward-looking
statements. These statements relate to future events and are
subject to risks, uncertainties and assumptions about TearLab.
Examples of forward-looking statements in this press release
include, without limitation, statements regarding the future
potential of the OcuHub network and the TearLab Osmolarity System
and the related impact on our sales, which may not grow as
anticipated if the OcuHub network is not accepted by the market,
which failure may negatively affect our business and our revenues.
These statements are only predictions based on our current
expectations and projections about future events. You should
not place undue reliance on these statements. Actual events or
results may differ materially. Many factors may cause our
actual results to differ materially from any forward-looking
statement, including the factors detailed in our filings with the
Securities and Exchange Commission and Canadian securities
regulatory authorities, including but not limited to our Annual
Report on Form 10-K for the year ended December 31, 2012, filed
with the SEC on March 26, 2013, and our Quarterly Report on Form
10-Q for the quarter ended September 30, 2013, filed with the SEC
on November 13, 2013. We do not undertake to update any
forward-looking statements.
CONTACT: Stephen Kilmer
(647) 872-4849
skilmer@tearlab.com
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