Instant Technologies, Inc. Announces Acquisition of Accu-Stat Diagnostics, Inc.
Adding over-the-counter FDA approvals for drugs of abuse tests.
Norfolk, VA. (PRWEB) February 6, 2006
Instant Technologies, Inc. today announced that it has acquired Accu-Stat Diagnostics, Inc. of Lake Forest, CA. Accu-Stat recently obtained FDA 510k clearances to sell their Accu-Stat line of home testing products for drugs of abuse, breath alcohol, cholesterol, and fecal occult blood tests over-the-counter.
“The acquisition of Accu-Stat is strategic to the advancement of Instant’s goal to expand our product portfolio and enter the consumer products market,” says Jeff Konecke, Instant’s Director of Business Development “The OTC market for drugs of abuse is poised for growth and is in need of a strong market leader, which we intend to become.”
"The sale of Accu-Stat to Instant is a win-win situation for both companies. It has been our intention to be acquired by a company with a proven track record of sales and marketing success in rapid diagnostics and which would give us the opportunity to grow our portfolio and enhance our market presence," said Glenn Barrons, President of Accu-Stat. "I firmly believe that Instant’s infrastructure and resources will provide a platform for maximum growth at a faster rate than might otherwise have been possible for Accu-Stat."
This acquisition, the first of 2006, and its third in recent years, is part of Instant Technologies, Inc. strategy to strengthen the Company's product portfolio, especially in the focus area of drugs of abuse testing. “Our strategy in 2006 is to continue our strong organic growth as well as to continue to aggressively pursue additional strategic acquisition targets,” states James T. Ramsey, CEO of Instant Technologies, Inc.
About Instant Technologies, Inc.:
Instant Technologies, Inc. headquartered in Norfolk, Virginia, is a leading developer and distributor of rapid test devices that include drug and alcohol testing, women’s health and clinical diagnostics. Our devices are easy to operate, convenient to store and deliver results in minutes. Since 1997, we have been serving our clients with the highest quality products at competitive prices while offering superior product training and customer care. www. tryi. com
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