STOCKHOLM, June 29, 2011 /PRNewswire/ --
XCounter AB (publ) (AIM:XCT), a technology leader in the development and supply of specialty X-ray detectors and tomosynthesis based 3D medical imaging, is pleased to announce that it has signed an exclusive, worldwide agreement for the development and supply of photon counting digital X-ray detector technologies with a leading healthcare imaging company ("Partner").
Under the Agreement, it is intended that XCounter, which is headquartered in Stockholm, will develop and supply the Partner with high speed digital 3D X-ray imaging detectors based on its proprietary photon counting and solid-state material technologies.
Depending on the success of the R&D-project and assuming commencement of supply of detectors, the agreements have an aggregate value of up to €50m over the next nine years.
As part of the Agreement but unconditional, XCounter has agreed to seek shareholder approval to grant a Warrant to the Partner by latest Dec 31, 2012 representing 12.5 per cent of XCounter shares at an exercise price equal to 3x the average closing price of XCounter's shares 30 days prior to this announcement. Further details to follow.
The Board now considers XCounter to be a going concern.
Mikael Strindlund, CEO of XCounter, commented, "This multi-year co-operation with a major, market-leading healthcare imaging company is clear evidence that XCounter is the technology leader within low dose high image quality providers of digital X-ray detectors. We look very much forward to a long and fruitful co-operation with our Partner."
XCounter AB is a leader in the development of photon counting detector and tomosynthesis-based 3D x-ray imaging technology. It develops and manufactures high performance x-ray detector solutions based on state of the art technologies for applications in the medical, dental and industrial area.
In June 2010 XCounter completed the acquisition of Oy AJAT Ltd., a Finnish imaging company, complementing XCounter's photon counting and 3D imaging competence with CdTe detector development and production.
Headquartered in Stockholm, XCounter employs 28 people in its facilities in Sweden and Finland.
For more detailed information, please visit: http://www.xcounter.se
For further information, please contact:
Mikael Strindlund Tel: +46(0)8-622-23-00
Nomura Code Securities Limited Tel +44(0)20-7776-1200
Phil Walker/ Clare Terlouw
Anna Davies Tel +44-207-307-5330