NEWS FOR IMMEDIATE RELEASE: MAY 4, 2006
MESA LABS ACQUIRES RAVEN BIOLOGICAL LABORATORIES, INC.
LAKEWOOD, CO – Mesa Laboratories, Inc. (NASDAQ:MLAB), a Lakewood, Colorado based manufacturer of electronic measurement instruments, today reported that it has completed the acquisition of Raven Biological Laboratories, Inc. of Omaha, Nebraska.
Raven, a privately held company, is a leading designer and manufacturer of biological indicators and provider of sterilization validation services. Raven’s biological indicators are utilized to provide quality control testing in various sterilization processes, including those in dental offices, hospitals, and medical device and pharmaceutical manufacturers. Raven distributes its products worldwide via direct sales and through distributors. Under the terms of the transaction, Mesa Labs has acquired all of the outstanding shares of Raven for approximately $6,750,000 which was comprised of $3,500,000 cash and 223,243 shares (valued at $3,250,000) of common stock.
Producing annual revenues in excess of $4,300,000, addition of the Raven line of biological indicators is expected to complement Mesa Lab’s existing line of DataTrace logging instruments, which are utilized within the same industries for sterilization and other process control applications.
The addition of Raven is expected to be accretive to Mesa’s earnings per share in the current fiscal year ending March 31, 2007. Raven will continue to operate at its facility in Omaha, Nebraska with its existing staff under the direction of its President, Robert V. Dwyer.
In conjunction with the completion of this acquisition Mr. Dwyer has been appointed to Mesa’s Board of Directors. Mr. Dwyer has served as President and was the majority owner of Raven Biological Laboratories, Inc. and is also an Attorney at Law. Mr. Dwyer currently serves on the Board of Directors of American National Bank, based in Omaha, Nebraska. In addition, Mr. Dwyer holds ownership positions in other small business entities.
“The Raven team has built an excellent reputation for developing and marketing high quality, innovative products for the sterilization market, and we are very excited to combine the talents of our two groups to further serve and enhance Mesa’s position in these markets,” said Luke Schmieder, President and CEO of Mesa Labs.
More information regarding Raven Biological Laboratories, Inc. and its products may be found at the company’s website at www.ravenlabs.com.
Mesa Laboratories develops, acquires, manufactures and markets electronic instruments and disposable products for industrial, pharmaceutical and medical applications. This news release contains forward-looking statements, which involve risks and uncertainties. The Company’s actual results could differ materially from those in any such forward-looking statements. Additional information concerning important factors that could cause results to differ materially from those in any such forward-looking statement is contained in the Company’s Annual Report on Form-10KSB for the year ended March 31, 2005 as filed with the Securities and Exchange Commission, and from time to time in the Company’s other reports on file with the Commission.
Luke R. Schmieder; President-CEO
Steven W. Peterson; V.P. Finance-CFO
Mesa Laboratories, Inc.