CARLSBAD, Calif., Sept. 9 -- JMAR Technologies Inc., a Carlsbad, Calif., maker of laser-based equipment for imaging, analysis and fabrication at the nanoscale, announced it has signed a binding agreement to acquire The LXT Group, which develops optical and electronic systems for real-time detection of microorganisms. The companies formed an alliance last June for the joint development of BioSentry, a laser-based early-warning system to detect microorganisms in water supplies. The agreement calls for the purchase of all of the assets of LXT for $125,000 in cash, cancellation of $125,000 in promissory notes held by the two principals of LXT in favor of JMAR and 180,000 shares of JMAR common stock, with future payment rights based on future sales of BioSentry products.
"This acquisition is an important step in JMAR's business expansion process," commented Ronald A. Walrod, CEO of JMAR Technologies. "LXT brings to JMAR more than forty years combined experience in the water industry, including multiple projects involving water testing and security systems. LXT is also a pioneer in adapting light-scattering technologies that can detect and classify waterborne pathogens."
JMAR said the acquisition is expected to close in January, and that the first BioSentry units are expected to be produced in early 2005.
For more information, visit: www.jmar.com