A Provider of Computed Tomography-Based Testing
Strategic Acquisition to Strengthen YXLON Non-Destructive Testing Business
NEWARK, CA (August, 2003)
- InVision Technologies, Inc. (Nasdaq: INVN) today announced that its subsidiary, YXLON International X-Ray GmbH, has acquired German-based HAPEG Hattinger Prüf und Entwicklungs GmbH, a private engineering and systems company focused on industrial computed tomography (CT).
"Acquiring HAPEG will expand YXLON's presence into a fast growing area of non-destructive testing (NDT). We believe that HAPEG will further augment YXLON's market leadership in the NDT business by giving YXLON a broader product line and price point spread across the full range of demand for NDT applications," said Joseph Kosanetzky, Ph.D., YXLON Chief Executive Officer and Managing Director.
HAPEG designs and develops CT-based NDT systems that create 3-D images of the inner structures of objects and can identify defects resulting from production or usage. HAPEG's clients include DaimlerChrysler and Goodyear and its products are used in a number of industries including aerospace and automotive. YXLON, also based in Germany, is a leading manufacturer and supplier of X-ray based NDT systems for a variety of industrial applications ranging from the automotive industry, aircraft manufacturers and chemical / petro-chemical plants to artwork inspections.
YXLON and HAPEG have a history of cooperation in the NDT business. Prior to the acquisition, YXLON was a sales channel for HAPEG's products and managed select HAPEG marketing operations. As part of InVision, the global leader in CT-based explosives detection systems, HAPEG will have access to InVision's expertise and technology in CT that has been developed at InVision since 1990.
"For greater quality specificity, CT-based technology is increasingly being used in NDT equipment. CT technology is a more accurate and efficient means of NDT and customers are demanding better detection accuracy for high-end industrial products. HAPEG's CT-technology offers a high degree of penetration and significantly improves NDT performance by more accurately detecting faults in industrial products" said Mr. Kosanetzky.
"This is a continuation of the InVision strategy to augment YXLON's core competencies in X-ray technology, and we believe InVision's CT expertise will assist YXLON in the development of HAPEG's CT product base into new NDT market areas and non-security applications. We believe that further technological developments will include the use of the more accurate CT-based technology for higher speed in-line NDT, in addition to allowing industrial customers to accurately measure the internal dimensions of precision products," said Sergio Magistri, Ph.D., InVision's President and Chief Executive Officer.
InVision Technologies develops, manufactures, markets and supports explosives detection systems based on advanced computed tomography technology for civil aviation security. InVision's wholly owned subsidiary YXLON develops, manufactures, markets and supports automated X-ray based non-destructive testing systems for a wide range of industrial applications and X-ray based diffraction for explosives detection. InVision's wholly owned subsidiary Quantum Magnetics develops detection systems for weapons, narcotics, explosives and other threats based on quadrupole resonance and other proprietary magnetic sensing technologies. InVision's wholly owned subsidiary Inovec develops, manufactures, markets and supports scanning, optimization and control systems for the forest products industry. Additional information about InVision can be obtained on the company's website at http://www.invision-tech.com.
Cautions Regarding Forward-Looking Statements
This news release contains forward-looking statements, including statements regarding InVision's belief that HAPEG will further augment YXLON's market leadership in the NDT business; InVision's belief regarding the development of HAPEG's CT product base into new NDT market areas and non-security applications; and InVision's belief regarding further technological developments. These forward-looking statements are subject to material risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Investors should consider important risk factors, which include: the risk that YXLON is not able to successfully integrate its X-ray technology with HAPEG's CT technology and that YXLON's and HAPEG's access to InVision's CT expertise and technology may be unproductive; risks relating to the integration of HAPEG, including challenges for InVision's operational, financial and management information systems and the potential negative impact on InVision's operating results if the integration poses greater challenges than anticipated; the risk that the combination of X-ray diffraction technology and CT technology does not lead to the development of new NDT market areas and non-security applications or does not lead to further technological developments; and other risks detailed under the caption "Risk Factors" in InVision's most recent reports on Form 10-K and Form 10-Q filed with the Securities and Exchange Commission. InVision is under no obligation, and expressly disclaims any obligation, to update or alter its forward-looking statements whether as a result of new information, future events or otherwise.