QUEBEC CITY, Aug. 17 /CNW Telbec/ - Opsens Inc. ("Opsens") (TSX-V: OPS) announced today that it has reached a US$3.1 million agreement to license through an Intellectual Property and Assignment Agreement ("The Agreement") its technology in the high-power transformers business to a subsidiary of LumaSense Technologies Inc., of Santa Clara, California, representing Opsens' exit from that line of business.
The transfer is part of Opsens' strategic decision to focus primarily on its oil and gas subsidiary, Opsens Solutions, and its medical devices and laboratories businesses.
"Transferring that business allows us to focus our energies on the markets in which we see exceptional growth potential," said Pierre Carrier, President and CEO of Opsens.
The Agreement gives LumaSense exclusive rights to use Opsens' technology in the transformer business. LumaSense will have also have access to Opsens' existing distribution channels for its transformer business.
LumaSense has paid Opsens US$2.1 million in cash upon closing and will pay a further US$500,000 in one year and US$500,000 two years after closing.
About Opsens (www.opsens.com)
Opsens is a leading developer, manufacturer and supplier of a wide range of fiber optic sensors and associated signal conditioners based on proprietary patented and patent pending technologies. Opsens' sensors provide long-term accuracy and reliability in the harshest environments. Opsens provides sensors to measure pressure, temperature, strain and displacement to original equipment manufacturers (OEM) and end-users in the oil and gas, medical, and laboratory fields. Opsens provides complete technical support, including installation, training, after-sales service, for its fiber optics systems that are regulated by the ISO 9001-2008 norm.
Opsens was recognized as a TSX Venture 50(R) company in 2010. TSX Venture 50 is a trademark of TSX Inc. and is used under license.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-looking statements contained in this press release involve known and unknown risks, uncertainties and other factors that may cause actual results, performance and achievements of Opsens to be materially different from any future results, performance or achievements expressed or implied by the said forward-looking statements.
SOURCE Opsens Inc.
For further information: For further information: Pierre Carrier, President and Chief Executive Officer, Tel: 418.682.9996; Louis Laflamme, CA, Chief Financial Officer, Tel: 418.682.9996