Board of Directors of Evolved approved a potential sale of assets for a consideration of US$8.5 million

    MONTREAL, March 26 /CNW Telbec/ - Evolved Digital Systems Inc. (TSX:
EVD)(the "Company"), announced today that its Board of Directors has approved
a proposal to enter into an asset purchase agreement with Shimadzu
Corporation, Japan ("Shimadzu") whereby Shimadzu would purchase substantially
all of the assets of the Canadian operations of the Company for US$8.5
million. Under the proposed agreement, the Company would be obligated to use
the proceeds to repay all secured debt, including all amounts owed to Argosy
Bridge Fund L.P. II and Garantie Québec, which totals approximately US$ 4.4
million. The transaction would be subject to conditions usual for a
transaction of this type. The Board cautions shareholders and others
considering trading in securities of the Company that the proposal is
non-binding, and there can be no assurance that the transaction contemplated
by the proposal, or any other transaction, will be completed.
    If completed, the transaction will enable the Company to satisfy all of
its current and long-term debt obligations and focus on the Company's core
radiology business of managed services solutions for hospitals and imaging

    About Evolved

    Through its Digital Imaging Workflow Solution, Evolved serves its clients
with a Managed Services approach proven to increase operational efficiency and
to reduce IT spending in hospitals and imaging facilities across the United
States. Evolved's fully managed, web-based RIS solution includes image and
data verification from a modality to the archive and/or HIS, on-line dictation
and transcription, and optional integrated PACS with 5 years of on-site
storage. Evolved's Managed Services offering provides a unique workflow
solution seamlessly integrated, and backed by a highly qualified and dedicated
team of experts. Evolved's clients can additionally choose to utilize
Evolved's secure, state of the art data center for offsite archiving and
disaster recovery. Evolved's solution addresses common challenges small to
medium sized facilities face today by providing custom solutions, founded on a
pay as you go financial model, and backed by unparalleled off-site customer
service and support. Evolved is a publicly traded company listed on the
Toronto Stock Exchange (TSX: EVD). Corporate headquarters are based in Laval,
Quebec. U.S. offices are located at 5141 Virginia Way, Suite 300, Brentwood,
TN 37027.
    For more information, contact EVOLVED at 1-800-5EVOLVED or visit the
company website at

    About Shimadzu Corporation

    SHIMADZU is one of the world's leading manufacturers of advanced imaging
systems and equipment for use in medical diagnosis and treatment. Based in
Kyoto, Japan, Shimadzu is a $2 billion multinational corporation with three
major divisions: Medical Systems, Aircraft Equipment, and Analytical/Measuring
Instruments. For more information, please visit the Shimadzu website at

    FORWARD_LOOKING STATEMENTS: Certain statements in this communication may
constitute forward-looking statements. They are based on management's current
expectation and could be affected by numerous factors and are subject to
various risks and uncertainties. Certain of those risks and uncertainties are
discussed in company filings with the Canadian Securities Commission. Do not
rely on any forward-looking statements as we cannot predict or control many of
the factors that ultimately may affect our ability to achieve the results
estimated. We make no promise to update any forward-looking statement, whether
as a result of changes in underlying factors, new information or future

    The TSX has neither approved nor disapproved the information contained

For further information:

For further information: Linda Willis, Vice President and Controller,
(615) 850-3029,; Source: Evolved Digital
Systems Inc.

Organization Profile


More on this organization

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890