UPDATE: TearLab to Acquire AOA's OcuHub Technology Platform; Terms Undisclosed
TearLab Corporation (Nasdaq: TEAR) (TSX:TLB) ("TearLab" or the "Company") today announced it has signed a non-binding term sheet to purchase the assets of the OcuHub business unit from AOAExcel, Inc., the for-profit subsidiary of the American Optometric Association ("AOA").
Terms of the transaction were not disclosed. The acquisition is expected to close in March.
OcuHub, powered by AT&T and Covisint, is an established compliant technology platform designed to securely connect eye doctors, patients, healthcare organizations and payers.
"The OcuHub network will allow optometrists and ophthalmologists to provide quality eye care in a cost effective and efficient environment," said Barry Barresi, OcuHub CEO and former executive director of the AOA. "In addition, the OcuHub "app store" will provide access to cloud based IT tools to improve clinical work flows, yield better clinical outcomes, lower practice costs and introduce new revenue streams. The OcuHub platform will be a competitive advantage for EHR incentive payments, access to insured patients, participation in ACOs and other new payment systems."
Elias Vamvakas, TearLab's Chief Executive Officer, commented, "OcuHub's single sign-on portal allows for the free flow of information and serves as a standard entry point for new technology and collaboration. This acquisition is consistent with our growth strategy and represents another important step toward TearLab creating an unprecedented partnership within the eye care community."
About TearLab Corporation
TearLab Corporation (www.tearlab.com) develops and markets lab-on-a-chip technologies that enable eye care practitioners to improve standard of care by objectively and quantitatively testing for disease markers in tears at the point-of-care. The TearLab® Osmolarity Test, for diagnosing Dry Eye Disease, is the first assay developed for the award-winning TearLab Osmolarity System. Headquartered in San Diego, CA, TearLab Corporation's common shares trade on the NASDAQ Capital Market under the symbol 'TEAR' and on the Toronto Stock Exchange under the symbol 'TLB'.
This press release may contain forward-looking statements. These statements relate to future events and are subject to risks, uncertainties and assumptions about TearLab. Examples of forward-looking statements in this press release include, without limitation, statements regarding the future potential of the OcuHub network and the TearLab Osmolarity System and the related impact on our sales, which may not grow as anticipated if the OcuHub network is not accepted by the market, which failure may negatively affect our business and our revenues. These statements are only predictions based on our current expectations and projections about future events. You should not place undue reliance on these statements. Actual events or results may differ materially. Many factors may cause our actual results to differ materially from any forward-looking statement, including the factors detailed in our filings with the Securities and Exchange Commission and Canadian securities regulatory authorities, including but not limited to our Annual Report on Form 10-K for the year ended December 31, 2012, filed with the SEC on March 26, 2013, and our Quarterly Report on Form 10-Q for the quarter ended September 30, 2013, filed with the SEC on November 13, 2013. We do not undertake to update any forward-looking statements.
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