BOHEMIA, N.Y., Feb. 27, 2014 (GLOBE NEWSWIRE) -- Scientific Industries Inc. (OTCBB:SCND), (the "Company") announced that it has acquired from Fulcrum Inc., (the "Seller") its laboratory and pharmacy balance and digital scale business and related assets through an Asset Purchase Agreement with the seller and its principal stockholders, including its Chief Operating Officer. The acquisition consideration consists of 126,449 shares of the Company's Common Stock and cash of $430,000, plus additional amounts to be paid based on percentages ranging from 8% to 11% of the net sales by the Company of the products for the periods ending June 30, 2014, June 30, 2015, June 30, 2016 and June 30, 2017. The Company also paid $270,000 pursuant to long term non-competition agreements with the principal stockholders.
The Seller's principal supplier has entered into a long term agreement to supply the Company (exclusive with respect to products sold in the United States and Canada) products sold by the acquired business.
Helena R. Santos, President and Chief Executive Officer noted that the acquisition represents a further diversification in the Company's laboratory equipment and operating business with a good profit potential.
About Scientific Industries
Scientific Industries designs, manufactures, and markets a variety of laboratory equipment, including the world-renowned Vortex-GenieÒ 2 Mixer; produces and sells customized catalyst research instruments and the research, development and production of bioprocessing systems and methods. Scientific Industries' products are generally used and designed for research purposes in laboratories of universities, hospitals, pharmaceutical companies, chemical companies, and medical device manufacturers.
"Statements made in this press release that relate to future events, performance or financial results of the Company are forward-looking statements which involve uncertainties that could cause actual events, performance or results to materially differ. The Company undertakes no obligation to update any of these statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as to the date hereof. Accordingly, any forward-looking statement should be read in conjunction with the additional information about risks and uncertainties set forth in the Company's Securities and Exchange Commission reports, including our annual report on Form 10-K."