SpacelabsUltraview

OSI has taken all their health care holdings (Spacelabs, Blease
Medical, Dolphin Medical and Osteometer MediTech), created a new
Delaware company called Spacelabs Healthcare Inc., and listed them on
London's AIM. From the press release:

In conjunction with the listing approximately 20% of the shares in
Spacelabs Healthcare were placed with institutional investors raising
approximately $27 million net of expenses. The shares will begin
trading October 31, 2005 under the ticker symbol 'SLAB'. [Perhaps not the best ticker for a health care company, eh?]

Of the proceeds raised, Spacelabs Healthcare will repay approximately
$22 million of its $57.3 million debt to OSI - leaving a balance owed
to OSI of approximately $35 million. Prior to the commencement of
trading, the market capitalization of Spacelabs Healthcare will be
approximately $150 million plus the approximate $35 million in debt.

For the past year OSI has been exploring strategic alternatives for its
Security, Healthcare and Opto-electronic business groups. The company's
Healthcare Group, now known as Spacelabs Healthcare, has grown from
approximately $11 million in annual revenues in fiscal 2003, to $195.7
million in fiscal 2005 primarily as a result of the acquisitions of
Spacelabs and Blease.