OxySure to Merge With Estill Medical Technologies
Frisco, Texas, devicemaker OxySure said Thursday that it will merge with Estill Medical Technologies to create a company focused on life-saving technologies for first responders, pre-responders and the military.
Estill’s product line includes the Thermal Angel, a disposable battery-powered, light-weight, life-saving device used by the military to warm blood and IV solutions given to trauma patients. OxySure manufactures portable oxygen systems and oximeters.
Initial revenues of the combined company are expected to be in excess of $10 million annually, the companies say. The combined market size is pegged at $1 billion a year — half of that in the U.S.
Estill CEO Jay Lopez says the merger will combine both companies' product development capabilities and sales and marketing networks, with no overlap, strengthening the new company’s presence both in the U.S. and abroad.
Under definitive agreements signed by both companies, OxySure CEO Julian Ross will be chief executive of the combined company and Jay Lopez will serve as its president and chief operating officer. All current employees of the companies will be retained.
Financial details of the stock-based transaction weren’t disclosed. — Kellen Owings
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