Flowsense signed a non-binding letter of intent with a foreign company for a possible non-cash acquisition at $7-10 million.
The share price of urine monitor developer Flowsense Medical Ltd. (TASE: FLSN) jumped 83% to NIS 3 this morning, after the company announced that it had signed a non-binding letter of intent with a foreign healthcare company interested in buying it on a non-cash basis, and without debts, for $7-10 million.
Flowsense added that the potential buyer wanted to carry out due diligence for at least 45 days, beginning on October 30, during which it will have access to Flowsense documents and officers. It said the letter of intent was non-binding, and that there was no assurance that a deal would be reached, and that all the necessary permits for a deal had not been obtained by the potential buyer.
Flowsense's market cap at today's opening was NIS 12 million, or $3.2 million. The company develops and manufactures continuous urine monitors for intensive care units and operating rooms.
Published by Globes [online], Israel business news - www.globes-online.com - on December 11, 2012
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