SAN JOSE , Calif., Nov. 2 /PRNewswire-FirstCall/ -- Titanium Group Limited (OTC Bulletin Board: TTNUF), a leading biometric and security solutions provider, announced today the company has signed a letter of intent to acquire China Medical Systems (OTC: CHSY), a company listed in the US that engages in researching, developing and marketing of specialized software systems in the field of three-dimensional medical imaging. Their major products include Virtual Endoscopy and 3D Virtual Radiotherapy Planning System. China Medical Systems is profitable and had revenues of US$2.2 million in 2006. The acquisition could not only further boost Titanium's research and development capability in the areas of image processing and pattern recognition, but also provide a sales channel into China's healthcare and medical industry.
"The acquisition of China Medical Systems represents great synergies. First of all, like Titanium their core value lies in the research and development of software technology. Their expertise in image processing will add value to Titanium's video surveillance technology. Secondly, as medical care reform in the PRC has started we have identified the medical and health care industry as an important sector for Titanium's products. The acquisition would allow us to pursue new customers and market segments through China Medical Systems' existing sales network," said Johnny Ng , Chairman of Titanium Group Limited. "In addition, China Medical Systems could also double our current revenue stream which would add to our shareholder value."
The completion of the acquisition is subject to completion of further due diligence and financing and execution of a definitive agreement.
About Titanium Group:
Titanium Group Limited (http://www.titanium-tech.com), through its wholly owned subsidiary Titanium Technology, is a leading biometric and security solutions provider featuring its proprietary and patented automated Face Recognition Systems (AFRS). Titanium's AFRS products capture human face images electronically, input the facial images into searchable files (face print) and, in just seconds, accurately compare the facial images to a database containing millions of faces. These cutting-edge products reduce administration cost, enhance security, and significantly increase overall productivity. Titanium's products are distributed worldwide, either directly or through resellers or OEM partners, to governments, law enforcement agencies, gaming companies, and other organizations. The Company's clients include: ESPN, IBM and the People's Bank of China .
About China Medical Systems:
China Medical Systems (http://www.sxgk.cn/en) is listed on the Pink Sheets with trading Symbol CHSY. The company is engaged in manufacturing, developing and selling three-dimensional medical imaging software such as Virtual Endoscopy (Virtual Colonoscopy) which allows doctors to transform a medical image from the patient's CT image and examine the full large intestinal wall to diagnose the state of an illness or to discover the knubs in the intestines. Other products also include three-dimensional virtual radioactive therapy system and medical image pool products.
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SOURCE Titanium Group Limited