SDIX™ (NASDAQ: SDIX), today announced that it has successfully completed its previously announced sale of the assets of its water quality division to Modern Water plc for $4.5 million. Modern Water acquired the division’s intellectual property, current inventory and commercial contracts, as well as its equipment and staff.
Francis DiNuzzo, SDIX’s President and CEO, commented, “We are pleased to complete the sale of our Water Quality business to Modern Water. This divestiture is consistent with our corporate strategy and enables us to focus further on our core businesses, particularly our Life Science business where we are expanding the development efforts on our next generation proprietary GAT technology. The net cash from this sale strengthens our balance sheet and provides additional resources for key investments.”
About Modern Water
Modern Water owns, installs and operates world-leading desalination technology as well as develops and supplies advanced systems for water monitoring. The Company’s patented forward osmosis technology has been proven to significantly reduce costs, lower energy consumption and lessen environmental impact across a variety of industries. With a sales presence in over 20 countries, the Group's Monitoring Division includes the world’s best performing real-time continuous toxicity monitor and trace metal analyzers for monitoring the quality of drinking water. Modern Water’s shares trade on the Alternative Investment Market of the London Stock Exchange.
SDIX is a biotechnology company with a core expertise in creating better antigens, better antibodies and better assays for the pharmaceutical, biotechnology and food safety markets. For over 20 years, SDIX has been a leading immuno-solutions company, developing results-oriented and innovative antibody-based solutions that enable customers to meet high performance research, diagnostic and commercialization objectives.
In the life science market, SDIX’s technology and capabilities are being used to help discover disease mechanisms, facilitate development of new drugs and provide antibodies and assays for the diagnosis of disease. In the food safety market, SDIX continues to expand its footprint as an international supplier of rapid pathogen test technologies that enable more accurate and cost-effective results.