Business
Disposal of ADL Health
Disposal of ADL Health.
About this update from Ekf Diagnostics Holdings Plc
[{"type":"text","content":"\n \n \n \n \n \n \n \n \n This announcement contains inside information\nfor the purposes of UK Market Abuse Regulation.\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n EKF Diagnostics Holdings plc\n \n \n \n (\"EKF\" or the \"Company\")\n \n \n \n \n \n \n \n \n Disposal of ADL Health\n \n \n \n \n \n \n EKF Diagnostics Holdings plc \n (AIM: EKF), the AIM-listed global diagnostics business,\n announces that it has disposed of its subsidiary, Advanced Diagnostic Laboratory LLC (\"ADL Health\") (the \"Disposal\").\n \n \n \n \n \n As announced in the Company's trading update on 6 February 2023, the transition of the Laboratory Testing business towards generating non-COVID revenues has presented certain challenges following the rapid drop in demand for COVID testing worldwide since Q1 2022. ADL Health will contribute a loss in 2022, which has led to EKF's management team (\"Management\") reviewing the business and its rationale in the context of the Company's wider strategy despite a recent improvement in revenue.\n \n \n \n \n \n Following the conclusion of this review, Management has determined that Laboratory Testing will no longer form part of EKF's core offering and, therefore, has agreed to dispose of ADL Health to Medical Management Partners, LLC, an entity which is 100% controlled by Stan Crawford, a member of the management team of ADL Health. The Disposal will provide cost savings to EKF, allow Management time to focus on growth initiatives in other areas, and also simplify the reporting structure of the wider group.\n \n \n \n \n \n Additional disclosures in respect of the Company's obligations under the AIM Rules for Companies in connection with the Disposal are contained at the foot of this announcement. \n \n \n \n \n \n \n \n \n \n \n \n \n \n EKF Diagnostics Holdings plc\n \n \n \n \n \n \n \n www.ekfdiagnostics.com\n \n \n \n \n \n \n \n \n Julian Baines, Executive Chair / Marc Davies, CFO\n \n \n \n \n \n Tel:\n \n \n +44 (0)29 2071 0570\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Singer Capital Markets (Nominated Adviser & Broker)\n \n \n \n \n Tel: +\n 44 (\n 0)20 7496 3000\n \n \n \n \n \n \n Aubrey Powell / George Tzimas / Oliver Platts\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n ...