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Bruker Daltonics and Bruker AXS Announce Merger Agreement

BILLERICA, Mass. and MADISON, Wis.--(BUSINESS WIRE)--April 7, 2003 -- Combined Company Will be a Leading Provider of Life Science and Materials Research Tools with Broad Technology Platforms and More Comprehensive Systems for Proteomics

Bruker Daltonics Inc. (NASDAQ:BDAL) and Bruker AXS Inc. (NASDAQ: BAXS) today announced that they have entered into a definitive merger agreement intended to form a leading tools supplier for life science and materials research, with an emphasis on advancing proteomics. The agreement was signed following the unanimous approval of the Board of Directors of each company as well as the unanimous recommendations of independent Special Committees of both companies' boards.
In the merger, each outstanding share of common stock of Bruker AXS will be converted into the right to receive either 0.63 shares of common stock of Bruker Daltonics or, at the election of each Bruker AXS stockholder, consideration designed to be of equivalent value, payable 75% in Bruker Daltonics common stock and 25% in cash. Shares of outstanding common stock of Bruker Daltonics are not being changed in the merger.
The combined company, expected to be named Bruker BioSciences Corporation, will offer a significantly broader technology base and a greatly increased distribution, sales and service infrastructure, while retaining the entrepreneurial spirit and impressive growth of the two individual companies. With pro forma 2002 revenues of $220 million, and expected 2003 revenues between $250-260 million, the fast-growing combined company will increase its critical mass competitively, and will improve its worldwide geographical distribution coverage in the Americas, Europe and Asia. In addition, the combined company will benefit from a more diversified customer base of pharmaceutical, diagnostic and biotech companies, as well as other industrial, academic, medical school and governmental customers.
In particular, the combined company will have a broad range of mass spectrometry and x-ray analysis technology platforms to provide a unique combination of complementary systems for proteomics. Bruker Daltonics' Proteineer(TM) suite of mass spectrometry-based protein analysis systems is used in expression proteomics studies, including protein identification, de novo sequencing, as well as the detection and localization of post-translational modifications. It is complemented by Bruker AXS' X8(TM) series of x-ray crystallography systems for structural proteomics, which can give detailed three-dimensional structural information on proteins and on how proteins bind to other proteins, to DNA, or to small molecules (e.g. drug molecules). The combined product offerings also support many other applications in the life sciences, in advanced materials research, in industrial analysis, as well as in chemical and biological detection for defense and homeland security.
Frank Laukien, Ph.D., President and CEO of Bruker Daltonics, stated: "We believe that merging the two affiliated companies enhances our critical mass competitively and takes full advantage of the complementary nature of our technologies and product lines in the attractive proteomics market. After the merger, we expect incremental sales from a broader product offering and our combined marketing and distribution capabilities. Together with certain expense synergies, we expect this merger to accelerate our already fast-growing operating profitability."
Dr. Martin Haase, President and CEO of Bruker AXS, commented: "We are excited about this merger, as it allows the combined company to fully leverage its unique competitive advantages, its complementary technologies, as well as its much larger combined international distribution, sales and service organization. At the same time, we will retain the dynamic entrepreneurial drive of the two operating companies, which have both been among the fastest growing companies in the industry. We intend to maintain this organic growth momentum, while potentially complementing our top- and bottom-line growth with selected acquisitions."
Laura Francis, CFO of Bruker AXS, added: "Financially, we believe that we can drive incremental sales while at the same time leveraging certain expenses. Both will contribute to the expected continued growth of our combined operating profitability. In addition, for some time investors and research analysts have been encouraging a merger of the two public Bruker companies to attain greater scale and more liquidity for the capital markets."
Under the agreement, Bruker AXS will merge into Bruker Daltonics. After the closing of the transaction, Bruker Daltonics expects to change its name to Bruker BioSciences Corporation. The exchange ratio of 0.63 reflects a premium of 27% to the average ratio implied by the closing stock prices for Bruker Daltonics and Bruker AXS for the last month. Based on Bruker Daltonics' closing stock price of $2.95 on April 4, 2003, the transaction implies a value of $1.86 per Bruker AXS share, or a deal value of approximately $103.6 million on a fully-diluted basis. The transaction is expected to qualify as a tax-free reorganization in the United States with respect to the stock consideration.
The principal stockholders of both companies, holding in excess of 50% of the outstanding common stock of each company, have committed to vote in favor of the transaction. The Special Committee of the Board of Directors of Bruker Daltonics has received an opinion from its financial advisor, Bear Stearns & Co. Inc., that the merger consideration is fair, from a financial point of view, to Bruker Daltonics and its minority stockholders. Likewise, the Special Committee of the Board of Directors of Bruker AXS has received an opinion from its financial advisor, JP Morgan, that the merger consideration is fair, from a financial point of view, to the minority stockholders of Bruker AXS.
The merger is structured so that Bruker BioSciences Corporation will be a NASDAQ-listed parent company, presumably under the new ticker symbol BRKR. The two operating subsidiaries of Bruker BioSciences will be Bruker Daltonics Inc. and Bruker AXS Inc., each to be run by their present management teams as strong, relatively independent operating companies.
The parent company, Bruker BioSciences Corporation, will be led by Frank Laukien as President and CEO, Martin Haase as Senior Vice President and Laura Francis as Chief Financial Officer. The ten member board of directors of Bruker BioSciences Corporation will be comprised of board members from both Bruker Daltonics and Bruker AXS.
The transaction is subject to customary regulatory approvals and the approval of the stockholders of both Bruker Daltonics and Bruker AXS. The merger is expected to close during the summer of 2003.

Bruker Daltonics is a leading developer and provider of innovative life science tools based on mass spectrometry. Its substantial investment in research and development allows it to design, manufacture and market a broad array of products intended to meet the rapidly growing needs of a diverse customer base, including pharmaceutical companies, biotechnology companies, proteomics companies, molecular diagnostics companies, academic institutions and government agencies. Bruker Daltonics has diverse technology platforms which integrate automated sample preparation and clean-up, advanced front-end AnchorChip MALDI targets and API source technology with cutting-edge proprietary MALDI-TOF, MALDI-TOF/TOF, ESI-(Q-q-)TOF, ion trap and (Q-q-)FTMS mass analyzers, as well as analysis and bioinformatics software. Bruker Daltonics is also a worldwide leader in supplying mass spectrometry-based systems for substance detection and pathogen identification in security and defense applications. For more information about Bruker Daltonics, please visit www.bdal.com


OFITE Now a Supplier of API Standard Materials

Now your best choice for Mud Testing Equipment is also your supplier for API Standard Evaluation Clay, freshly packed and ready for immediate delivery (part #191-00).


Model 900 Viscometer Comparative Data

Recently, a customer did a series of measurements on a sample of xanthan gum using the OFITE Model 900 Viscometer* and another competitive model from a well-known manufacturer. The results are amazing! The OFITE Model 900 measurements are right on target with the competitive model AND the Model 900 was able to capture lower shear readings (.01 s-1) than the "low-shear" competition. At 1/10th the cost of the competitive model, the Model 900 is a great investment!

Visit our web site for more details on the Model 900 Viscometer.


Satisfaction Surveys - Your Input is Important to Us!

In an effort to better gauge how well we are servicing our customers and to help meet ISO 9001 requirements, OFITE has started randomly selecting customers to partake in a customer satisfaction survey. If you haven't received an email yet, chances are you may soon get one! The email will provide details of a recent repair or purchase from OFITE and will give you a link to a short online survey you can take. Of course you are always free to contact us at anytime if an issue comes up! We have even placed a form on our web site that you can use to let us know how we are doing. Thank you for your continued business and your comments!


Come See Us at OTC!

Come visit us in booth 5409 at OTC, May 5 through May 8. We’ll be displaying some of our latest products, including the new fully automated, field-friendly Model 900 Viscometer, the Dynamic Linear Swell Meter and our Ultrasonic Cement Analyzer. While you are in town, we would also like to invite you to take a tour of our facilities, where we'll have even more equipment on hand for you to view, including our cement testing product line. If you would like to schedule a time for us to meet at OTC or our offices, please email mgallamore@ofite.com and we'll set something up. We'll even send you a free day pass to OTC for taking the time to visit with us! We look forward to seeing you soon!


We are now pleased to offer you the following calibration standards;

Nitrogen and sulfur in ampules
ASTM D4629: nitrogen in petroleum products by syringe-inlet chemiluminescence packaged in 2 mls ampules.
ASTM D5762: nitrogen in petroleum products by boat-inlet chemiluminescence packaged in 2 mls ampules.
ASTM D5453: sulfur in liquid hydrocarbons by uv fluorescence packaged in 2 mls ampules.
ASTM D3120: sulfur in light liquid petroleum hydrocarbons by oxidative microcoulometry packaged in 2 mls ampules.
ASTM D3246: sulfur in petroleum gas by oxidative microcoulometry packaged in 2 mls ampules.
ASTM D3961: sulfur in liquid aromatic hydrocarbons by oxidative microcoulometry packaged in 2 mls ampules.

We also offer glass monitor samples for x-ray fluorescence spectroscopy (xrf) in different sizes and concentrations.
Single elements – chlorine or sulfur;
Multi elements – Ba, Ca, Cl, Cu, Mg, Mo, P, S, Zn.

If you would like more information please vist our web page for details and current pricing. The web page is now designed so that you can download the information and it prints like a catalog. If you would like to speak to someone here please give us a call. Our office hours are from 9 – 4 monday to friday. We look forward to hearing from you and appreciate your continued support.


Bruker AXS Enters Technology Joint Venture for Solid State X-Ray Detector Technology

MADISON, Wis., Mar 24, 2003 (BUSINESS WIRE) -- Bruker AXS Inc. (NASDAQ:BAXS), a leading global provider of advanced X-ray solutions for the life and advanced materials sciences, announced today that it entered a joint venture with Baltic Scientific Instruments Ltd., a leading company in solid state detector research and development for applications in materials research and elemental composition. As part of the agreement, Bruker AXS GmbH, a German subsidiary of Bruker AXS Inc., acquired a majority interest in Baltic Scientific Instruments, located in Riga/Latvia. Financial terms were not disclosed.
Baltic Scientific Instruments' core expertise is in solid state X-ray detector technology for materials research and elemental composition applications. Baltic Scientific Instruments has been a supplier to Bruker AXS since 2001. The energy dispersive X-ray (EDX) detector provided by Baltic Scientific Instruments has been helping to fuel growth and differentiation for Bruker AXS' D8 product line. The joint venture gives both companies the opportunity to explore additional research and development projects. In addition, the relationship provides additional opportunities for Bruker AXS to improve its gross margin, a key focus for the Company.
Bernard Kolodziej, Bruker AXS' Chief Financial Officer for European Operations and newly appointed Chairman of Baltic Scientific Instruments, stated: "This investment is in line with our strategy to expand our technology portfolio. We are confident that integrating the technologies developed by Baltic Scientific Instruments and those of Bruker AXS will increase our technology leadership. In addition, it will allow us to further grow Bruker AXS' global market share and gross margins. We are looking forward to expanding our already strong relationship with our colleagues at Baltic Scientific."
Vladimir Gostillo, Ph.D., President and one of the Founders of Baltic Scientific Instruments, said: "Our management team is pleased to join forces with an internationally known company like Bruker AXS. We believe the relationship will bring Baltic Scientific to the next level and make us a global OEM supplier for detector technologies. We are committed to continuing our current high pace of innovation. In addition, we will focus on building world-class, high-quality manufacturing."
Ilari Pihl, newly appointed Chief Operating Officer of Baltic Scientific Instruments, added: "Baltic Scientific Instruments brings a whole set of interesting and valuable technologies to Bruker AXS which will be the key for certain Bruker AXS product lines. This will also make it possible for Bruker AXS to access new market areas. The strategic investment by Bruker AXS also brings long-term stability and growth opportunities for Baltic Scientific Instruments, its employees, and management."


SPECTRO Launches the new SPECTRO MIDEX at Pittcon exhibition
Benchtop system provides quick, non-destructive determination of elemental composition for Jewelry and Dental alloys. The analyzer is also well suited for forensic science applications.
SPECTRO Analytical Instruments, a leading global supplier of spectrometers, introduces a new "pinhole" XRF (X-ray fluorescence) analyzer designed specifically to meet the needs of jewelry and dental alloys analysis as well as those of forensics laboratories. The new SPECTRO MIDEX analyzer uses state-of-the-art XRF technology and proprietary beam collimation techniques to ensure the easiest, most accurate measurement results possible within a typical 2-3-minute response time.
Using a collimated X-ray beam means that the sample itself, or the region analyzed on the sample, can be extremely small. As a result, composition of irregular surfaces, small metal fragments, and even metallic coatings can be measured quickly, accurately, and reliably.
Simple principle of operation
SPECTRO MIDEX spectrometers use an air-cooled, low-power X-ray tube. The beam excites the elements in the sample, causing them to emit fluorescence radiation that contains information on the quantitative and qualitative elemental composition of the sample. An advanced semiconductor detector converts the fluorescence radiation into an output signal proportional to the spectral energies emitted. None of the sample material is destroyed, a significant benefit for forensic and medical laboratories.


Meet the Heathrow Scientific team! Our goal is to provide you with innovative laboratory storage products, a fair price and a smooth buying experience each and every time you call. Come see us at Pittcon and Achema 2003! We will be exhibiting the entire week at both shows and would love to answer your questions about our newest products. And if your days are booked, stop by our Tuesday evening reception at Pittcon for a friendly and relaxed opportunity to unwind after work. And while you're there, don't forget to say "hello" to Raja, the Gypsy Psychic! We at Heathrow thank you for your business in 2002 and look forward to serving you through 2003 and beyond.

The Heathrow Schedule:

Pittcon 2003: March 10 thru March 13th. Booth 1835.
Reception: Tuesday, March 11th, 5:30 - 7:30pm at the Rosen Plaza Hotel.
Achema 2003: May 19 thru May 24th. Hall 5.1 Stand B32.


7-9 October 2003, Hannover, Germany
Hall 2, Booth F63

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