4 December 2023
Avingtrans Plc
("Avingtrans" or the "Group")
Magnetica Limited appoints US distributor
Avingtrans plc (AIM: AVG), which designs, manufactures and supplies critical components, modules, systems and associated services to the energy, medical and industrial sectors, is pleased to announce that its subsidiary, Magnetica Limited, has signed a new strategic partnership with Televere Systems, LLC, a leader in radiography product distribution. This agreement appoints Televere as the official US distributor for Magnetica's products.
Commencing immediately, this partnership was officially unveiled at the RSNA (Radiological Society of North America) 2023 annual event in Chicago. It marks a significant achievement in Magnetica's expansion strategy, reinforcing its commitment to providing advanced MRI solutions to the U.S. market. Magnetica is developing state-of-the-art technology using ultra-compact superconducting magnets in an MRI technology that will operate without liquid helium. Magnetica plans to seek FDA clearance for the product by mid-2024.
RSNA proved an ideal platform for Adaptix and Magnetica to collaboratively showcase their innovations for the first time. The exhibition proved to be a notable success for both companies, as attendees witnessed an array of innovation from these emerging players in the medical imaging market. Adaptix presented its 3D x-ray Ortho system in the US after having received its FDA 510k clearance earlier in the year. The 3D imaging system, designed for point-of-care and offering low-dose 3D diagnostic imaging of extremities, garnered enthusiastic praise from potential customers and distributors alike.
Duncan Stovell, CEO of Magnetica, commented:
"We're excited about the potential our Helium-free MRI technology holds and confident that in Televere, we have chosen the perfect partner to bring it to the US market. Televere is a dynamic, innovative and customer-focused organisation with a strong track record of success. This new partnership will support both companies' growth strategies by enabling easier access to state-of-the-art MRI technology.
Randy Quaal, General Manager of Televere, commented:
"With a dynamic team of over 40 professionals, our team is well positioned to represent Magnetica's products effectively and our alliance with Magnetica is a significant step forward. The versatility of Magnetica's products aligns perfectly with our mission to meet and exceed customer expectations in the radiography field and we're looking forward to bringing this innovative new technology to our US customer base."
ENDS
Enquiries:
| Avingtrans plc Roger McDowell, Chairman Steve McQuillan, Chief Executive Officer Stephen King, Chief Financial Officer
| 01354 692 391 |
| Singer Capital Markets (Nominated Adviser and Broker) Shaun Dobson Alex Bond Oliver Platts
| 020 7496 3000 |
| IFC Advisory (Financial PR) Graham Herring Tim Metcalfe Zach Cohen | 020 3934 6630 |
About Avingtrans plc:
Avingtrans designs, manufactures and supplies original equipment, systems and associated aftermarket services to the energy, medical and industrial markets worldwide.
Business units
| Hayward Tyler - Luton, East Kilbride & Nottingham, UK, USA, China and India Specialises in the design, manufacture and servicing of performance-critical motors and pumps for challenging environments. Energy Steel, Inc - Rochester Hills, Michigan, USA Provider of custom fabrications for the nuclear industry, specialising in: OEM parts obsolescence; custom fabrications; engineering design solutions; product refurbishment; on-site technical support. Stainless Metalcraft Ltd - Chatteris, UK Provider of safety-critical equipment for the energy, medical, science and research communities, worldwide, specialising in precision pressure and vacuum vessels and associated fabrications, sub-assemblies and systems. Booth Industries - Bolton, UK Designs, manufactures, installs and services doors and walls which can be tailored to be: blast and explosion proof; fireproof; acoustically shielded; high security/safety; or combinations of the above. Ormandy Group - Bradford, UK Design, manufacturers and servicing of off-site plant, heat exchangers and other HVAC (heating, ventilation and air conditioning) products. Composite Products Ltd - Buckingham, UK Centre for composite technology, parts and assemblies, serving customers in industrial markets. Adaptix Ltd - Oxford, UK Adaptix has developed novel 3D X-ray for Orthopaedic and Veterinary applications amongst others. Commercialisation of this system (and others) is on-going.
Magnetica Ltd - Brisbane, Australia Magnetica Limited specialises in the development of next generation MRI technologies, including dedicated extremity MRI systems and MRI system components. Magnetica has successfully built and tested a compact, integrated 3 Tesla orthopaedic MRI system, demonstrating clinical-quality imaging. Commercialisation of this system (and others) is on-going. Magnetica's structure now includes two other business units: Scientific Magnetics - Abingdon, UK Designs and manufactures superconducting magnet systems and associated cryogenics for a variety of markets including MRI and provides services for Nuclear Magnetic Resonance instruments. Tecmag Inc - Houston, USA Designs, manufactures and installs instrumentation, including consoles, system upgrades, and probes, mainly for Magnetic Resonance Imaging (MRI) and Nuclear Magnetic Resonance (NMR) systems. |
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