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Fluorotechnics Sells Gel, HPE Technology to Serva for $197,000

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Australian fluorescence and protein detection technologies firm Fluorotechnics said it has sold its gel and High Performance Electrophoresis, or HPE, Tower technology to Serva Electrophoresis for €150,000 ($196,729) in cash.

Fluorotechnics also appointed Serva as its global sales and marketing partner.

The disclosure was made last week in a letter by the company to the Australian Securities Exchange. In it, Fluorotechnics said that the sale of its gel and HPE Tower technology to Serva, based in Heidelberg, Germany, is payable by Jan. 31, 2011.

Fluorotechnics added that its German subsidiary, Gelcompany GmbH, will continue to manufacture electrophoresis gels for the "short to medium term" in order to fulfill orders from Serva. All its other activities in Germany have been discontinued.

Fluorotechnics will continue to manufacture its fluorescent stain products from Sydney and sell them directly or through its distributors.

The company is in the midst of a restructuring, which includes selling off parts of its business. In October it announced it had sold its US subsidiary, Gel Company, for $150,000 to an undisclosed party.

Fluorotechnics also disclosed last week that four of its directors, Peter Bergquist, John Fletcher, Lars Utterman, and David Weber, have stepped down.

In its letter to the Australian Securities Exchange, the company said that it is "continuing to review other opportunities for the orderly sale of the remaining operations and assets and will keep the market informed of our progress."

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