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Adaltis Inc. completed an initial public offering of 10 million common shares at $5.50 per share for aggregate gross proceeds of CDN$55 million. Immediately prior to the closing of the offering, Adaltis acquired all of the issued and outstanding shares of  Shanghai CP Adaltis Diagnostics Company Limited not already owned by Adaltis for an aggregate consideration of $25 million.  In consideration for such acquisition, Adaltis issued an aggregate of 4,545,455 common shares at the same price per share as the issue price of the offering. Adaltis Inc. is an international in vitro diagnostic company that develops, manufactures and markets diagnostic systems.

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2004