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Bruker AXS launches a new Microfocus Rotating Anode Generator for Structural Biology, the MICROSTAR. This new source delivers a small but very bright X-ray spot, providing great benefit to the Structural Biology applications.


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


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.


Many applications call for special bath fluids. There are countless fluids in the marketplace, each claiming optimum performance for the particular temperature control task, but which one is the ideal one for your application?
The JULABO "Thermal" bath fluids are suitable for almost all applications. We offer a choice of 10 specially selected and specially tested bath fluids for long term use with refrigerated and heating circulators at temperatures ranging from –85°C to +350°C. Viscosity, oxidization level and thermal conductivity have been optimized for usage in heating only as well as refrigerated and heating circulators. Of special interest is the combination of the JULABO Presto Highly Dynamic Temperature Control Systems with Thermal HL 45 and Thermal HL 80 bath fluids. These offer very wide working temperature ranges of –45°C to +250°C and –85°C to +170°C respectively, with just one bath fluid. No more troublesome bath fluid changes. In addition the Presto LH models offer built in protection from oxidization and cracking that extends the lifetime of the fluid.

Bottom Line: Choosing the correct bath fluid not only makes your daily tasks easier but can also reduce costs!


New Additions to the JULABO sales team
JULABO has strengthened the international sales team! Mark Bitterwolf has accepted a senior position as International Sales and Marketing Manager at our world headquarters in Seelbach, Germany after being with Julabo USA for several years. He will lead the Sales and Marketing department in conjunction with Hans Faisst, the Domestic Sales Manager. Winfried Merk and Hubert Kirsch started with JULABO in early 2002 as Area Sales Managers. Christian Walker has joined the International Sales team on February 1, 2003.


Bruker AXS Reports Record Revenues of $104.3 Million in 2002; Revenues of $29.6 Million and Cash from Operations of $4.7 Million in the Fourth Quarter of 2002
Net sales for the three months ended December 31, 2002 increased 33% to $29.6 million, compared to $22.3 million for the three months ended December 31, 2001. Excluding favorable currency effects, fourth quarter 2002 net sales increased 25% year-over-year. Gross margins continued to improve, increasing to 41.4% in the fourth quarter of 2002 compared to 39.9% in the same period in 2001. During the quarter, the Company took a special non-cash charge of $1.3 million to write-down investments in two unaffiliated proteomics companies.
On a GAAP basis, the net loss for the fourth quarter 2002 was $(0.4) million or $(0.01) per diluted share, compared to $(5.4) million or $(0.13) per diluted share for the fourth quarter 2001. Net income before special charges for the fourth quarter 2002, which excludes the non-cash write-down of investments, was $0.9 million or $0.02 per diluted share. This compares to net income before special charges of $0.2 million or $0.00 per diluted share for the fourth quarter 2001, excluding one-time non-cash charges for preferred stock accretion and beneficial conversion of $5.6 million.
Cash and cash equivalents totaled $52.7 million as of December 31, 2002. During the fourth quarter 2002, the Company generated cash from operations of $4.7 million and free cash flow of $2.9 million.
Net sales for the year ended December 31, 2002 increased 26% to $104.3 million, compared to $82.6 million for the year 2001. Excluding favorable currency effects, 2002 net sales increased 22% compared to the prior year. The MAC Science acquisition contributed $4.7 million of net sales in 2002. The net sales increase was driven by strong demand for the Company's systems, particularly in materials research and industrial process control. Gross margins improved for the year as well, increasing to 39.5% in 2002 from 38.2% in 2001.


Minimal sample preparation / universal method for numerous applications / Energy-dispersive X-ray fluorescence analysis conforms to procedures described in pharmacopoeia
Based on the energy-dispersive XRF spectrometer SPECTRO X-LAB 2000, SPECTRO has developed a system that offers pharmaceutical laboratories a time saving method for multi-elemental analyses. The instrument conforms to the regulations of national and international pharmacopoeia, e.g. the 3rd edition of the European Pharmacopoeia.
With this new application, SPECTRO provides a cost-effective solution to a considerable problem in quality assurance during the production of pharmaceutical products: the analyses procedures described in the pharmacopoeia for the determination of contaminants in some cases require extensive sample preparation and often exhibit an unsatisfactory reproducibility of the results. In addition, numerous wet-chemical methods are proposed, each of which require the test setup to be adapted to the matrix of the sample. Thus, the routine testing of raw and auxiliary materials, active ingredients, as well as intermediate and end products for heavy metals from a wide range of potential contamination sources, is a significant cost and time factor.


New 2003 General Catalog
The new 2003 general catalog is now available. The catalog contains existing and new models in the JULABO program. The catalog is free and can be obtained from JULABO or downloaded from the Internet.


New 2003 CD Rom Catalog
The new CD Rom catalog will be available at the beginning of March 2003. The CD Rom contains the whole product line with data sheets and detailed product descriptions for all instruments.

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