VOL. 124 | NO. 243 | Friday, December 11, 2009
Luminetx Sale To Christie Approved
By Tom Wilemon
The shareholders of Luminetx Corp. voted today to sell the company for $15 million to Christie Digital Systems Inc., said Herb Zeman, the company’s founder and one of its largest shareholders.
The sale price equates to 37 cents a share for common stock.
“There wasn’t anything else to do but sell,” said Zeman, who said he voted in favor of the proposal even though he was initially opposed. The company was operating in the red and close to running out of money.
Zeman said he met Thursday with Chris Schnee, the company’s interim president, and another Luminetx executive.
“It looks like Christie is going to be serious about making the VeinViewer a success,” he said.
Zeman is the inventor of the technology for the company’s product, which allows medical professionals to easily see blood vessels beneath the skin.
“I was only thinking in terms of voting against it when I thought there was an alternative to actually run the company,” he said. “When I realized there was no alternative, there was nothing else you could do then I decided, 'Hell, I’ll take my money and have a nice retirement and if I can get a job back there and accomplish something -- great.'”
Zeman, who was ousted as chief technology officer in 2006, said he would be willing to work for the company under its new ownership.
Luminetx had only $313,377 in cash as of Oct. 31 and was operating with a $2,864,544 net income loss for the first 10 months of this year, according to a Dec. 1 statement the company sent out to shareholders.
Christie is a subsidiary of Ushio, a privately held company.