RCS - Avingtrans PLC - Magnetica Limited appoints US distributor

AvingtransAnnouncement

04/12/2023 07:00

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RNS Number : 4753V  Avingtrans PLC  04 December 2023

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                                          01354 692 391

 Roger McDowell, Chairman

 Steve McQuillan, Chief Executive Officer

 Stephen King, Chief Financial Officer

 Singer Capital Markets (Nominated Adviser and Broker)   020 7496 3000

 Shaun Dobson

 Alex Bond

 Oliver Platts

 IFC Advisory (Financial PR)                             020 3934 6630

 Graham Herring

 Tim Metcalfe

 Zach Cohen

 

 

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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