QRS Diagnostic, leader in innovative design and development of software-based medical devices contained entirely in computer cards, and Ventracor Ltd., leader in medical devices for heart disease, announce they have signed an asset sale agreement for QRS to acquire Ventracor's Cardiac e-Health Division. The closing date was January 9, 2003.

"The assets QRS has acquired include the intellectual property rights and U.S. and foreign patents for Ventracor's PC-based and pocket-size electrocardiographs as well as a license for an ECG interpretive algorithm," says Spencer Lien, chief executive officer, QRS. "Securing these assets strengthens our lead in the growing market for PC- and PDA-based medical devices."

"We can now focus on our VentrAssist artificial heart device, for which we recently received approval to conduct human clinical trials," says Michael Spooner, Ventracor's managing director and chief executive officer. "We look forward to QRS Diagnostic continuing to serve the many customers of the Cardiac e-Health Division. QRS' strong commitment to the market, coupled with their international distribution channels, will help make this purchase successful."

Ventracor contracted with Ernst & Young to identify potential buyers for its Cardiac e-Health Division. B. Harlow & Associates, LLC advised Ventracor on the transaction.