[June 14, 2004] Scan-Optics, Inc. Receives Manufacturing Contract from iCAD, Inc. MANCHESTER, Conn. --(Business Wire)-- June 14, 2004 -- Scan-Optics, Inc. (OTC BB: SOCR), a technological leader in information capture and customer service solutions for government, insurance, order fulfillment, proxy, health claims, test scoring and other paper-intensive businesses, today announced that its Manufacturing Services Division has received a contract from iCAD, Inc. (NASDAQ: ICAD) to manufacture the iCAD (NASDAQ: ICAD) Second Look(R) 400 Series Computer Aided Detection (CAD) of Breast Cancer Product Line, which recently received FDA approval. The manufacturing contract provides for initial product shipments this quarter and volume shipments will begin in the third quarter. iCAD is the leader in digital CAD and has been consistently chosen by MDBuyLine as the value leader in all of its CAD lines for the past two years. The Second Look 400/402 were specifically developed for productivity. The Second Look 402 can analyze up to 39 cases per hour, highlighting potentially cancerous calcifications and masses on a mammogram. In an unblinded study, iCAD has been shown to detect cancer an average of 14 months earlier for 25% of the patient population. Scott Parr, President and Chief Executive Officer of iCAD, Inc. said, "iCAD has been able to consistently offer clinically superior products with the lowest price point in the market. This can only be achieved by working closely with our contract manufacturer. We look forward to strengthening our performance to price ratio even more with Scan-Optics' Manufacturing Services building our devices." Joseph P. Crouch, Vice President of Manufacturing Services for Scan-Optics, stated, "The initial order for the iCAD Second Look 400 Series represents a major accomplishment for our Division. The successful introduction of the first medical device into our manufacturing process is the result of a great team effort between iCAD and Scan-Optics. We look forward to expanding the product line to include iCAD's new line of digital products as well as supporting the requirements for the all of the iCAD Second Look product line." About iCAD, Inc. iCAD is the only independent, integrated digitizer hardware and CAD software company offering computer aided detection solutions. As such, iCAD is able to reduce costs at each step in the CAD product design, production and assembly process. The Company believes its vertical integration of CAD and hardware development results in better integration of software and film digitizer components, lower production costs and reduced administrative overhead. These achievements have allowed iCAD to progressively enhance its CAD product line, while reducing the costs of CAD to many customers and allowing more women to realize the benefits inherent in the early detection of breast cancer. On December 31, 2003, iCAD merged with and acquired CADx Systems, Inc. and its parent company Qualia Computing, Inc., bringing together two of the three companies approved by the US Food and Drug Administration (FDA) to market computer aided (CAD) systems for the detection of breast cancer in the United States. The Company is headquartered in Nashua, New Hampshire and its common stock is listed on The Nasdaq Stock Market under the symbol "ICAD". More information on iCAD's products can be found at www.icadmed.com. For more information on iCAD, Inc. please contact Kevin McGrath at (212) 245-4577 or via email at [email protected] About Scan-Optics, Inc. Scan-Optics, Inc., with headquarters in Manchester, Connecticut, is recognized internationally as an innovator and solution provider in the information management and imaging business. It designs, manufactures and services products and systems for character recognition, image processing and display, data capture, and data entry. Scan-Optics systems and software are marketed worldwide to commercial and government customers directly and through distributors. Through its Manufacturing Services Division, Scan-Optics also provides contract manufacturing services to customers, outsourcing the manufacturing of complex, electro-mechanical assemblies. The Company has sales and service offices located throughout the United States and abroad. Additional information is available at www.scanoptics.com. Certain statements contained in this News Release constitute "forward- looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from such forward-looking statements. Such risks include, but are not limited to, uncertainties associated with litigation and/or government regulation, changes in Medicare reimbursement policies, competitive factors, and other risks that are detailed in the Company's periodic filings with the Securities and Exchange Commission. The words "believe," "demonstrate," "intend," "expect," "estimate," "anticipate," "likely" and similar expressions identify forward-looking statements. Readers are cautioned to avoid placing undue reliance on such forward-looking statements, which speak only as of the date the statements were made. [ Back To TMCnet.com's Homepage ]