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Majority Holdings

Summit Medical Technologies, Inc. (Hudson, Ohio) – Summit Medical Technologies (SMT) was established in 1986 to provide nationwide sales and marketing for high technology medical products. This company initially represented small, domestic engineering-oriented companies as well as international manufacturers that had success in their home markets but had not been successful in penetrating the US market. The most significant of SMT's partners was Sopha Medical, a French manufacturer of diagnostic medical equipment that had failed in its attempt to enter the US market. Starting from scratch, SMT re-built the Sopha business in the US to $10 million in revenues its first year, $30 million by the third year to cumulative equipment sales of more than $100 million and a prominent market share. SMT handled all sales activities for Sopha and played a major role in marketing and product planning. After an ownership change at Sopha, SMT elected to terminate the relationship, aiding Sopha in establishing its own sales and marketing force over the ensuing twelve-month period. In 1991 SMT merged into an affiliated company engaged in a similar business.

Summit World Trade Corporation (Hudson, Ohio) – Summit World Trade (SWT) was formed in 1988 by Mr. House and his investor team as a holding company for various enterprises in which Mr. House had controlling interests. In that same year, Summit World Trade undertook a comprehensive consulting assignment for Hitachi Medical Corporation of Japan to evaluate the US market opportunity for Hitachi's permanent magnetic resonance imaging systems. SWT pinpointed a number of technical product changes and suggested a market entry strategy. Hitachi responded favorably to the report and asked SWT to join them as a partner in a joint venture corporation to market MRI products in the US market. Named Hitachi Medical Systems America (HMSA), the company was managed by a hand picked staff provided by SWT. At HMC's request, Mr. House also formed Summit Technologies Sales (STS) to act as a sales agent and to provide product service during the formative stages of HMSA’s development. HMSA was an instant success. Generating $25 million in orders in its first year. In 1990, the STS sales and service organization was transferred to HMSA for certain financial considerations. Since inception, HMSA has held a significant share of the private sector MRI market and has enjoyed exceptional profitability. SWT now focuses all of its resources on the joint venture company, which continues to be managed by SWT appointed management. HMSA recently expanded its scope to include the sale of CT, ultrasound and PET systems.

SMT Leasing Company (Philadelphia, Pennsylvania) – SMTL was formed in San Francisco, CA in 1991. The original mission of the company was to develop fee-per-scan programs for diagnostic imaging equipment and to create leasing vehicles through alliances with various funding sources. Today, after relocating its headquarters to the Philadelphia area, SMTL is focused on generating, underwriting and providing documentation of lease transactions for high-end medical equipment and related capital expenditures for clients throughout the US. The business is conducted through strategic alliances with Hitachi Capital of America and other major corporate lenders. Currently, SMTL generates approximately $150 million annually in new leases.

FPS Ventures, Inc. (Philadelphia, Pennsylvania) – FPS Ventures was formed in 2001 to build and manage medical imaging centers in partnership with hospitals, clinics and physicians across the nation. FPS typically arranges all aspects of owning and installing imaging equipment while the hospital or clinic provides technical and administrative staffing on site. FPS provides publicly financed hospitals with an attractive off-balance sheet financing alternative for placing valuable medical equipment at the point of care.

 

Minority Positions

The principals and associated private investors of EJB have made selective minority or passive investments in private companies for which they have provided a variety of value-added services. Significant examples include:

InLight Solutions, Inc. (Albuquerque, New Mexico) – InLight Solutions is a research company that is developing a family of new in vivo and in vitro medical diagnostic products based on near-infrared imaging technology. Spawned in 1993 from technology created at and licensed from Sandia National Laboratories and the University of New Mexico, InLight Solutions has been funded through a long-term worldwide licensing agreement with Lifescan, Inc., a $1.2 billion subsidiary of Johnson & Johnson, the world leader in blood glucose monitoring products.

Lumidigm, Inc. (Albuquerque, New Mexico) – Lumidigm is a recent spin out company of InLight Solutions that is developing proprietary identification and security technologies for use in biometric applications. The company recently received funding from a variety of venture funds including Intel Capital Corporation, Draper Fisher Jurvetson Fund IV. IDEO Product Development, Inc., Wasatch Venture Fund 111, International Venture Fund and Solstice Capital. The company is engaged in research and development partnerships with arms manufacturer Smith & Wesson biometrics leader Ingersoll-Rand and a US-based automobile components manufacturer.

TruTouch, Inc. (Albuquerque, New Mexico)

Luminous, Inc. (San Diego, California)

VeraLight, Inc. (Albuquerque, New Mexico)

Concise Logic (Albuquerque, New Mexico)

Santa Fe Technologies (Albuquerque, New Mexico)

 

Successful Divestitures

Spectrum Medical Systems, Inc. (Twinsburg. Ohio) – Spectrum Medical was established in 1989 through the acquisition of the nuclear camera service business of Raytheon Medical Systems. Raytheon Medical had been the US distributor of nuclear medicine products for Hitachi Medical Corporation of Japan. Raytheon had achieved modest sales results for Hitachi, with annual revenues of only a few million dollars. Hitachi asked Mr. House and his team to form a new venture to distribute Hitachi nuclear medicine products in the US market. In addition to establishing a dedicated sales force for the Hitachi nuclear product, Mr. House formed Summit Labs, an independent company that designed and built a nuclear medicine computer to complement and enhance Hitachi's nuclear medicine camera. The computer became the industry performance leader and helped triple Spectrums nuclear revenues to more than $30 million per year. In 1990, Spectrum changed its name to Summit Nuclear and engineered and began to manufacture its own line of nuclear medicine cameras in response to unfavorable currency exchange rates and Hitachi's desire to focus its engineering resources on other diagnostic imaging modalities. In 1993, Summit Nuclear was acquired by CEA-I, a department of the government of France, for cash and stock and was merged with one of their other businesses. The new corporation, SMV S.A., ultimately achieved annual worldwide revenues of approximately $100 million and was acquired by General Electric Medical Systems in November 2000.

XtraSource, Inc. (Kent, Ohio) – XtraSource was organized as a third-party call center provider engaged in providing "help desk" services to technology clients worldwide. In 1995, EJB arranged for the initial equity funding of XtraSource by private individual investors. EJB also arranged for subsequent financing rounds in 1997 and 1998 to support the company's growth as it achieved annual revenues of $16 million, established call centers in Europe and South America and acquired a small competitor. Eventually, XtraSource offered marketing support services in 28 languages and in more than 60 countries. Major client relationships include Philips, NEC, Thomson Consumer Electronics, LogiTech and The Genie Company. In 2004, EJB Group organized the sale of the company to Sento, Incorporated, a publicly traded company.

Summit Avionics, Inc. (Twinsburg, Ohio) – Summit Avionics was formed in I990 through the acquisition of Document Technologies, a small private engineering company engaged in the design and manufacture of ruggedized, high-resolution thermal printers for the commercial aviation industry. Prior to the acquisition, the company had been unsuccessful in penetrating the avionics market. Concurrent with the acquisition, Summit Avionics was able to secure a $3 million order from Delta Airlines. Eventually, the company gained recognition as a technology leader counting Delta, Lufthansa, FedEx, the Federal Aviation Administration and the US military as its customers. EJB Group sold the company in 2004.