IRIS Plans Tender Offer for Poly U/A Stock

International Remote Imaging Systems Inc. of Chatsworth said it plans to make a tender offer for all of the outstanding common stock of Poly U/A Systems Inc., a research and development company sponsored by IRIS.

The Poly U/A board of directors has approved the deal, which provides stockholders three shares of IRIS common stock, one share of a new class of three-year callable preferred stock and three-year warrants to purchase three shares of IRIS common stock for each share of Poly U/A common stock they hold.

The value of these securities is estimated at $1.5 million. IRIS designs, develops, manufactures and markets imaging systems for automating microscopic procedures performed in hospital and clinical laboratories.