IMGC Intermagnetics General

LATHAM, N.Y., Sept. 26 /PRNewswire-FirstCall/ -- Intermagnetics General Corporation (NASDAQ:IMGC) announced that shareholders at a special meeting in New York today approved the company's acquisition by Philips Holding USA, Inc., a subsidiary of Royal Philips Electronics, N.V. (NYSE:PHGNYSE:AEX:NYSE:PHI). The merger was announced by Philips and Intermagnetics on June 15, 2006. Completion of the transaction remains subject to regulatory approval by the European Commission, and to the satisfaction or waiver of other conditions and terms of the merger agreement. The merger is expected to close during the fourth quarter of calendar 2006. Intermagnetics (http://www.intermagnetics.com/) draws on the financial strength, operational excellence and technical leadership in the market of Magnetic Resonance Imaging (MRI), as well as its expanding businesses within Medical Devices that encompass Invivo Diagnostic Imaging (focusing on MRI components & imaging sub-systems) and Invivo Patient Care (focusing on monitoring & other patient care devices). Intermagnetics is also a prominent participant in superconducting applications for Energy Technology. The company has a 35-year history as a successful developer, manufacturer and marketer of superconducting materials, high-field magnets, medical systems & components and other specialized high-value added devices. About Royal Philips Electronics Royal Philips Electronics of the Netherlands (NYSE:PHGNYSE:AEX:NYSE:PHI) is one of the world's biggest electronics companies and Europe's largest, with sales of $37.7 billion (EUR 30.4 billion) in 2005. With activities in the three interlocking domains of healthcare, lifestyle and technology and 158,000 employees in more than 60 countries, it has market leadership positions in medical diagnostic imaging and patient monitoring, color television sets, electric shavers, lighting and silicon system solutions. News from Philips is located at http://www.philips.com/newscenter. Forward-Looking Statement: This release may contain certain forward-looking statements with respect to the financial condition, results of operations and business of Intermagnetics and the proposed acquisition of Intermagnetics by Philips. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future, and there are many factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements. DATASOURCE: Intermagnetics General Corporation CONTACT: Cathy Yudzevich of Intermagnetics General Corporation, +1-518-514-3091 Web site: http://www.intermagnetics.com/ http://www.philips.com/newscenter

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