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Australia's Paragon Care to acquire biomedical engineering company

Paragon Care Ltd. agreed to acquire Medtek Pty Ltd., a biomedical engineering services and preventive maintenance provider, for A$649,000.

The medical devices and products supplier will fund the transaction using cash and A$50,000 of its fully paid ordinary shares.

Paragon Care said the acquisition will expand its service and maintenance offering in Australia's Far North Queensland region, as well as establish a sales gateway for the balance of its product portfolio.

As of Aug. 11, US$1 was equivalent to A$1.27.