AMERICAN BIOMED, INC. ENTERS INTO AGREEMENT WITH UNITED STATES SURGICAL CORPORATION.THE WOODLANDS, Texas--(BUSINESS WIRE)-- May 1, 1995--American BioMed, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB: ABMI ABMI Autologous Bone Marrow Infusion ) today announced that it had entered into an agreement with United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. Surgical Corporation (USSC USSC United States Sentencing Commission USSC United States Supreme Court USSC United States Sanitary Commission (Civil War era forerunner of the Red Cross) USSC United States Space Command ) pursuant to which USSC will have a 90-day option to purchase ABMI's technologies for stents, atherectomy catheters and toposcopic catheters and all intellectual property rights related thereto. USSC has paid ABMI $2 million for the option and for purchase price consideration and would pay ABMI an additional $12 million upon completion of the transaction. All or a portion of the $2 million payment would be repaid to USSC under certain specified circumstances and is secured by ABMI's stent technology. The asset sale is subject to approval by ABMI's stockholders. Lehman Brothers has delivered a fairness opinion Fairness Opinion A report put together by qualified analysts or advisors providing to key decision makers an evaluation of and facts about a merger or acquisition. Notes: A fairness opinion serves as a document used for guidance in a merger, takeover, or acquisition. to ABMI regarding the proposed transaction. Assuming the exercise of the option and consummation of the asset purchase transaction, ABMI would retain its Cathlab Corporation's subsidiary catheter business, heart assist pump, spinal dissector dissector Surgery A surgical instrument used to separate one tissue or tissue plane from another. See Endoscopy. and other technologies and may seek to acquire other suitable companies or technologies or undertake other initiatives to optimize stockholder value. American BioMed, Inc. is engaged in the development, manufacture and marketing of minimally invasive devices. ABMI's Common Stock is quoted on the National Quotation Bureau's "Pink Sheet" Service. CONTACT: Geoffrey J. Eiten OTC Communications (617) 444-6100 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion