Advanced Neuromodulation Systems Completes Acquisition of Hi-tronics Designs.Business Editors DALLAS--(BUSINESS WIRE)--Jan. 3, 2001 Advanced Neuromodulation Systems Inc. (ANS (ANS Communications, Inc, Purchase, NY) An ISP, Internet backbone and provider of private data network services, founded in 1990 as Advanced Network & Services, Inc., by IBM, MCI and Merit (consortium of Michigan universities). ) (Nasdaq:ANSI (American National Standards Institute, New York, www.ansi.org) A membership organization founded in 1918 that coordinates the development of U.S. voluntary national standards in both the private and public sectors. It is the U.S. member body to ISO and IEC. ) today announced that it has completed the previously announced acquisition of Hi-tronics Designs Inc. (HDI HDI Human Development Index (UNDP yardstick of human welfare) HDI Help Desk Institute HDI Humpty Dumpty Institute (New York, New York) HDI High Density Interconnect ), a privately held contract developer and original equipment manufacturer (OEM) of electro-mechanical devices headquartered in Budd Lake, N.J. ANS acquired all of HDI's outstanding stock through a merger in exchange for 1.1 million shares of ANS common stock. HDI developed and will supply ANS's Totally Implantable Pulse Generator implantable pulse generator Cardiac pacing A pacemaker used for permanent pacing, which is placed inside a pocket under the skin; the leads are positioned in or on the heart (IPG IPG Implantable pulse generator, see there ) and is the manufacturer of the transmitter used with ANS's Renew radio frequency (RF) neurostimulation system. HDI has developed more than 30 medical devices for leading device companies, including Medtronic Inc. (NYSE NYSE See: New York Stock Exchange :MDT), Cyberonics (Nasdaq:CYBX), Orthofix International N.V. (Nasdaq:OFIX), Exogen (now part of Smith & Nephew plc) and Micromed Technology Inc., and its technology has been instrumental in the success of a number of new public medical device companies. The transaction will be accounted for on a "pooling of interests Pooling of Interests An accounting method, used in mergers and acquisitions, where the balance sheet items of the two companies are simply added together. Notes: The opposite of pooling of interests is the purchase acquisition method. " basis. ANS expects to record a charge for transaction-related expenses in the first quarter ending March 31, 2001. Exclusive of this charge, the transaction is expected to be accretive to ANS's earnings on a fully diluted basis in calendar year 2001. About Advanced Neuromodulation Systems Advanced Neuromodulation Systems designs, develops, manufactures and markets implantable systems used to manage chronic intractable pain and other disorders of the central nervous system. The following is a "safe harbor" statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995: Statements contained in this document that are not based on historical facts are "forward-looking statements." Terms such as "plan," "should," "would," "anticipate," "believe," "intend," "estimate," "expect," "predict," "scheduled," "new market," "potential market applications" and similar expressions are intended to identify forward-looking statements. Such statements are by nature subject to uncertainties and risks, including but not limited to: completion of research and development projects in an efficient and timely manner; obtaining regulatory approvals on a timely and cost-efficient basis to permit the introduction of new products; the satisfactory completion of clinical trials and/or market tests prior to the introduction of new products; the adequacy, acceptability and timeliness of component supply; the approval of new products by reimbursement agencies including insurance companies, HMOs, Medicare and Medicaid Medicare and Medicaid U.S. government programs in effect since 1966. Medicare covers most people 65 or older and those with long-term disabilities. Part A, a hospital insurance plan, also pays for home health visits and hospice care. ; the efficacy of the Company's products for new applications; and other risks detailed from time to time in the Company's SEC filings. Consequently, if such management assumptions prove to be incorrect or such risks or uncertainties materialize, anticipated results could differ materially from those forecast in forward-looking statements. |
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