American Dental Technologies to acquire Texas Airsonics.SOUTHFIELD Southfield, city (1990 pop. 75,728), Oakland co., SE Mich., a suburb of Detroit, on the Rouge River; laid out 1817, inc. as a city 1958. It is the center of the retail and office industries in the Detroit metropolitan area. Many well-known companies have offices there. The growing city also has varied light manufacturing and a warehousing industry. Duns Scotus College, Lawrence Technological Univ., and an extension center of Wayne State Univ. are in Southfield., Mich.--(BUSINESS WIRE)--Nov. 27, 1995--American Dental Technologies Inc. ("ADT ADT - Abnormal Data Type ADT - Abstract Data Type (OOP class) ADT - Accelerated Degradation Testing ADT - Access Developer's Toolkit (Microsoft) ADT - Accumulated Deployed Time ADT - Acknowledged Data Transfer ADT - Active Denial Technology ADT - Active Disk Table ADT - Active Duty for Training ADT - Active Duty Tour ADT - Address Detector Transition ADT - Adenosine Triphosphate ADT - Administrative Delay Time") and Texas Airsonics Inc. ("Texas Air") of Corpus Christi, Texas, announced today they have entered into merger agreements that will make Texas Air a wholly owned subsidiary of ADT. Texas Air is a privately held company which develops and manufactures air abrasive products for the dental and industrial manufacturing markets and is ADT's sole supplier of air abrasive products. As of Sept. 30, 1995, Texas Air has total assets of approximately $5 million and net worth of approximately $3 million. It has 30 employees and a 23,000 square foot modern manufacturing facility. The acquisition of Texas Air will increase ADT's net worth and working capital. Texas Air has been profitable and generated positive cash flow in each of the last three years. Additional financial information will be made available upon completion of the usual regulatory filings. After the merger, ADT will own 100 percent of Texas Air's outstanding stock. In exchange for each outstanding share of Texas Air stock, Texas Air shareholders will receive 5.425 shares of ADT common stock ("Stock"), together with a warrant to purchase 3.321 shares of Stock at a purchase price of $1.00/share, exercisable for three years following the merger. Currently, 15,728,858 shares of ADT Stock are outstanding and approximately 2.1 million shares of Texas Air stock are outstanding. Consummation of the transaction is subject to satisfaction of customary conditions, including without limitation, stockholder approvals. Completion of the merger is expected near the end of March 1996. "This is another step in our company's strategic development," stated Anthony D. Fiorillo, ADT's president and CEO. "Texas Air has been our manufacturing partner for several years and this combination of resources will strengthen our position in the growing dental air abrasive market. ADT's evolution into a fully integrated company having manufacturing, research and development, sales and marketing capabilities for our current product lines, will be complete!" ADT's innovative products, the KCP KCP - Khmer Citizen Party (Cambodia) KCP - Party of Communists of Kyrgyzstan 1000, the KCP 1000 PAC and the PulseMaster line of dental lasers, are recognized leaders in the dental high technology market. The KCP works like a miniature sandblaster spraying away decay, usually without a need for anesthesia. The PAC utilizes a high intensity light source to rapidly cure composite fillings. PulseMaster lasers allow dentists to treat gum disease and perform other procedures with little or no bleeding and less need for anesthesia. American Dental Technologies, headquartered in Southfield, develops and manufactures advanced technologies for dentistry and markets them worldwide. It is listed on the Nasdaq SmallCap Market under the symbol ADLI. CONTACT: American Dental Technologies Inc., Southfield Diane Miller, 810/353-5300 |
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