American Dental Technologies to acquire Texas Airsonics.SOUTHFIELD, Mich.--(BUSINESS WIRE)--Nov. 27, 1995--American Dental Technologies Inc. ("ADT (Asynchronous Data Transfer) A transmission technique used in ISDN PBXs that dynamically allocates bandwidth. See also abstract data type. ADT - abstract data type ") and Texas Airsonics Inc. ("Texas Air") of Corpus Christi, Texas Corpus Christi is a coastal city and the county seat of Nueces CountyGR6 in the U.S. state of Texas. It is part of the region known as South Texas. , announced today they have entered into merger agreements that will make Texas Air a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of ADT. Texas Air is a privately held company privately held company A firm whose shares are held within a relatively small circle of owners and are not traded publicly. 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 (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "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 Party of Communists of Kyrgyzstan KCP Khmer Citizen Party (Cambodia) KCP Kingston Computer Planet KCP knurling cup point (fasteners) KCP Kernel Control Path 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 sand·blast n. 1. a. A blast of air or steam carrying sand at high velocity to etch glass or to clean stone or metal surfaces. b. A machine used to apply such a blast. 2. 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 gum disease Dentistry Gingival disease, often in the form of gingivitis and bone loss 2º to toxins produced by bacteria in plaque accumulating along the gum line Clinical Early–painless bleeding; pain appears with advanced GD as bone loss around the 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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