Arrhythmia Research Technology, Inc. Announces Proposed Asset Purchase.Business Editors FITCHBURG, Mass.--(BUSINESS WIRE)--June 3, 2002 Arrhythmia arrhythmia (ārĭth`mēə), disturbance in the rate or rhythm of the heartbeat. Various arrhythmias can be symptoms of serious heart disorders; however, they are usually of no medical significance except in the presence of Research Technology, Inc. ("ART") (AMEX AMEX See: American Stock Exchange : HRT HRT abbr. hormone replacement therapy Hormone replacement therapy (HRT) Also called estrogen replacement therapy, this controversial treatment is used to relieve the discomforts of menopause. ) today announced that its wholly-owned subsidiary, Micron Acquisition Corp. has entered into a non-binding Letter of Intent to purchase certain operating assets Operating Assets Another term for working capital. of Select Engineering, Inc. ("Select") of Fitchburg, Massachusetts, a privately-held company, for a purchase price (subject to adjustment based on Select's inventory at closing), of approximately $5,850,000. Select and ART's wholly-owned subsidiary, Micron Products, Inc., manufacture silver- and silver chloride- plated sensor elements for use in the manufacture of disposable electrodes for ECG ECG electrocardiogram. ECG abbr. 1. electrocardiogram 2. electrocardiograph ECG Also called an electrocardiogram, it records the electrical activity of the heart. diagnostic, monitoring and related instrumentation. Select is closely held A phrase used to describe the ownership, management, and operation of a corporation by a small group of people. In a closely held corporation, the same people often act as shareholders, directors, and officers, and no outside investors exist. and reported unaudited sales of approximately $5,000,000 for its fiscal year ended December 31, 2001. The proposed transaction is subject to a number of contingencies, including the negotiation and execution of a mutually acceptable purchase agreement, arranging bank financing on terms acceptable to Micron Acquisition Corp. and completion of the due diligence review of the assets of Select to be purchased. If consummated, the purchase of Select's assets is expected to close on or about August 1, 2002 Forward looking statements made herein are based on current expectations of ART and involve a number of risks and uncertainties and should not be considered as guarantees of future performance. These statements are made under the Safe Harbor Provisions of 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. The factors that could cause actual results to differ materially include: interruptions or cancellations of existing contracts, impact of competitive products and pricing, product demand and market acceptance and risk, the presence of competitors with greater financial resources than ART, product development and commercialization risks and an inability to arrange additional debt or equity financing. |
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