Aspect Medical Systems Announces Sale of Common Stock to Boston Scientific Corporation.Business Editors/Health/Medical Writers NEWTON, Mass.--(BUSINESS WIRE)--June 9, 2004 Aspect Medical Systems, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : ASPM ASPM Abnormal Spindle-Like Microcephaly Associated ASPM Asociación del Secretariado Profesional de Madrid (Spanish: Association of the Professional Secretaryship of Madrid) ASPM Armed Services Procurement Regulation Manual ) today announced that it has completed the sale of 500,000 shares of its common stock to Boston Scientific Corporation. The purchase price per share was $16.21, and the aggregate gross proceeds from the transaction were $8,105,000. Under the terms of a stock purchase agreement entered into in August 2002, Boston Scientific may purchase up to an aggregate of 25% of Aspect's outstanding common stock in the open market. "The value of this transaction is that it represents an efficient means to strengthen our balance sheet," said Neal Armstrong, Aspect's chief financial officer. "The funds we received from the sale of shares of our common stock to Boston Scientific will be available for working capital and other general corporate purposes at Aspect's discretion." In August 2002, Aspect announced a strategic alliance with Boston Scientific to introduce new sedation management technology to interventional and specialty medical procedure suites, including the gastrointestinal endoscopy gastrointestinal endoscopy Endoscopy A diagnostic procedure in which a flexible fiberoptic endoscope is passed into the esophagus, stomach, and upper small intestine–depending on the level at which lesions are anticipated Indications Dyspepsia, persistent suite, the interventional cardiology interventional cardiology Cardiology The subspecialty of cardiology dedicated to the diagnosis, medical and mechanical therapy, pre- and post-procedure management of adult patients with acute and chronic forms of cardiovascular disease amenable to catheter-based suite and the interventional radiology interventional radiology Imaging A subspecialty of radiology that provides Diagnostic information–eg, CT-guided 'skinny' needle biopsies and dye injection for analysis of various lumina and tracts–eg, arteriography, cholangiography, antegrade suite. In connection with that strategic alliance, Boston Scientific purchased 1,428,572 shares of Aspect's common stock and provided a $5,000,000 revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. facility to Aspect, which is secured by Aspect's inventory and certain of Aspect's accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying . The shares of common stock offered by Aspect in this private placement have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. In connection with the sale of the 500,000 shares of common stock, Aspect has granted Boston Scientific the right to require Aspect to register the shares for resale under the Securities Act of 1933. This press release is issued pursuant to Rule 135c under the Securities Act of 1933 and shall not constitute an offer to sell or the solicitation of an offer to buy securities of Aspect Medical Systems, Inc., nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state. About Aspect Medical Systems, Inc. Aspect Medical Systems, Inc. (NASDAQ: ASPM) is a global market leader in brain monitoring technology. Aspect's BIS technology directly measures the effects of anesthetics Anesthetics Drugs or methodologies used to make a body area free of sensation or pain. Mentioned in: Appendectomy and sedatives on the brain. The technology has been used to assess more than 8.7 million patients and has been the subject of approximately 1,400 published articles and abstracts. BIS technology is installed in approximately 32 percent of all domestic operating rooms and is available in more than 160 countries. Aspect Medical Systems has OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and agreements with seven leading manufacturers of patient monitoring systems. For more information, visit Aspect's web site at http://www.aspectmedical.com. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement Certain statements in this press release are forward-looking and may involve risks and uncertainties. There are other factors that could cause Aspect's actual results to vary from its forward-looking statements, including without limitation those set forth under the heading "Factors Affecting Future Operating Results" in Aspect's Quarterly Report on Form 10-Q Form 10-Q See 10-Q. for the fiscal quarter ended April 3, 2004, as filed with the Securities and Exchange Commission. In addition, any forward-looking statements represent Aspect's views only as of the date of this press release and should not be relied upon as representing Aspect's views as of any subsequent date. While Aspect may elect to update forward-looking statements in the future, it specifically disclaims any obligation to do so, even if its expectations change. Therefore, you should not rely on these forward-looking statements as representing Aspect's views as of any date subsequent to the date of this press release. Aspect, Bispectral Index and BIS are registered trademarks of Aspect Medical Systems, Inc. All other trademarks, service marks and company names are the property of their respective owners. |
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