BCAM International, Inc. Signs Letter Of Intent To Acquire One Of The Nation's Largest Medical Footwear Companies With $15 Million In Revenues.MELVILLE, N.Y.--(BUSINESS WIRE)--November 25, 1996--BCAM International, 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 : BCAM BCAM Broad Contemporary Art Museum BCAM Basic Communication Access Method BCAM B-Cell Adhesion Molecule BCAM Boston Company Asset Management, LLC BCAM Business Computer-Aided Manufacturing BCAM Bank Cost Analysis Model ), today announced that it has signed a letter of intent to acquire one of the nation's oldest and largest privately held medical footwear Footwear consists of garments worn on the feet. It is worn for a variety of reasons, including protection against the environment, hygiene and adornment. Usually, socks and other hosiery are worn between the feet and the footwear, except for sandals and flip flops (thongs). companies, with over 200 employees and a strong management team, a worldwide sales distribution network, $15 million in sales in 1996, and consistent profitability. The acquisition will provide BCAM's intelligent surface technology with access to the fast growing $2 billion medical footcare market. Global distribution, combined with an existing sales network, markets to podiatrists, orthopedic orthopedic /or·tho·pe·dic/ (-pe´dik) pertaining to the correction of deformities of the musculoskeletal system; pertaining to orthopedics. surgeons, orthotists, prosthetists, and other healthcare practitioners as well as medically oriented o·ri·ent n. 1. Orient The countries of Asia, especially of eastern Asia. 2. a. The luster characteristic of a pearl of high quality. b. A pearl having exceptional luster. 3. retail facilities. Their market has access to the portion of the footwear industry that includes segments of the population suffering from foot disorders caused by such illnesses as arthritis arthritis, painful inflammation of a joint or joints of the body, usually producing heat and redness. There are many kinds of arthritis. In its various forms, arthritis disables more people than any other chronic disorder. and diabetes, as well as those caused by aging. There are approximately 20 million diabetics in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , approximately 25 percent of them have foot problems, as do approximately 75 percent of the nation's 37 million arthritics. The largest and fastest growing market is the aging population of approximately 33 million people who are over 65 years old. Elderly people who have begun to lose the natural cushion Cushion In the context of project financing, the extra amount of net cash flow remaining after expected debt service. cushion See call protection. around the bones of their feet can benefit immensely benefit from intelligent medical footcare products that will adequately cushion the feet. Terms of the acquisition were not disclosed. An investment banking firm has been retained by BCAM to arrange financing for this transaction. Commenting on the announcement, Michael Strauss, BCAM's Chairman of the Board and Chief Executive Officer said, "We are excited about the broad range of opportunities that the marriage of our two companies represents. It will give us the ability to introduce and create an intelligent medical footwear product from the ground up, and provide us with the control, design, and worldwide distribution. The medical footcare market is a multi-billion dollar market, representing a tremendous opportunity for self adjusting shoes." Mr. Strauss continued,"By combining BCAM's exclusive, patented, "intelligent" surface technology with the medical footwear company's expertise we are creating the ultimate in shoe comfort and fit for those who need it most." "We are greatly confident that this acquisition will greatly benefit BCAM's overall recognition as the leader in intelligent surface technology, which is protected by seven patents, including a European patent and four pending patents." BCAM International, Inc. is a software technology company, specializing in ergonomic ergonomic - Concerning ergonomics or exhibitting good ergonimics. solutions for major industries and governments. CONTACT: Michael Strauss BCAM International, Inc. (516) 752-3550 or Stanley Altschuler/Donald Weinberger Strategic Growth International, Inc. (516) 829-7111 |
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