Ballard Medical Products purchases 19.5 percent interest in Neuro Navigational Corp.DRAPER, Utah--(BUSINESS WIRE)--Nov. 15, 1995--Ballard Medical Products (NYSE NYSE See: New York Stock Exchange :BMP (1) (BitMaP) Also known as a "bump" file, it is the native, bitmapped graphics format in Windows. A BMP can be saved in several color options: 1-, 4-, 8- and 24-bit color provide 2, 16, 256 and 16,000,000 colors respectively. BMP files use the .BMP or . ) announced that on Nov. 14, 1995, Ballard and Neuro Navigation Corp. (NNC NNC NASCAR Nextel Cup (stock car racing circuit) NNC National Neighborhood Coalition NNC Naga National Council (India) NNC Neural Network Council (IEEE) ) closed Ballard's purchase of a 19.5 percent preferred equity interest in NNC and a two-year option to acquire all of the assets of NNC. The purchase price for the preferred shares Preferred shares Preferred shares give investors a fixed dividend from the company's earnings and entitle them to be paid before common shareholders. See: Preferred stock. and the option was $2.5 million. NNC develops, manufactures and markets fiberoptic imaging technology and disposable micro tools designed for minimally invasive brain surgery. NNC's principal products are disposable micro endoscopes designed to allow a surgeon to perform delicate surgical proecedures through small incisions rather than the larger incisions associated with traditional brain surgery. Ballard's two-year option to purchase the assets of NNC commences as of Nov. 14, 1995, and will run through Nov. 13, 1997. Ballard believes that the endoscope endoscope, any instrument used to look inside the body. Usually consisting of a fiber-optic tube attached to a viewing device, endoscopes are used to explore and biopsy such areas as the colon and the bronchi of the lungs. expertise and fiberoptics imaging technology of NNC will provide significant opportunities for product improvement and expansion of existing Ballard product lines. In addition, Ballard management reaffirms its belief that its purchase of shares in NNC is an important investment in Ballard's future, diversifying Ballard's technology base and offering the potential for Ballard to be a market leader in the rapidly growing minimally invasive segments of neuro surgery and vascular surgery Vascular surgery is a subspecialty of general surgery in which diseases of the vascular system, or arteries and veins, are managed, largely via surgical intervention. The vascular surgeon is trained in the diagnosis and management of diseases affecting all parts of the vascular . Under the agreement between Ballard and NNC, Ballard has the right to designate two persons to serve on NNC's five-man board of directors during the two-year option term. Ballard has designated Harold (Butch) R. Wolcott (Ballard's executive vice president) and Kenneth R. Sorenson (Ballard's chief financial officer) as its representatives. CONTACT: Ballard Medical Products, Draper Dale H. Ballard, 801/572-6800 |
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