Imagyn Medical Technologies and VHA Sign a Multi-Year Purchase Agreement.NEWPORT BEACH, CA--(BUSINESS WIRE)--Jan. 14, 1997--IMAGYN Medical Technologies, Inc. (Nasdaq:IMTI IMTI Integrated Manufacturing Technologies Institute IMTI Industrial Management Training Institute (Waterbury Connecticut and New York City) IMTI Integrated Manufacturing Technology Initiative IMTI International Mobile Terminal Identity ) has signed a multi-year purchase agreement under which Imagyn's Surgical Division will provide multi-use and reposable minimally-invasive surgical instrumentation to healthcare organizations that are members of VHA VHA Veterans Health Administration VHA Variable Housing Allowance VHA Villages Homeowners Association VHA Voluntary Hospitals Association VHA Virtual Home Agent VHA Very High Altitude VHA Vapor Hazard Area VHA Vermont Holstein-Friesian Association Inc., the Irving, Texas-based health care alliance. The agreement begins February 1, 1998 and will continue through June 2000, offering significant revenue and cost reduction opportunities for VHA Healthcare organizations. Charles A. Laverty, Chairman and Chief Executive Officer of Imagyn Medical Technologies, Inc. commented, "This agreement is a significant addition to Imagyn's established reputation as a manufacturer and supplier of cost-effective products providing solutions for Healthcare organizations that are under significant pressure to reduce costs in escalating managed care environments. It signifies an example of industry and healthcare providers combining forces to accomplish mutual goals. With VHA representing approximately one quarter of the U.S. community hospital base, the purchase potential for Imagyn's products is in the millions." Imagyn's unique product lines are specifically targeted for use in laparoscopic Laparoscopic A minimally-invasive surgical or diagnostic procedure that uses a flexible endoscope (laparoscope) to view and operate on structures in the abdomen. Mentioned in: Obstetrical Emergencies , general, gynecological gynecological /gy·ne·co·log·i·cal/ (-kah-loj´i-k'l) gynecologic. and urological procedures. Over 2.5 million procedures are performed annually resulting in total market purchase estimates for laparoscopic instrumentation in excess of $1 billion per year. The product line includes reposable DetachaPort(TM) trocars, which provide the surgeon access to the abdominal cavity abdominal cavity Largest hollow space of the body, between the diaphragm and the top of the pelvic cavity and surrounded by the spine and the abdominal muscles and others. , and DetachaTip(TM) multi-use scissors scissors Cutting instrument or tool consisting of a pair of opposed metal blades that meet and cut when the handles at their ends are brought together. Modern scissors are of two types: the more usual pivoted blades have a rivet or screw connection between the cutting ends , graspers and dissectors which are used to cut, dissect dissect /dis·sect/ (di-sekt´) (di-sekt´) 1. to cut apart, or separate. 2. to expose structures of a cadaver for anatomical study. dis·sect v. and manipulate tissue and organs. Additionally, the newly developed PermaClip(TM) multi-use clip applier, used to ligate li·gate v. To tie or bind with a ligature. ligate (lī´gāt), v to tie or bind with a ligature or suture. ligate to apply a ligature. vessels and structures, will be introduced to VHA within the first calendar quarter of 1998. "Our exclusive product line with its multi-use features and quality design, is the right choice for the healthcare community from both an economic and performance standpoint. The ability to utilize these products in lieu of pure disposables will dramatically reduce procedure costs," Mr. Laverty added. Imagyn Medical Technologies, Inc. is a designer, manufacturer and marketer of disease specific urological, gynecological and general surgery medical products for the health care market. This press release contains forward-looking statements that involve risks and uncertainties. These include statements regarding the Company's growth and expansion plans. The risks include, without limitation, risks that the parties will be unable to agree on the terms of a definitive agreement, risks that the anticipated product development cycle will be more costly or take longer than currently anticipated and other risks associated with the development and introduction of a new medical product. Such statements are based on management's current expectations and are subject to a number of uncertainties and risks that could cause actual results to differ materially from those described in the forward-looking statements. Factors that may cause such a difference include, but are not limited to, those described in the Company's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the fiscal year ended March 31, 1997. CONTACT: IMAGYN Medical Technologies, Inc. Charles A. Laverty Chairman & Chief Executive Officer Michael A. Montevideo Chief Financial Officer (714) 668-5858 or Investor Relations Investor relations The process by which the corporation communicates with its investors. : Betsy Brod/Karen Kruza Press: Richard Dukas Morgen-Walke Associates, Inc. (212) 850-5600 |
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