Trimedyne Announces Acquisition of Mobile Surgical Technologies Inc. and Names New Chief Executive Officer.Business Editors/Health and Medical Writers IRVINE, Calif.--(BUSINESS WIRE)--Dec. 4, 2000 Trimedyne Inc. (Nasdaq:TMED TMED Transfusion Medicine ) Monday announced it has acquired Mobile Surgical Technologies Inc. ("MST See micro systems technology. "), a Dallas-based company which provides lasers and other high technology equipment and a complete range of surgical services to hospitals and outpatient surgery Outpatient Surgery, also referred to as ambulatory surgery or same-day surgery, is surgery that does not require an overnight hospital stay. The term “outpatient” arises from the fact that surgery patients may go home do not need an overnight hospital centers on a service contract basis. Trimedyne acquired 100% of the outstanding common stock of Mobile Surgical Technologies in exchange for 500,000 shares of Trimedyne common stock, valued at $1 million. Trimedyne further announced that is has appointed William J. Schubert, former president of MST, as Trimedyne's chief executive officer and vice chairman. Shane H. Traveller, president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of Trimedyne, stated, "Acquiring MST will provide us with a strong distribution outlet for our products. MST's fee-per-case model gives hospitals, surgery centers and physicians access to high technology equipment without having to bear the large capital cost of a purchase. Most importantly Adv. 1. most importantly - above and beyond all other consideration; "above all, you must be independent" above all, most especially , instead of just selling lasers, we believe that renting them on a fee-per-case basis will increase our revenues and margins by participating in the fees generated from each laser surgical procedure." Marvin P. Loeb, chairman of Trimedyne, added, "We are pleased to have Will Schubert join our management team. He brings broad industry and product experience and is a proven manager in a 'fee-per-case' service business. Will's addition to our management team complements our existing capabilities and expands our potential for increasing sales." About Trimedyne Trimedyne, which recently introduced a new, less-invasive laser device for spinal disk decompression, and is soon to introduce a new laser for the fragmentation of urinary and biliary stones, is a leading manufacturer of advanced medical lasers for applications in orthopedics, urology urology Medical specialty dealing with the urinary system and male reproductive organs. It traces its origin to medieval lithologists, itinerant healers who specialized in surgical removal of bladder stones. , ENT ENT ears, nose, and throat (otorhinolaryngology). ENT abbr. ear, nose, and throat ENT ear, nose and throat. ENT Ears, nose & throat; formally, otorhinolaryngology surgery, gynecology, gastro-intestinal and general surgery. Trimedyne's 90% owned subsidiary, Cardiodyne Inc., is developing laser devices and an angiogenic angiogenic /an·gio·gen·ic/ (-jen´ik) 1. pertaining to angiogenesis. 2. of vascular origin. angiogenic adjective Relating to angiogenesis composition for use in heart revascularization. About Mobile Surgical Technologies MST is a privately-held, contract service provider that offers less invasive, laser-assisted medical, surgical and aesthetic surgery aesthetic surgery n. Plastic or cosmetic surgery. procedures to hospitals, outpatient surgery centers and physicians. MST provides its customers with access to high technology equipment, trained operating technicians and disposable devices, all on a fee-per-case basis. For the 10 months ended Oct. 31, 2000, MST had revenues of approximately $620,000 and earnings before interest and depreciation of $20,000 (unaudited). Based in Dallas, MST services customers throughout Texas, Arkansas, Oklahoma, and Louisiana. "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 Under 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 : Statements in this news release may contain forward-looking information within the meaning of Section 27A of the U.S. Securities Act of 1993 and Section 21E of the Securities and Exchange Act of 1934, and is subject to the safe harbor created by those sections. All statements, other than statements of historical fact, included in this release including, without limitation, statements regarding potential future plans, beliefs, expectations, time lines and objectives are forward-looking statements that involve various risks and uncertainties which may, individually or mutually, impact the matters described herein. There can be no assurance that such statements will prove to be accurate, and the actual results and future events could differ materially from those anticipated in such statements. The company assumes no obligation to update the information contained in this release. Readers should not place undue reliance on any forward-looking statements contained herein. Some of the risks and uncertainties may be discussed in the company's most recent report on Form 10-K-SB and subsequently filed SEC reports. |
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