AMERICAN MEDICAL ANNOUNCES PROPOSED ACQUISITION
AMERICAN MEDICAL ANNOUNCES PROPOSED ACQUISITION HOUSTON, July 15 /PRNewswire/ -- American Medical Technologies, Inc.
(NASDAQ: AMOT) announced today the execution of a letter of intent for the acquisition of 100 percent of the outstanding stock of Tidel Engineering, Inc.
The purchase price of $4.5 million is comprised of $3.5 million cash and a three-year note for the balance. The proposed acquisition, which is subject to the negotiation and execution of a definitive purchase agreement, is contemplated to be concluded on or before Sept. 30, 1992. Tidel is a privately held company based in the Dallas Metroplex, which is engaged in the manufacturing of several high-tech products including a state-of-the-art environmental monitoring system for leak detection in underground fuel tank storage systems. Tidel is also the leader in the cash management and security industry and has installed more than 75,000 of its Timed Access Cash Controller safe systems in the United States and 20 other countries. Its newest product line is the AnyCard Cash System, a low-cost automated teller machine scheduled for initial distribution later this year. According to James T. Rash, president and CEO of American Medical, the Tidel acquisition is a major step in the company's growth program, broadening its participation in the environmental industry and expanding its operations to international markets. American medical recently acquired 3CI Complete Compliance Corporation (NASDAQ: TCCC), a leader in medical waste management services in the Southwest, and successfully completed an initial public offering of its stock. The Tidel acquisition will significantly increase the company's asset size and shareholders' equity, and more than triple its sales for the fiscal year ending 1993. -0- 7/15/92 /CONTACT: James T. Rash, president and CEO of American Medical Technologies, 713-783-8200/ (AMOT) CO: American Medical Technologies Inc.; Tidel Engineering Inc. ST: Texas IN: MTC SU: TNM
TS-CK -- NY061 -- 9562 07/15/92 12:52 EDT
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|Date:||Jul 15, 1992|
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