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AORTECH, INC. DIVESTS EXISTING HEART VALVE PRODUCTS; FORMER CEO RESIGNS AS PRESIDENT AND DIRECTOR

 AORTECH, INC. DIVESTS EXISTING HEART VALVE PRODUCTS;
 FORMER CEO RESIGNS AS PRESIDENT AND DIRECTOR
 MINNEAPOLIS, Nov. 2 /PRNewswire/ -- AorTech, Inc. (NASDAQ: AORT) announced today that it has sold the company's existing heart valve products, including the operations of AorTech (Europe), Ltd. The sale was made to a newly formed corporation owned by Gordon Wright and Eddie McDaid, owners of Caledonian Medical of Scotland. The acquiring company will assume the name AorTech (Europe), Ltd. The cash transaction is effective as of Nov. 1, 1992 and is subject to shareholder approval.
 Additionally, AorTech announced the resignation of Gregory J. Ruehle as president and as a director. Ruehle will pursue other activities within the medical device community.
 Robert J. Keyport, AorTech's CEO, said that the company's decision to sell its cardiovasulcar product line was based upon projections that show the rate of growth in sales is not sufficient to earn the company a satisfactory return on those assets in the foreseeable future. Thus, the company has determined that it is in the best interests of its shareholders to seek other corporate opportunities in order to achieve a desirable level of growth and profitability.
 -0- 11/2/92
 /CONTACT: Robert J. Keyport, CEO of AorTech, 612-481-1208 or Tom de Petra of de Petra & Associates, Inc., 612-338-7630, for AorTech/
 (AORT) CO: AorTech, Inc. ST: Minnesota IN: MTC SU: PER


AL -- MN015 -- 1790 11/02/92 17:07 EST
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Publication:PR Newswire
Date:Nov 2, 1992
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