Printer Friendly

AORTECH, INC. DESCRIBES SALE OF HEART VALVE BUSINESS

 AORTECH, INC. DESCRIBES SALE OF HEART VALVE BUSINESS
 MINNEAPOLIS, Nov. 5 /PRNewswire/ -- AorTech, Inc. (NASDAQ: AORT)


made a preliminary announcement today of the terms of the sale of its heart valve business to a newly formed corporation in Scotland. That sale involves $2.25 million in cash to be paid to AorTech, plus the value of other cash and non-cash items of which the aggregate value has not yet been finalized.
 Robert J. Keyport, AorTech's CEO, stated, "The purchase agreement provides for the assumption of key liabilities by the purchaser, including short and long-term facilities leases and the assumption of all present and future obligations to employees in Scotland." Keyport added that the sale also includes a provision for AorTech receiving a defined portion of collected receivables. He noted that all details of the transaction, as well as its full value will be disclosed to shareholders, upon final determination. Keyport confirmed that, compared to other opportunities, revenue in the heart valve business was not expected to return acceptable value to shareholders in the foreseeable future. He added, "The sale at this time substantially reduces the ongoing net loss from operations throughout the balance of this fiscal year."
 AorTech's recent announcement of the sale of its heart valve business preceded its announcement that it was evaluating the development of various technologies related to hyperthermia for the treatment of autoimmune and infectious diseases, including AIDS. Keyport repeated his earlier remark that this field is potentially very large, but added, "We are collecting all available data and using experts to evaluate various technologies prior to the board implementing an operational plan in this field. Additionally, other new product opportunities have been presented to the company which require evaluation."
 -0- 11/5/92
 /CONTACT: Robert J. Keyport, CEO of AorTech, Inc. 612-481-1208; or Tom de Petra of de Petra and Associates, Inc., 612-481-1208, for AorTech, Inc./
 (AORT) CO: AorTech, Inc. ST: Minnesota IN: MTC SU:


AL -- MN005 -- 2874 11/05/92 08:57 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 5, 1992
Words:330
Previous Article:KOHL'S CORPORATION OCTOBER SALES REPORT
Next Article:LIMITED, INC. SALES UP 14 PERCENT
Topics:


Related Articles
AORTECH SELLS ASSETS OF A-1 ENGINEERING DIVISION
HELIX BIOCORE SELLS BIOCORE DIVISION AND UPDATES STATUS AND PROGRESS OF COMPANY
AORTECH ENTERS INTO LETTER OF INTENT TO ACQUIRE ORGANETICS, LTD.
AORTECH, INC. AND ORGANETICS, LTD. CONTINUE ACQUISITION NEGOTIATION
AORTECH, INC. DIVESTS EXISTING HEART VALVE PRODUCTS; FORMER CEO RESIGNS AS PRESIDENT AND DIRECTOR
AORTECH FILES PROXY STATEMENT
CRYOLIFE, INC. TO ACQUIRE CAMBRIDGE BIOMEDICAL, LTD.
CRYOLIFE, INC. TO ACQUIRE CAMBRIDGE BIOMEDICAL, LTD.
St. Jude Medical Acquires Biocor, A Tissue Heart Valve Leader
St. Jude Medical to Expand Cardiac Surgery Business by Acquiring Vascular Science, Inc., a Developer of New Devices to Treat Coronary Artery Disease.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters