EVEREST & JENNINGS INTERNATIONAL ANNOUNCES ACQUISITION OF MEDICAL COMPOSITE TECHNOLOGY
ST. LOUIS, Oct. 27 /PRNewswire/ -- Everest & Jennings International Ltd. (AMEX: EJ.A; EJ.B) today announced that it has reached an agreement to acquire all the outstanding stock of Medical Composite Technology Inc. ("MCT") in exchange for 8,000,000 shares of the company's single class common stock. MCT is a closely held corporation which develops, designs, manufactures and markets state-of-the-art durable medical equipment, including wheelchairs and other mobility products. MCT's products utilize advanced composite materials to achieve differentiated, aesthetically pleasing shapes while providing mechanical properties that are superior to those of most current mobility products. The transaction, which is expected to be completed by the end of January 1994, is subject to customary closing conditions, including approval by the company's stockholders of the previously announced debt recapitalization, whereby the company's principal stockholder, Brierley Investments Ltd., will convert $75 million of existing short-term debt into new equity. C. Richard Piazza, president and chief executive officer of Everest & Jennings International, stated, "This acquisition represents a major step forward in the implementation of our strategy to aggressively accelerate our technical programs and new product development. MCT possesses unique designs and knowledge that will eclipse current technologies." Everest & Jennings International is a leader in the design and manufacture of wheelchairs, homecare beds, hospital and nursing home beds and furniture, oxygen concentrators and other durable medical equipment. -0- 10/27/93 CONTACT: Joseph A. Newcomb of Everest & Jennings, 314-569-7102 (EJ.A EJ.B) CO: EVEREST & JENNINGS INTERNATIONAL LTD.; MEDICAL COMPOSITE TECHNOLOGY INC.
IN: HEA SU: TNM ST: MO
-- DV001 -- X423 10/27/93
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|Date:||Oct 27, 1993|
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