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EVEREST MEDICAL ANNOUNCES FINANCING

 MINNEAPOLIS, Feb. 8 /PRNewswire/ -- Everest Medical Corporation (NASDAQ: EVMD) announced today that it had accepted an equity investment of $800,000 from a private investor. The company had announced on Jan. 21, 1993 that it required additional financing in order to continue operations.
 The company sold 290,909 units to the investor at $2.75 per unit. Each unit consists of one share of unregistered common stock and one warrant to purchase an additional share of unregistered common stock at $3.50.
 In announcing the sale, Everest Medical Chairman Michael Hollenhorst said: "This provides us with necessary working capital which will help us to cover operating expenses as we roll out our laparoscopic surgical scissors and forceps. We do believe that we will require additional capital, which is being sought from various sources."
 The company also announced it has taken steps to further reduce its operating expense rate, and expects to make additional spending and staff reductions. The company believes these can be accomplished without significantly jeopardizing sales or product development activities. Steps are also being taken to reduce inventory levels of finished goods and sub-assemblies to further protect the company's cash position. This reduction has led to a slowing of production of some products and, with concurrent improvements in production efficiencies, has permitted the company to temporarily reduce production labor hours, resulting in the furlough of five production employees.
 Everest Medical designs, manufactures and markets products for the minimally invasive surgical markets of laparoscopic surgery and gastrointestinal endoscopy.
 -0- 2/8/93
 /CONTACT: Michael J. Hollenhorst of Everest Medical Corporation, 612-473-6262/
 (EVMD)


CO: Everest Medical Corporation ST: Minnesota IN: MTC SU: FNC

KH -- MN009 -- 4075 02/08/93 11:42 EST
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Publication:PR Newswire
Date:Feb 8, 1993
Words:282
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