NAMIC U.S.A. AGREEMENT WITH NOVOSTE PUERTO RICO
NAMIC U.S.A. AGREEMENT WITH NOVOSTE PUERTO RICO GLEN FALLS, N.Y., March 3 /PRNewswire/ -- NAMIC U.S.A. Corporation
(NASDAQ: NUSA) announced today that it has entered into a standstill agreement with Novoste Puerto Rico, Inc. NAMIC will be permitted to continue to evaluate Novoste and its products and to negotiate exclusively with Novoste with respect to a possible acquisition of Novoste. Any such acquisition is subject to satisfactory completion by NAMIC of its evaluation, the approval of the transactions by the boards of directors of each company and the stockholders of Novoste and the negotiation and execution by the parties of definitive agreements. Such definitive agreements, if any, would contain customary closing conditions.
NAMIC designs, manufactures and markets a broad range of single- patient use medical products. Provided individually or in customized kits, NAMIC's products are used by physician and allied staff for fluid administration, waste containment and invasive blood pressure monitoring during angiography and angioplasty. NAMIC's products are generally used in Cardiac Cath Labs and Radiology Units and are connected directly to cardiovascular catheters. NAMIC's products are sold in the United States by a 58 person direct sales organization and outside the United States by medical products distributors. Novoste, a privately-held corporation located in Aguadilla, Puerto Rico, was founded in 1987 and has developed a proprietary line of coronary and peripheral angiography catheters targeted for the outpatient catheterization market, as well as a line of angioplasty guiding catheters. Novoste catheters are designed to deliver high flow rates through a very small artificial puncture site, which is desirable for outpatient procedures. Certain assets of Novoste not related to its diagnostic cardiovascular catheter product lines would be transferred to a new corporation to be formed by certain Novoste principals. -0- 3/3/92 /CONTACT: Joseph D. Fashano of First Boston, 212-909-2107/ (NUSA) CO: NAMIC U.S.A. Corporation; Novoste Puerto Rico, Inc. ST: New York IN: MTC SU: SM-SH -- NY059 -- 4547 03/03/92 14:42 EST
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|Date:||Mar 3, 1992|
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