ORTHOMET ANNOUNCES AGREEMENT TO ACQUIRE ENDOTEC
ORTHOMET ANNOUNCES AGREEMENT TO ACQUIRE ENDOTEC MINNEAPOLIS, Feb. 25 /PRNewswire/ -- Orthomet, Inc. (NASDAQ: OMET)
announced that an agreement in principle has been signed to acquire the outstanding stock of Endotec, Inc.
The estimated cost of the transaction will be $3.5 million, with approximately $2.0 million in cash and the remainder in 200,000 shares of Orthomet common stock. Orthomet expects to finance the cash portion of the transaction via a private placement of its common stock. The company stated this is a strategic transaction which will strengthen its position in the reconstructive hip market, provide other state-of-the-art implants, and provide the company a continuing relationship with leading members of the orthopaedic industry -- the two principals of Endotec, Inc., Frederick F. Buechel, M.D., and Michael J. Pappas, Ph.D. Orthomet expects the transaction to close in the late March to early April timeframe, subject to the successful negotiation of a definitive acquisition agreement, completion of acquisition due diligence, approval of its board of directors, and successful completion of the private placement. Orthomet Inc. is in the business of designing, manufacturing and marketing selected orthopaedic reconstructive implant products and related surgical instrumentation. -0- 2/25/92 /CONTACT: James C. Hawley, vice president-finance and administration, and chief financial officer of Orthomet, 612-944-6112/ (OMET) CO: Orthomet Inc. ST: Minnesota IN: HEA SU: TNM SH-TS -- NY012 -- 2192 02/25/92 08:50 EST
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|Date:||Feb 25, 1992|
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