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POSSIS CORPORATION ANNOUNCES AGREEMENT TO SELL JET EDGE, INC. SUBSIDIARY

 MINNEAPOLIS, March 29 /PRNewswire/ -- Possis Corporation (NASDAQ-NMS: POSS) announced today that it has signed a Letter of Intent calling for the sale of its ultra-high pressure waterjet subsidiary, Jet Edge, Inc. The sale is subject to execution of definitive agreements and is expected to be consummated this summer. Following conclusion of this sale, the sole remaining business of Possis Corporation will be its Possis Medical, Inc. (PMI) subsidiary. PMI is currently involved in development efforts involving pacemaker leads, synthetic vascular grafts and waterjet thrombectomy systems. PMI leads are sold primarily to OEM accounts in the United States and its proprietary graft and thrombectomy products are entering U.S. clinical trials and international distribution.
 Details of the proposed sale and the identity of the purchaser were not disclosed. Chris Possis, president, stated that the purchaser has significant experience in the waterjet industry and intends to maintain the Jet Edge business in its current facilities. The transaction is expected to enhance Jet Edge's presence in the waterjet industry.
 -0- 3/29/93
 /CONTACT: Tom Bower of Possis, 612-545-1471/
 (POSS)


CO: Possis Corporation ST: Minnesota IN: MTC SU:

AL -- MN002 -- 0470 03/29/93 11:27 EST
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Publication:PR Newswire
Date:Mar 29, 1993
Words:194
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