Bovie Medical Corp. Announces Completion of “Core” Bus. Segment Sale to Symmetry Surgical, Inc. for Total Cash Considerat...
31 8월 2018 - 1:01AM
Business Wire
Divestiture and Sale of the Core business
segment allows the Company to further focus on the
commercialization of Renuvion™ Cosmetic Technology
Bovie Medical Corporation (NYSEMKT:BVX) (the “Company”),
a maker of medical devices and supplies and the developer of
J-Plasma®, a patented surgical product marketed and sold under the
Renuvion™ Cosmetic Technology brand in the cosmetic surgery market,
today announced that it has completed the previously announced
divestiture and sale of the Core business segment and the
Bovie® brand to Symmetry Surgical, Inc. for gross proceeds
of $97 million in cash. Bovie Medical shareholders voted to approve
the divestiture and sale transaction at an annual meeting of
shareholders held on August 30, 2018.
“The closing of the divestiture and sale of our Core business
segment to Symmetry is an important milestone for our organization
as it allows us to further focus on our strategic objective of
commercializing our J-Plasma technology under the Renuvion brand in
the cosmetic surgery market,” said Charlie Goodwin, Chief Executive
Officer of the Company. “We believe this transaction has already
created significant value for our shareholders and positions us to
aggressively pursue the extremely compelling opportunity our
Advanced Energy business has in serving the cosmetic surgery
market. We look forward to sharing more details about the future
growth and profitability profile of our Company – as well as
updating our fiscal year 2018 financial guidance – on our corporate
update call on September 5, 2018.”
Conference Call
Details:
Management will host a conference call at 8:00 a.m. Eastern Time
on September 5, 2018 to discuss the transaction and to host a
question and answer session. To listen to the call by phone,
interested parties within the U.S. may dial 844-507-6493 (or
647-253-8641 for international callers) and provide access code
9489957. Participants should ask for the Bovie Medical Corporation
Call.
A live webcast of the call will be accessible via the Investor
Relations section of the Company’s website and at:
https://event.on24.com/wcc/r/1827722/8DFD3979EA9FB417E4AABFF7565F5AE6.
A telephonic replay will be available approximately two hours
after the end of the call through 11:59pm ET on Wednesday 9/19. The
replay can be accessed by dialing 800- 585-8367 for U.S. callers or
416-621-4642 for International callers and using the replay access
code: 9489957. The webcast will be archived on the Investor
Relations section of the Company's website.
About Bovie Medical
Corporation:
Bovie Medical Corporation is a leading maker of medical devices
and supplies as well as the developer of J-Plasma® technology
(marketed and sold under the Renuvion™ Cosmetic Technology brand in
the cosmetic surgery market), a patented plasma-based surgical
product for cutting, coagulation and ablation of soft tissue.
J-Plasma technology utilizes a helium ionization process to produce
a stable, focused beam of plasma that provides surgeons with
greater precision, and minimal invasiveness. The Company also
leverages its expertise through original equipment manufacturing
(OEM) agreements with other medical device manufacturers. For
further information about the Company and its products, please
refer to the Bovie Medical Corporation website
at www.boviemedical.com.
About Symmetry Surgical
Inc.:
Symmetry develops and delivers high-quality surgical
instrumentation to healthcare providers around the world.
Symmetry’s portfolio of more than 20,000 instruments includes
proven, trusted brands, and Symmetry works to bring new innovations
to market that can help clinicians deliver superior patient care –
from access to intervention to closure in surgical procedures.
Symmetry’s rich and diverse history creates one of the industry’s
most comprehensive surgical instrument portfolios, which includes
well-known brands such as BOOKWALTER®, GREENBERG®, OLSEN®,
SYMMETRY®, SYMMETRY SHARP KERRISON®, FLASH PAK®, CLASSIC®, CLASSIC
PLUS®, SECTO®, QUAD-LOCK®, RAPIDCLEAN®, MAGNAFREE®, MIDAS TOUCH®,
MICROSECT®, ULTRA INSTRUMENTS®, MULTIPAK®, ACCESS SURGICAL®, RILEY
MEDICAL®, TRANSPAK®, OPTI-LENGTH®, THE ULTRA SYSTEM®, BOOKWALTER
ROTILT®, SYMMETRY ACCESS™, and VESOCCLUDE®. For more information,
please visit www.symmetrysurgical.com.
Cautionary Statement on Forward-Looking
Statements:
Certain matters discussed in this release and oral statements
made from time to time by representatives of the Company may
constitute forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995 and the Federal
securities laws. Although the Company believes that the
expectations reflected in such forward-looking statements are based
upon reasonable assumptions, it can give no assurance that its
expectations will be achieved.
Forward-looking information is subject to certain risks, trends
and uncertainties that could cause actual results to differ
materially from those projected. Many of these factors are beyond
the Company's ability to control or predict. Important factors that
may cause actual results to differ materially and that could impact
the Company and the statements contained in this release can be
found in the Company's filings with the Securities and Exchange
Commission including the Company's Report on Form 10-K for the year
ended December 31, 2017 and subsequent Form 10-Q filings. For
forward-looking statements in this release, the Company claims the
protection of the safe harbor for forward-looking statements
contained in the Private Securities Litigation Reform Act of 1995.
The Company assumes no obligation to update or supplement any
forward-looking statements whether as a result of new information,
future events or otherwise.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20180830005617/en/
Investor Relations
Contact:Westwicke Partners on behalf of Bovie
Medical CorporationMike Piccinino,
CFA443-213-0500investor.relations@boviemed.com
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