SOUTH JORDAN, UTAH - Merit Medical Systems, Inc. (NASDAQ: MMSI), a leading manufacturer
and marketer of proprietary disposable devices used primarily in cardiology, radiology
and gastroenterology procedures, today announced that the previously signed definitive
agreements to acquire the assets of Alveolus, Inc., and Biosearch Medical Products,
Inc. have been closed.
The combined purchase price of approximately $20.6 million was paid from cash reserves
and is subject to post-closing adjustments.
"We are pleased with the closing of these transactions and will now initiate our
strategy for a new business unit," said Fred P. Lampropoulos, Merit’s Chairman and
Chief Executive Officer.
About Merit
Founded in 1987, Merit Medical Systems, Inc. is engaged in the development, manufacture
and distribution of proprietary disposable medical devices used in interventional
and diagnostic procedures, particularly in cardiology, radiology and gastroenterology.
Merit serves client hospitals worldwide with a domestic and international sales
force totaling approximately 100 individuals. Merit employs approximately 1,700
people worldwide, with facilities in Salt Lake City and South Jordan, Utah; Angleton,
Texas; Richmond, Virginia; Maastricht and Venlo, The Netherlands; and Galway, Ireland.
Statements contained in this release which are not purely historical, are forward-looking
statements within the meaning of the Private Securities Litigation Reform Act of
1995 and are subject to risks and uncertainties such as those described in Merit's
Annual Report on Form 10-K for the year ended December 31, 2008. Such risks and
uncertainties include risks relating to unanticipated consequences of Merit’s proposed
acquisition of the Alveolus and Biosearch assets; challenges associated with Merit’s
efforts to pursue new market opportunities, including opportunities in the gastroenterology
and pulmonary markets; infringement of Merit's technology or the assertion that
Merit's technology infringes the rights of other parties; product recalls and product
liability claims; downturn of the national economy and its affect on Merit’s revenues,
collections and supplier relations; termination of supplier relationships, or failure
of suppliers to perform; inability to successfully manage growth through acquisitions;
delays in obtaining regulatory approvals, or the failure to maintain such approvals;
concentration of Merit's revenues among a few products and procedures; development
of new products and technology that could render Merit's products obsolete; market
acceptance of new products; introduction of products in a timely fashion; price
and product competition; availability of labor and materials; cost increases; and
fluctuations in and obsolescence of inventory; volatility of the market price of
Merit's common stock; foreign currency fluctuations; changes in key personnel; work
stoppage or transportation risks; modification or limitation of governmental or
private insurance reimbursement; changes in health care markets related to health
care reform initiatives; and other factors referred to in Merit's Annual Report
on Form 10-K for the year ended December 31, 2008, and other reports filed with
the Securities and Exchange Commission. All subsequent forward-looking statements
attributable to Merit or persons acting on its behalf are expressly qualified in
their entirety by these cautionary statements. Actual results will differ, and may
differ materially, from anticipated results. Financial estimates are subject to
change and are not intended to be relied upon as predictions of future operating
results, and Merit assumes no obligation to update or disclose revisions to those
estimates.