NORTH ANDOVER, Mass., May 18 /PRNewswire-FirstCall/ -- Andover Medical, Inc. (BULLETIN BOARD: ADOV.OB) , a single source provider of orthopedic, podiatric and urological durable medical equipment ("DME") and incontinence treatment solutions, announced today that it has closed the acquisition of Ortho-Medical Products, Inc. ("OMI"). To review full details of the transaction, please review the company's form 8-K filed with the Securities Exchange Commission at http://www.sec.gov/ .
OMI is a full-service provider of procedure specific, orthopedic durable medical equipment ("DME"), respiratory equipment, orthotic equipment, and prosthetic devices with approximately $3,200,000 in revenue. The Company serves greater New York City; New York's Nassau, Suffolk, and Westchester Counties; Northern New Jersey; Upper New York State; and Connecticut. OMI contracts with 50 established insurance companies, including Aetna, Oxford, and United Health Care.
Edwin Reilly, Chief Executive Officer of Andover Medical, Inc., said, "In this particular transaction and in the additional ones in process, some of the best informed, experienced, and knowledgeable owners and CEOs in the DME space are in various stages of negotiation to sell their companies to Andover Medical for consideration which has a large component of Andover Medical stock. With each transaction we complete, I grow more confident in the future successful build-out of our nationwide subsidiary network."
Under the terms of the agreement, Andover Medical acquired all of the outstanding equity of Ortho-Medical Products, Inc., with 95% of the consideration in shares of Andover stock, and 5% in cash and notes. The consummated transaction marks Andover's first acquisition as a public company, as it intends to establish a nationwide network to assist practitioners in providing quality care and services to their patients.
About Andover Medical, Inc.
Andover Medical, Inc. (AMI) is building a single source provider of orthopedic, podiatric and urological durable medical equipment ("DME") and incontinence treatment solutions. The Company intends to establish a nationwide subsidiary network and plans to offer practitioners the largest selection of competitively priced brand-name durable medical equipment, and urodynamic diagnostic and treatment products. For more information, please call (978) 557-1001 or visit http://www.andovermedical.com/.
About Ortho-Medical Products, Inc.
OMI is a full-service provider of procedure specific orthopedic durable medical equipment ("DME"), respiratory equipment, orthotic equipment, and prosthetic devices. OMI serves greater New York City; New York's Nassau, Suffolk, and Westchester Counties; Northern New Jersey; Upper New York State; and Connecticut. OMI's network is available to case managers, preferred provider organizations, and health maintenance organizations. The company strives to assist practitioners in providing quality care and services. OMI contracts with 50 established insurance companies, including Aetna, Cigna, Oxford, and United Health Care.
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements other than statements of historical facts included in this press release are forward-looking statements. All forward-looking statements speak only as of the date of this press release. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance, achievements or transactions of AMI and its affiliates to be materially different from any future results, performance, achievements or transactions expressed or implied by such forward-looking statements. Such risks, uncertainties and other factors which, could impact the Company and the forward-looking statements contained herein are included in the Company's filings with the Securities and Exchange Commission. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.
At the Company:
Andover Medical, Inc.
Edwin Reilly - CEO
978.557.1001 (x11)
Investor Contact:
Erin Hegarty
Equity Performance Group
P: 617.723.2225
