WAYNE, Pa., Sept. 24 /PRNewswire-FirstCall/ -- Escalon Medical Corp. (Nasdaq Small Cap: ESMC) announced that to date, Escalon has received acceptances from the holders of approximately 93.7% of the issued ordinary shares outstanding of Drew Scientific Group PLC, for which Escalon has or will issue approximately 843,000 shares of Escalon common stock of the 900,000 shares offered pursuant to the exchange offer. With the expiration of the latest extension, its revised purchase offer is now closed. Escalon now intends to use the procedures established under United Kingdom law to compulsorily acquire any remaining Drew Shares.
As of September 8, 2004, the ordinary shares of Drew Scientific have been delisted with the United Kingdom Listing Authority, and trading with the London Stock Exchange Plc has been cancelled.
Escalon also announced that it expects to report its fiscal fourth quarter and 2004 year end results for the period ending June 30, 2004 on September 28, 2004.
Drew Scientific, based in the U.K., with additional manufacturing operations in Texas and Connecticut, is a diagnostics company specializing in the design, manufacture, sale and distribution of analytical systems for laboratory testing worldwide. Drew Scientific provides instrumentation and consumables for the diagnosis and monitoring of medical disorders in the areas of diabetes, cardiovascular diseases and hematology, as well as veterinary hematology and blood chemistry.
Founded in 1987, Escalon develops, markets and distributes ophthalmic diagnostic, surgical and pharmaceutical products as well as vascular access devices. Escalon seeks to further diversify its product line to achieve critical mass in sales and take better advantage of Escalon's distribution capabilities through internal product development, acquisitions or strategic partnerships. Escalon has headquarters in Wayne, Pennsylvania and manufacturing operations in Long Island, New York and New Berlin, Wisconsin.
Note: This press release contains statements that are considered forward- looking under the Private Securities Litigation Reform Act of 1995, including statements about Escalon's future prospects. They are based on Escalon's current expectations and are subject to a number of uncertainties and risks, and actual results may differ materially. The uncertainties and risks include whether Escalon is able to improve upon the operations of Escalon's business units, generate cash and identify, finance and enter into business relationships and acquisitions, uncertainties and risks related to new product development, commercialization, manufacturing and market acceptance of new products, marketing acceptance of existing products in new markets, research and development activities, including failure to demonstrate clinical efficacy, delays by regulatory authorities, scientific and technical advances by Escalon or third parties, introduction of competitive products, third party reimbursement and physician training as well as general economic conditions. Further information about these and other relevant risks and uncertainties may be found in Escalon's report on Form 10-K, and its other filings with the Securities and Exchange Commission, all of which are available from the Commission as well as other sources.
Escalon Medical Corp.