ATLANTA, Feb. 23 /PRNewswire-FirstCall/ -- CryoLife, Inc. , an implantable biological medical device and cardiovascular tissue processing company, announced today that it has sent the following letter to Medafor shareholders.
February 23, 2010
On February 18, 2010, CryoLife, Inc. announced its earnings for the fourth quarter of 2009. Enclosed is a copy of the press release for your information. In light of our proposal to acquire Medafor for a combination of cash and CryoLife stock, we want to ensure that Medafor shareholders have access to the latest information about CryoLife, its financial performance, and its outlook for growth. As you can see, CryoLife is continuing to thrive in very demanding economic conditions. We increased our revenues for the fourth quarter 2009 by 12 percent to a record of $28.6 million compared to $25.5 million for the fourth quarter of 2008. This was also the 12(th) consecutive quarter of profitability for CryoLife. In addition to reporting record annual revenues of $111.7 million and continued, consistent profitability, our ability to significantly increase our cash balances through strong operating cash flow of over $16.5 million in 2009 is a very encouraging sign of the health of our business. Looking ahead, we expect to achieve record revenues and operating earnings in 2010 by continuing to execute on our strategy and invest in our growth. For additional details, including our forward-looking disclaimer, please see the enclosed press release.
Finally, we wanted to alert you to a new section on our website that is dedicated to addressing inaccurate and misleading statements from Medafor regarding our proposal and CryoLife. We are committed to ensuring that Medafor shareholders receive full and accurate information and are dismayed by the inaccuracies in Medafor's communications with its shareholders. We have provided corrections and/or clarifications to these statements at http://www.cryolife.com/medaforoffer/medmiss.html. This section will be updated as needed.
This letter is provided for informational purposes only and is not an offer to purchase nor a solicitation of offers to sell shares of Medafor or CryoLife. Subject to future developments, CryoLife may file a registration statement and/or tender offer documents and/or proxy statement with the SEC in connection with the proposed combination of the two companies. Shareholders should read those filings, and any other filings made by CryoLife with the SEC in connection with the combination, as they will contain important information. Those documents, if and when filed, as well as CryoLife's other public filings with the SEC, may be obtained without charge at the SEC's website at www.sec.gov and at CryoLife's website at www.cryolife.com.
About CryoLife, Inc.
To view a copy of the press release that accompanied the letter go to www.cryolife.com/4Q2009Earnings.
For additional information about the company, visit CryoLife's Web site: www.cryolife.com.
D. Ashley Lee
Executive Vice President, Chief Financial Officer and
Chief Operating Officer