ATLANTA, March 24 /PRNewswire-FirstCall/ -- CryoLife, Inc. , an implantable biological medical device and cardiovascular tissue processing company, announced today that it has withdrawn its $2.00 per share proposal to acquire Medafor, Inc. CryoLife previously notified the Medafor board of its intention to withdraw its offer in five business days. Based on the limited information that Medafor has made available to its shareholders, CryoLife continues to believe that the Medafor board's stated strategic rationale for entering into the Magle transaction does not justify the significant dilution suffered by Medafor shareholders.
"We encourage existing Medafor shareholders to continue to reach out to Medafor's board and management team and voice their concerns. Based on our recent conversations with fellow Medafor shareholders, we believe many shareholders share our frustrations with Medafor's actions and have deep concerns about the future of the company under its existing leadership," concluded Anderson.
About CryoLife, Inc.
For additional information about the company, visit CryoLife's Web site:
CONTACT: Media: D. Ashley Lee, Executive Vice President, Chief Financial
Officer and Chief Operating Officer, +1-770-419-3355; Nina Devlin, Edelman,
Web site: http://www.cryolife.com/