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I-Flow Corporation (IFLO) Purchases 15% of HAPC, Inc. (HAPN) Common Stock; Announces Further Agreement with HAPC, Inc. (HAPN) Regarding InfuSystem Transaction


10/19/2007 8:54:10 AM

LAKE FOREST, Calif.--(BUSINESS WIRE)--I-Flow Corporation (NASDAQ:IFLO) announced today that, on October 18, 2007, I-Flow purchased 2,789,103 shares of common stock of HAPC, Inc. ("HAPC") through private transactions with third parties. As a result of the purchase, I-Flow now owns approximately 15% of the issued and outstanding HAPC common stock, and I-Flow intends to vote such shares in favor of the acquisition (the "Transaction") by HAPC of I-Flow's subsidiary, InfuSystem, Inc. ("InfuSystem"). I-Flow believes the purchase of these shares will significantly increase the likelihood that the Transaction will be approved by HAPC's stockholders.

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