NORTH ANDOVER, Mass.--(BUSINESS WIRE)--Andover Medical, Inc. (AMI) (OTCBB:ADOV.OB) announced today (November 1, 2006) it has entered into a letter of intent to acquire Rainier Surgical Inc., of Auburn, Washington.
For AMI, the acquisition will represent another consolidation in the orthopedic durable medical equipment (DME) market and furthers the Company’s objective of consolidating businesses to increase revenue, gain efficiencies and increase profit margins. The deal will add important product lines and new distribution channels, serving as the springboard for further growth in the orthopedic medical area. As a result of the consolidation, the companies intend to consolidate ordering, inventory and reimbursement billing, and eliminate inefficiencies.
This acquisition is expected to position Rainier Surgical Inc. for strong continued growth. “Rainier has committed to a mission that calls for a strategically-focused expansion of partnerships with new and existing customers through our distribution, inventory management programs and other value-added services” says Garth Luke, President of Rainier Surgical Inc. “When AMI and RSI complete the merger our inventory management services and joint solutions will create overall practice management efficiencies for health care providers.”
About Rainier Surgical, Inc.
Rainier Surgical, Inc. is an orthopedic solutions company and the leading distributor of Orthopedic DME services in the Northwest. Through their extensive distribution network, diverse product offering and expertise in products, insurance billing, and inventory management, Rainier Surgical serves more than 300 health care providers in acute-care hospital, clinics and physician offices in Washington, Oregon, and Northern Idaho. Headquartered in Auburn, WA, with offices in Portland, OR, Wenatchee, WA and Spokane WA, Rainier Surgical has been in business for more than 15 years and has approximately 35 employees.
About Andover Medical, Inc.
Andover Medical, Inc. (AMI) is seeking to take advantage of projected growth and evolving economies of scale arising from consolidation in the procedure specific durable medical equipment (DME) and services segments of the orthopedic, podiatric, and urological physician care markets in the United States. The Company intends to establish a nationwide subsidiary network and plans to offer physicians the largest selection of competitively priced brand-name DME, and urodynamic diagnostic and treatment products.
For more information, please call (978) 557-1001 or visit www.andovermedical.com.
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. These forward looking statements include the Company’s objective of consolidating businesses to increase revenue, gain efficiencies and increase profit margins; the acquisition serving as the springboard for future growth; position Rainier for strong continued growth; creating overall practice management efficiencies for health care providers; plans to offer physicians the largest selection of competitively priced brand-name DME, and urodynamic diagnostic and treatment products. 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. Contacts
Andover Medical, Inc. Edwin Reilly, 978-557-1001 ereilly@andovermedical.com
