NORTH ANDOVER, Mass., Dec. 11 /PRNewswire-FirstCall/ -- Andover Medical, Inc. , a single source provider of orthopedic durable medical equipment ("DME"), announced today that its CEO provided investors with a business update at an investor meeting held on December 5, 2007 in New York City. Material information disclosed at the meeting was included in a Form 8-K filed by the Company on December 6 and can be viewed at http://www.sec.gov.
Edwin Reilly, the CEO of Andover Medical Inc. ("Andover Medical" or the "Company"), provided an overview of the Company's business and discussed recent corporate developments at the meeting. Mr. Reilly stated the Company was in the final stages of negotiating a letter of intent to acquire a DME company that could double the size of Andover Medical by adding approximately $9.5 million in revenues. The CEO also indicated that the Company's pending acquisition of Advanced Technology of Kentucky, Inc. ("ATI") could close within 60 days upon the completion of an unqualified audit and execution of a definitive stock purchase agreement. He went on to say that the Company has made progress in seeking capital and specifically stated his belief that Andover Medical expects to obtain $10,000,000 in bridge financing to fund these two acquisitions.
CEO Edwin Reilly stated, "My recent comments at a New York City investor meeting underscored my optimism about the progress Andover Medical is making in consolidating the fragmented DME space." Reilly continued, "By entering the later stages of closing the pending ATI acquisition and by receiving strong investor interest in financing future potential acquisitions, things are on track to potentially enable us to generate strong 2008 revenue growth."
About Andover Medical Inc.:
Andover Medical, Inc. is building a single source provider of orthopedic durable medical equipment ("DME"). The Company intends to establish a nationwide subsidiary network and plans to offer physicians the largest selection of competitively priced brand-name durable medical equipment. For more information, please call (978) 557-1001 or visit http://www.andovermedical.com and http://www.equityperformancegroup.com/clients_adov.php.
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. 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 Andover Medical 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.
CONTACT: Edwin Reilly, CEO of Andover Medical, Inc.,
ereilly@andovermedical.com; or Investor Relations: Gary Geraci of Equity
Performance Group, +1-617-242-1025, gary@equityperfgp.com, for Andover
Medical, Inc.
Web site: http://www.andovermedical.com/
