DEER PARK, N.Y., Nov. 23 /PRNewswire-FirstCall/ -- Langer, Inc. (Nasdaq: GAIT, "Langer" or the "Company") announced, in connection with the recent announcement of the appointment of Warren B. Kanders as Chairman of the Board and W. Gray Hudkins as Chief Operating Officer, that it granted Kanders & Company, Inc., a company controlled by Mr. Kanders, options to purchase 240,000 shares of common stock, and granted to Mr. Hudkins 40,000 shares of restricted stock and options to purchase 150,000 shares of common stock. The options are exercisable at $7.50 per share, vesting in three equal annual installments commencing on the first anniversary of the date of grant. The shares of restricted stock granted to Mr. Hudkins will vest in three equal annual installments commencing on the first anniversary of the grant date. In addition, the Board of Directors of the Company approved a May 1, 2005 grant of 100,000 shares of restricted stock to Kanders & Company, provided Mr. Kanders has not resigned as Chairman of the Board, which vest on November 12, 2007.
Langer, Inc., together with its wholly owned subsidiary Silipos Inc., is a leading provider of high quality medical products targeting the orthopedic, orthotic and prosthetic markets. In addition, the Company offers a diverse line of skincare products for the medical and therapeutic markets. The Company sells its products primarily in the U.S. and Canada as well as in more than 30 other countries, to national, regional, international and independent medical distributors and directly to healthcare professionals. Langer is based in Deer Park, New York, and has additional manufacturing facilities in Niagara Falls, NY, Brea, California, Montreal, Canada, Stoke-on-Trent, UK, and sales and marketing offices in Toronto, Canada and New York, New York.
Certain matters discussed in this press release constitute forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those projected. The Company may use words such as "anticipates," "believes," "plans," "expects," "intends," "future" and similar expressions to identify forward-looking statements. These risks and uncertainties are described in the Company's filings with the Securities and Exchange Commission, including the Company's Registration Statement on Form S- 3, its 2003 Form 10-K and most recently filed Form 10-Qs and Form 8-Ks.
Langer, Inc.CONTACT: W. Gray Hudkins, Chief Operating Officer, +1-631-667-1200,ext. 226, or Joseph P. Ciavarella, Vice President and Chief Financial Officer,+1-631-667-1200, ext. 233, both of Langer, Inc.
Web site: http://www.langerinc.com/