O’FALLON, Mo., Oct. 27 /PRNewswire-FirstCall/ -- Synergetics USA, Inc. reiterates that its results released last night were for Synergetics, Inc., a privately held Missouri corporation, for its year ended July 31, 2005. The results and earnings per share data (based on 3,424,030 and 3,443,000 basic and diluted common shares outstanding on July 31, 2005) were pre-merger. As stated in the earlier release, on September 21, 2005, Synergetics, Inc. merged with Valley Forge Scientific Corp. (“Valley Forge”) after the Company’s July 31 fiscal year end. Valley Forge then changed its name to Synergetics USA, Inc. The merger was accounted for as a reverse merger and as such the Company is reporting the financial results of Synergetics, Inc. as the accounting acquirer in the merger in accordance with U.S. generally accepted accounting principles. The results and earnings per share data do not reflect the effect of the combination of the Company and Valley Forge.
About Synergetics USA, Inc.
Synergetics USA, Inc. resulted from the September 2005 combination of Valley Forge Scientific Corp. and Synergetics, Inc., bringing together their respective unique capabilities in bipolar electrosurgical generators and design, and manufacture of microsurgical hand instruments. The Company designs, manufactures and markets medical devices for use primarily in ophthalmic surgery and neurosurgery and for other healthcare applications. Its products are designed and manufactured to support micro or minimally invasive surgical procedures. In addition to its surgical devices and equipment, it designs and manufactures disposable and non-disposable supplies and accessories for use with such devices and equipment. It also manufactures and sells bipolar electrosurgical generators and other generators, based on its DualWave(TM) technology, and complementary instrumentation and disposable products for use in neurosurgery, spine surgery, pain control and in dental applications. The Company sells its products primarily to hospitals, clinics and surgeons in approximately 70 countries.
Forward-Looking Statements
Some statements in this release may be “forward-looking statements” for the purposes of the Private Securities Litigation Reform Act of 1995. In some cases, forward-looking statements can be identified by words such as “believe,” “expect,” “anticipate,” “plan,” “potential,” “continue” or similar expressions. Such forward-looking statements are based upon current expectations and beliefs and are subject to a number of factors. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those indicated in the forward- looking statements, including but not limited to: the effects of local and national economic, credit and capital market conditions on the economy in general, and on the medical device industry in particular, and the effects of foreign exchange rates and interest rates; the ability to timely and cost- effectively integrate the operations and management of Valley Forge and Synergetics Missouri following their merger transaction; the ability to realize the synergies and other perceived advantages resulting from the merger; the ability to retain and attract key personnel; the ability of Synergetics to successfully execute its business strategy; the extent and timing of market acceptance of new products or product indications; the ability of Synergetics to procure, maintain, enforce and defend its patents and proprietary know how; changes in laws, including increased tax rates, regulations or accounting standards, third-party relations and approvals, and decisions of courts, regulators and governmental bodies; the ability of Synergetics to continue to increase customer loyalty; the ability to recoup costs of capital investments through higher revenues; environmental restrictions, soil and water conditions, weather and other hazards, site access matters and building permit issues; the effects of environmental and structural building conditions relating to Synergetics’ properties; acts of war or terrorism incidents; the effects of operating and market competition; and other important factors disclosed previously and from time to time in the Company’s filings with the SEC. The Company undertakes no obligation to update these forward-looking statements.
Company Contact:
Pamela G. Boone, Executive Vice President & CFO
Phone: (636) 939-5100
Synergetics USA, Inc.
CONTACT: Pamela G. Boone, Executive Vice President & CFO of SynergeticsUSA, Inc., +1-636-939-5100
