NORTH ANDOVER, Mass.--(BUSINESS WIRE)--Andover Medical, Inc. (AMI) (OTCBB:ADOV.OB - News) announced today (November 6, 2006) it has entered into a letter of intent to acquire SRS Medical Systems, Inc. of Billerica, Massachusetts. SRS Medical is a technology leader in the area of non-invasive devices for incontinence, a condition that affects 30,000,000 people worldwide, most of whom are women.
This will represent AMI’s first acquisition in the incontinence and women’s health markets and further the Company’s strategy of consolidating businesses concerned with medical care of aging populations.
According to Kevin M. Connolly, CEO, this acquisition will position SRS Medical for strong continued growth: “We are excited to be part of Andover Medical’s ambitious strategy. We recently completed the acquisitions and development that were required to assemble the industry’s most comprehensive and innovative product suite for the diagnosis and conservative treatment of incontinence. Our deal with AMI will provide us with the resources to effectively deliver and support these products.”
About SRS Medical
SRS Medical is a privately held Delaware corporation that manufactures proprietary medical devices for the diagnosis and conservative treatment of incontinence, a condition that affects the quality of life of over 30,000,000 adults worldwide. SRS Medical serves physicians and patients throughout the world with facilities on both the West Coast and East Coast.
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: this acquisition will position SRS Medical for strong continued growth; and our deal with AMI will provide us with the resources to effectively deliver and support these products; 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.
Contact: Andover Medical, Inc. Edwin Reilly, 978-557-1001 ereilly@andovermedical.com
Source: Andover Medical, Inc.
