ATLANTA, Feb. 2 /PRNewswire-FirstCall/ -- CryoLife, Inc. , an implantable biological medical device and cardiovascular tissue processing company, announced today that it has purchased approximately 740,000 additional shares of Medafor's common stock from Medafor shareholders for $2.00 per share. Based on the most recent information available to CryoLife, the company now owns approximately 11 percent of Medafor and continues to be Medafor's largest shareholder. CryoLife has proposed acquiring the remaining outstanding common stock of Medafor for $2.00 per share in a combination of cash and CryoLife stock, subject to completion of reasonable due diligence.
"We continue to believe that CryoLife has the resources and financial strength to help maximize the potential of Medafor's hemostatic technology and related products for the benefit of shareholders and patients," said Steven G. Anderson, CryoLife's chairman, president and chief executive officer. "We have provided a full and fair proposal to Medafor to acquire the company and have asked the Medafor board to engage in negotiations with us in order to realize the greatest value for its shareholders. Our objective is still to enter into a friendly negotiation with Medafor's management and board and we hope to hear from them soon. However, in the event that Medafor's board continues to drag its feet, we will evaluate all of our options including the right to call a special shareholders meeting that our increased stake affords us."
ADDITIONAL IMPORTANT INFORMATION
This announcement is provided for informational purposes only and is not an offer to purchase nor a solicitation of an offer to sell shares of Medafor or CryoLife. Subject to future developments, CryoLife may file a registration statement and/or tender offer documents and/or proxy statement with the SEC in connection with the proposed combination. Shareholders should read those filings, and any other filings made by CryoLife with the SEC in connection with the combination, as they will contain important information. Those documents, if and when filed, as well as CryoLife's other public filings with the SEC, may be obtained without charge at the SEC's website at www.sec.gov and at CryoLife's website at www.cryolife.com.
About CryoLife, Inc.
For additional information about the company, visit CryoLife's Web site:
www.cryolife.com.
CryoLife, Inc.
