MADISON HEIGHTS, Mich.,
June 19, 2017 /PRNewswire/
-- InfuSystem Holdings, Inc. (NYSE MKT: INFU)
("InfuSystem" or the "Company"), a leading national provider of
infusion pumps and related services for the healthcare industry in
the United States and Canada, announced today that its Board of
Directors, with the assistance of legal counsel, has carefully
reviewed 22NW Fund, LP's unsolicited proposal and determined that
the $2.00 per share proposal is
inadequate and that pursuing such a transaction at the present time
is not in the best interests of InfuSystem's
stockholders. Accordingly, the Board of Directors has rejected
22NW Fund's proposal.
Gregg Lehman, chairman of the
board of InfuSystem commented, "We formed an Office of the
President on May 18, 2017. Since that
time, we have focused on and made substantial progress improving
three areas of the business: cash collections, finance (bank debt,
liquidity) and IT operations (increasing the operating leverage
from our past IT investments). We firmly believe that these
initiatives, if given adequate time, will improve the Company's
operations and deliver substantial value to shareholders from the
current levels."
This communication does not constitute an offer to sell or the
solicitation of an offer to buy any securities or a solicitation of
any vote or approval.
About InfuSystem Holdings, Inc.
InfuSystem Holdings,
Inc. is a leading provider of infusion pumps and related services
to hospitals, oncology practices and other alternate site
healthcare providers. Headquartered in Madison Heights, Michigan, the Company
delivers local, field-based customer support and also operates
Centers of Excellence in Michigan,
Kansas, California, Texas, Georgia and Ontario,
Canada. The Company's stock is traded on the NYSE MKT under
the symbol INFU.
Forward-Looking Statements
Statements made in
this press release that are not historical facts are considered to
be forward-looking statements within the meaning of Section 27A of
the Securities Act of 1933, as amended (the "Securities Act") and
Section 21E of the Securities Exchange Act of 1934, as amended (the
"Exchange Act"). The words "believe," "may," "will," "estimate,"
"continue," "anticipate," "intend," "should," "plan," "expect,"
"strategy," "future," "likely," variations of such words, and other
similar expressions, as they relate to the Company, are intended to
identify forward-looking statements. However, the absence of these
words or similar expressions does not mean that a statement is not
forward-looking. Forward-looking statements include statements
relating to future actions, business plans, objectives and
prospects, future operating or financial performance. In connection
with the "safe harbor" provisions of the Private Securities
Litigation Reform Act of 1995, the Company is identifying certain
factors that could cause actual results to differ, perhaps
materially, from those indicated by these forward-looking
statements. Those factors, risks and uncertainties include, but are
not limited to, potential changes in overall healthcare
reimbursement, including CMS competitive bidding, sequestration,
concentration of customers, increased focus on early detection of
cancer, competitive treatments, dependency on Medicare Supplier
Number, availability of chemotherapy drugs, global financial
conditions, changes and enforcement of state and federal laws,
natural forces, competition, dependency on suppliers, risks in
acquisitions & joint ventures, U.S. Healthcare Reform,
relationships with healthcare professionals and organizations,
technological changes related to infusion therapy, dependency on
websites and intellectual property, the ability of the Company to
successfully integrate acquired businesses, dependency on key
personnel, dependency on banking relations and covenants, and other
risks associated with our common stock, as well as any litigation
to which the Company may be involved in from time to time; and
other risk factors as discussed in the Company's annual report on
Form 10-K for the year ended December 31,
2016 and in other filings made by the Company from time to
time with the Securities and Exchange Commission, including our
quarterly reports on Form 10-Q. Our annual report on Form 10-K is
available on the SEC's EDGAR website at
www.sec.gov, and a copy may also be obtained by
contacting the Company. All forward-looking statements made in this
press release speak only as of the date hereof. We do not intend,
and do not undertake any obligation, to update any forward-looking
statements to reflect future events or circumstances after the date
of such statements, except as required by law.
Additional information about InfuSystem Holdings, Inc. is
available at www.infusystem.com.
CONTACT:
|
Gregg
Lehman
|
|
Executive Chairman –
InfuSystem Holdings, Inc.
|
|
615-567-5462
|
|
|
|
Joe Dorame, Joe Diaz
& Robert Blum
|
|
Lytham Partners,
LLC
|
|
602-889-9700
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/infusystems-board-of-directors-rejects-22nw-funds-unsolicited-proposal-as-inadequate-300476268.html
SOURCE InfuSystem Holdings, Inc.