HealthTronics Sells Its Orthopaedic ESWL Business for $10.4 Million
August 02 2005 - 12:19PM
Business Wire
HealthTronics, Inc. (NASDAQ:HTRN) today announced the sale of its
Orthopaedic Electrocorporeal Shockwave Lithotripsy ("ESWL") assets
to SanuWave, Inc., a privately held company established by Prides
Capital, for $10.4 million. The purchase price is payable in the
form $6.4 million of cash at closing and of $4.0 million long-term
promissory notes. HealthTronics' President & CEO, Brad A.
Hummel, commented, "We have a high degree of confidence in the
efficacy of our Orthopaedic ESWL technology and its appeal to a
large patient population seeking effective therapy. However, the
resources required to fully develop this market would detract from
our focused efforts to improve our core Urology business lines and
efficiently integrate and operate it. This is a positive outcome
for HealthTronics that preserves the emerging Orthopaedic Shockwave
industry that we helped build. We are very pleased that the buyer
is familiar with the industry, shares our enthusiasm for its long
term future and is prepared to devote the time and capital
necessary to fully develop this opportunity." Chris Puscasiu,
President & CEO of SanuWave, noted: "We are excited about
SanuWave's FDA approved leading orthopedic technology and the
future growth prospects in the therapeutic shock wave industry.
With our motivated staff and strong capital backing, we are now
well-positioned to execute SanuWave's long-term strategy of
becoming the leading provider of non-urological shockwave
treatment." SanuWave is controlled by Prides Capital Partners, LLC.
About HealthTronics, Inc. HealthTronics provides healthcare
services, primarily to the urology community, and manufactures
medical devices as well as specialty vehicles used for the
transport of high technology medical and broadcast &
communications equipment. For more information, visit
www.healthtronics.com. About SanuWave, Inc. SanuWave, headquartered
in Marietta, GA, provides non-invasive surgical solutions for
orthopaedic conditions such as chronic plantar fasciitis and
chronic lateral epicondylitis, more commonly known as heel pain and
tennis elbow, respectively. For more information, please visit
www.sanuwave.com. About Prides Capital Partners, LLC Prides
Capital, based in Boston, MA and San Francisco, CA, specializes in
strategic block, active investing in small- and micro-cap public
and private companies. In partnership with its management teams,
Prides seeks to create value through strategic, operational and
financial assistance. For more information visit
www.pridescapital.com. Statements by HealthTronics' management in
this press release that are not strictly historical, including
statements regarding plans, objective and future financial
performance, are "forward-looking" statements that are made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Although HealthTronics believes that
the expectations reflected in such forward-looking statements are
reasonable, no assurance can be given that the expectations will
prove to be correct. Factors that could cause actual results to
differ materially from HealthTronics' expectations include, among
others, the existence of demand for and acceptance of
HealthTronics' services, economic conditions, the impact of
competition and pricing, financing efforts and other factors
described from time to time in HealthTronics' periodic filings with
the Securities and Exchange Commission.
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