Global Med Technologies(R) Inc. Receives Unsolicited Proposal From Victory Park Capital Advisors, LLC
December 09 2008 - 6:20PM
PR Newswire (US)
DENVER, Dec. 9 /PRNewswire-FirstCall/ -- Global Med
Technologies(R), Inc. ("Global Med" or the "Company") (OTC:GLOB)
(BULLETIN BOARD: GLOB) , an international e-Health, medical
information technology company, today announced that on Tuesday,
December 9, 2008, its board of directors received a letter from
Victory Park Capital Advisors, LLC ("VPC") whereby VPC proposed to
acquire a majority share in, or full ownership of, Global Med. The
proposal received is as follows: December 9, 2008 Global Med
Technologies, Inc. 12600 West Colfax Suite C-420 Lakewood, CO 80215
To the Board of Directors (the "Board"): Victory Park Capital
Advisors, LLC ("VPC" or "we") has been an investor in Global Med
Technologies, Inc. ("GLOB" or the "Company") since September 2007.
In addition, certain principals of VPC have been involved with
investments in GLOB since December 2005 while managing investments
for a previous fund. VPC currently owns the following GLOB
securities: (i) 5,500 preferred equity securities convertible into
5,500,000 shares of common equity at a conversion price of $0.72
per share; (ii) 4,125,000 warrants exercisable into 4,125,000
shares of common equity at a strike price of $0.72 per share; and
(iii) 4,876,765 shares of common equity which were accumulated
primarily through open market purchases. Currently, on an
as-converted, fully-diluted basis we own approximately 29% of the
economic interests in the Company. Since first undertaking our
investment in GLOB, we have continued to be actively and
constructively involved in the Company's success. Over the last
three years, the principals of VPC have completed, amongst other
initiatives, the following: 1. waived various rights under our
preferred equity security in order to facilitate numerous
operational and strategic initiatives; 2. offered $9,000,000 in
debt financings to facilitate two strategic acquisitions; 3.
introduced the Company to Ken Hunt, a current Board member and
shareholder; 4. assisted the Company in expanding its relationship
with the Red Cross; 5. introduced GLOB to additional institutional
investors (including both mutual funds and hedge funds) which
purchased shares of common equity; and 6. assembled a syndicate of
then current and new investors to purchase over 3,300,000 shares of
common equity and common equity equivalents from the Company's
then-largest and highly dissident shareholder. Unfortunately, even
with VPC's loyal strategic and financial support, the Company has
been unable to realize full value as a publicly-traded company. If
the equity markets do not reflect the Company's intrinsic value, we
believe it is incumbent upon the Board to take action to realize
that value for shareholders. Failure to act would only further
destroy shareholder value as the Company continues to incur the
onerous and increasing expenses of being a publicly-traded company.
Therefore, we believe the time has come to explore strategic
alternatives, including a: 1. public auction of the Company for
sale to a strategic or financial buyer; or 2. buyout transaction
led by VPC. VPC is prepared to purchase all of the Company's
outstanding equity securities that VPC does not already own for
$1.10 per share in cash, subject to the completion of limited,
confirmatory due diligence, the negotiation of a definitive merger
agreement and management cooperation. It is our intention to work
closely with the Board to finalize the appropriate financing
package necessary to successfully execute our intentions to operate
the Company as a privately-held entity. We are prepared to move
expeditiously to complete due diligence and begin discussions
regarding appropriate transaction agreements. We look forward to a
productive process as we work with the Board to deliver full value
to the Company's shareholders. We respectfully request that the
Board respond to this letter no later than December 16, 2008.
Sincerely, Richard Levy Managing Principal Victory Park Capital
Advisors, LLC The Board is reviewing the proposal and does not have
any comment with respect to the proposal at this time. About Global
Med Technologies(R), Inc. Global Med Technologies, Inc. is an
international medical software company which develops regulated and
non-regulated software products and services for the healthcare
industry. As a leading provider of blood and laboratory software
applications and services, Global Med's products are deployed in 20
countries and serve over 1,600 transfusion centers, blood banks and
laboratories. Global Med's domestic companies are Wyndgate
Technologies(R), which provides Vein-to-Vein(R) tracking through
its Donor Doc(TM), SafeTrace(R), SafeTrace Tx(R) and ElDorado
Donor(TM) software products; eDonor(R), which provides a web-based
donor relationship management system that integrates recruitment,
scheduling, retention and fulfillment for national as well as local
community blood centers and hospitals; and PeopleMed(TM), Inc.,
which implements cost-effective customized software validation,
consulting and compliance solutions to hospitals and donor centers.
Global Med's European subsidiary, Inlog, SA, is a leading developer
of donor center and transfusion management systems as well as
cellular therapy software, laboratory information systems and
quality assurance medical software systems internationally. Inlog's
products include EdgeBlood*, EdgeTrack*, EdgeCell, EdgeLab and
SapaNet. For more information about Global Med's products and
services, please call 800-996-3428 or visit
http://www.globalmedtech.com/, http://www.peoplemed.com/,
http://www.inlog.com/, http://www.edonor.com/, and
http://www.wyndgate.com/. *FDA 510(k) clearance required prior to
sales in the U.S. This news release may include statements that
constitute forward-looking statements, usually containing the words
"believe," "estimate," "project," "expects" or similar expressions.
These statements are made pursuant to the safe harbor provisions of
the Private Securities Litigation Reform Act of 1995.
Forward-looking statements inherently involve risks and
uncertainties that could cause actual results to differ materially
from the forward-looking statements. By making these
forward-looking statements, the Company undertakes no obligation to
update these statements for revisions or changes after the date of
this news release. (Logo:
http://www.newscom.com/cgi-bin/prnh/20040226/GLOBALMEDLOGO)
http://www.newscom.com/cgi-bin/prnh/20040226/GLOBALMEDLOGO
http://photoarchive.ap.org/ DATASOURCE: Global Med Technologies,
Inc. CONTACT: Michael I. Ruxin, M.D. of Global Med Technologies,
Inc., +1-303-238-2000, ; or investors, Paul Holm, President of
portfolio pr, +1-212-888-4570, , for Global Med Technologies, Inc.
Web site: http://www.globalmedtech.com/
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