Medtronic Acquires Remaining Shares of CryoCath Technologies Inc.
MINNEAPOLIS and MONTREAL, QUEBEC – Medtronic, Inc. (NYSE: MDT) and CryoCath® Technologies Inc. (TSX: CYT) announced today that Medtronic has acquired the 1,574,488 shares of CryoCath not already owned by it by exercising its right to compulsorily acquire the CryoCath shares under Section 51 of the Companies Act (Québec). The compulsory acquisition followed an offer dated October 3, 2008 for all of the CryoCath shares at a price of Cdn. $8.75 per CryoCath share, which had been accepted by shareholders holding approximately 96.3 percent of the CryoCath shares.
As a result, CryoCath is now 100 percent owned by Medtronic. Accordingly, CryoCath intends to make an application to have the CryoCath shares delisted from the Toronto Stock Exchange and has applied to securities regulators to cease to be a reporting issuer under applicable Canadian securities laws.
Medtronic, Inc. (www.medtronic.com), headquartered in Minneapolis, is the global leader in medical technology -- alleviating pain, restoring health, and extending life for millions of people around the world.
CryoCath Technologies Inc. (www.cryocath.com) is a medical technology company that leads the world in cryotherapy products to treat cardiac arrythmias. The Company’s flagship product, Arctic Front®, is a minimally invasive cryo-balloon catheter designed specifically to treat Atrial Fibrillation. Marketed in Europe and the subject of a pivotal study in the United States and Canada, Arctic Front has been used to treat approximately 3,100 patients. Arctic Front is not approved for marketing or sales in the United States or Canada.
Any forward-looking statements are subject to risks and uncertainties. Medtronic cautions readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information. Forward looking statements include, but are not limited to, statements about the benefits of the acquisition, including future financial and operating results, post-acquisition plans, objectives, expectations and intentions and other statements that are not historical facts. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: the risk that the businesses will not be integrated successfully; the risk that the cost savings and any other synergies from the acquisition may not be fully realized or may take longer to realize than expected; disruption from the acquisition making it more difficult to maintain relationships with customers, employees or suppliers; and competition and its effect on pricing, spending, third-party relationships and revenues. Additional factors that may affect future results are contained in Medtronic’s Annual Report on Form 10-K for the year ended April 25, 2008. Actual results may differ materially from anticipated results. Medtronic disclaims any obligation to update and revise statements contained in this release based on new information or otherwise.
CryoCath Safe Harbor
This press release includes “forward-looking statements” that are subject to risks and uncertainties, including with respect to the timing of regulatory trials and their outcome. For information identifying legislative or regulatory, economic, climatic, currency, technological, competitive and other important factors that could cause actual results to differ materially from those anticipated in the forward looking statements, see CryoCath’s annual report available at www.sedar.com under the heading Risks and Uncertainties in the Management’s Discussion and Analysis section.
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