I-Flow Corporation Announces Signing Of Definitive Agreement
IRVINE, Calif., July 9 /PRNewswire/ -- I-FLOW Corporation (Nasdaq: IFLO) today
announced that it has signed a definitive agreement to acquire substantially all of the assets of
Block Medical, Inc., a wholly-owned subsidiary of Hillenbrand Industries, Inc. (NYSE: HB).
Block Medical, which manufactures portable infusion devices for the alternative site market, is
headquartered in San Diego, California, and has a manufacturing facility in Northern Mexico.
Block Medical's revenues for the fiscal year ended December 2, 1995 were approximately $13.5
million. Closing of the transaction is subject to several conditions including anti-trust regulatory
approval and the receipt of funds from a lending institution. The Company believes its cash
reserves plus the funds expected from a lending institution will be sufficient to complete this
purchase.
As previously reported, the terms of the agreement call for I-Flow to acquire the Block Medical
assets for approximately $15 million in cash, $2 million of I-Flow common stock, and five-year,
non-callable warrants to acquire 250,000 shares of I-Flow common stock with an exercise price
equal to that of I-Flow's common stock price at the closing date.
I-FLOW Corporation designs, develops, and markets technically advanced ambulatory infusion
systems that administer antibiotics, analgesics, chemotherapeutic agents, hormones, nutrients,
hydration therapies and other medical treatments to patients. The Company's products are
designed for portability, convenience, reliability, economy, and technical sophistication so that
state-of-the-art health care can be delivered at both alternate care sites and in the hospital.
/CONTACT: Gayle L. Arnold, Chief Financial Officer, 714-553-0888, or Lou Alkana, Silverman
Heller Associates, 310-208-2550/ |
