Great news from one of my favorite tiny companies, .37 on the offer:
Versus Technology And Hillenbrand Industries Sign License And Stock Purchase
Agreements Negotiations Underway On Supply And Engineering Services Agreements
TRAVERSE CITY, Mich., Sept. 7 /PRNewswire/ --
Versus Technology, Inc. (OTC Bulletin Board: VSTI) announced today it has
entered into a non-exclusive Patent License Agreement with Hill-Rom Company,
Inc., a subsidiary of Hillenbrand Industries, Inc., (NYSE: HB) under which
Hill-Rom has been granted a limited license under certain of Versus' patent
rights. Concurrently with the signing of the license agreement, Hillenbrand
and Versus entered a Stock Purchase Agreement, under which Hillenbrand
purchased 2,500,000 shares of Versus' common stock, coupled with a three year
warrant to purchase an additional 2,500,000 shares of Versus stock, and a
registration rights agreement. Total consideration paid to Versus under the
license agreement and stock purchase agreement was $2,325,000.
"I am very pleased to enter an alliance with a company of Hillenbrand's
stature," said Gary Gaisser, CEO of Versus Technology. "We feel our
technology will add value to their existing products and allow Hill-Rom to
further expand their product line as Versus introduces new applications for
its cutting-edge locating technology. Simultaneously, the transaction
provides Versus with an enhanced working capital position to support
aggressive business development activities. Versus will continue to meet the
ongoing needs of its existing family of resellers and other Versus customers,
who will also to benefit from its ongoing research and development activities.
It's a win-win for both companies."
"The possibilities for using Versus' technology to enhance Hill-Rom's
healthcare product line are significant," commented Henry Tenarvitz, Chief
Operating Officer for Versus. "While the details of related agreements for
engineering, development, and supply to Hill-Rom of products employing Versus'
technology are still being worked out, initial discussions have already
revealed several areas where Hill-Rom can benefit from the advanced stage of
our technology's development."
"We believe this is the first step in a long-term relationship that will
benefit both parties," observed Mr. Gaisser. "We feel Hillenbrand's
investment in Versus adds to our credibility as the leading developer of IR
and IR/RF technology based tracking and information system products. With
their market presence and our advanced technology, our combined futures should
be prosperous."
Versus Technology, Inc. (http://www.versustech.com ) (Versus) is a
developer of leading-edge technology used for process improvement in the
healthcare, security, government and corporate markets. Versus' core
technology makes locating systems more precise, security systems more
intelligent, data collection routines automatic and asset management systems
more efficient. Versus' systems, which are currently installed in hospitals,
corporate facilities, government facilities and other complexes, permit the
automatic and accurate registry of essential management and business
information. By monitoring the precise location of personnel or equipment and
automatically recording events associated with their locations, the systems
offer real-time asset and staff locating, automatic data collection,
access/egress control and two-way communication capabilities. Versus'
proprietary locating systems are sold primarily through an expanding
international network of resellers who market Versus' products as enhancements
to their existing product lines. In addition to the reseller network, Versus
is also represented in Canada by an independent sales agent.
Safe Harbor Provision
This document may contain forward-looking statements relating to future
events, such as the development of new products, the commencement of
production or the future financial performance of the Company. These
statements fall within the meaning of forward-looking information as defined
in the Private Securities Litigation Reform Act of 1995. These statements are
subject to a number of important risks and uncertainties that could cause
actual results to differ materially including, but not limited to, economic,
competitive, governmental and technological factors affecting the Company's
markets and market growth rates, products and their rate of commercialization,
services, prices and adequacy of financing and other factors described in the
Company's most recent annual report on Form 10-KSB filed with the Securities
and Exchange Commission, which can be reviewed at sec.gov . The
Company undertakes no obligation to update, amend or clarify forward-looking
statements, whether because of new information, future events or otherwise.
SOURCE Versus Technology, Inc.
-0- 09/07/2000
/CONTACT: Gary T. Gaisser, Chief Executive Officer, or Robert Butler,
Chief Accounting Officer, 231-946-5868, both of Versus Technology, Inc./
/Web site: versustech.com /
(HB VSTI)
CO: Hillenbrand Industries, Inc.; Versus Technology, Inc.; Hill-Rom Company
ST: Michigan
IN: CPR HEA MLM
SU: LIC |
