Jim, Got to love THAT chick from THATlook.com but got to love this more, letting the Germans buy first in a.m. News after the dinger. Check it out. See ya at the top of the grade easy point I think.
thatlook.com to Acquire Breast Implant Distributor
Business Editors/Health & Medical Writers
STROUDSBURG, Pa.--(BW HealthWire)--Sept. 11, 2000--thatlook.com
(OTC-BB:THAT) today announced that it has signed a Letter of Intent to
acquire Hutchison International, Inc., of Baton Rouge, Louisiana, for
3 million shares. The closing of the acquisition will occur upon
completion of thatlook's due diligence work and the signing of the
Definitive Acquisition Agreement. Management of thatlook.com estimates
that this work will be completed by sometime near the end of the
current year.
Hutchison International is the exclusive North American
distributor of breast implants developed and manufactured by Biosil
Ltd. of the United Kingdom. The Biosil breast implants currently have
the number one market position in both the United Kingdom and Spain,
and have the number two position in all of Europe.
Hutchison is nearing completion of the clinical studies required
to receive Food and Drug Administration (FDA) approval to market the
Biosil implants in the United States, with over 2,000 patients
currently enrolled. Hutchison expects to present the studies for FDA
review in approximately 3 - 4 months. Based upon historical approval
times for medical devices of this type, Hutchison expects to receive
marketing approval within approximately six months of its
Pre-Marketing Approval application.
The market for breast implants in the United States is currently a
duopoly, shared by Inamed Corp. (NASDAQ: IMDC) and Mentor Corp.
(NASDAQ:MNTR). According to the American Society of Plastic Surgeons
(www.plasticsurgery.org) there were over 167,000 breast augmentation
surgeries in the United States in 1999, and this market has been
growing at a 26% compound annual rate since 1992. At an average
selling price to the doctor of $1,050, this results in a $175 million
annual market.
Gerard Powell, President of thatlook.com, made the following
observations regarding the pending acquisition: "We are very excited
to have the opportunity to ally ourselves with a well-respected
product in a rapidly-growing, very high gross margin marketplace. We
believe Hutchison will receive the next immediate FDA marketing
approval granted for breast implants. Based on currently available
information, we expect the next implant to be approved after ours will
be at least a year later. This will give us a substantial window of
opportunity to establish the Biosil product as a strong third
competitor in this market.
"Furthermore, this acquisition is a natural extension of our
increasingly dominant position in providing marketing services to
cosmetic surgeons. We believe we can dramatically accelerate the
acceptance and use of the Biosil products by making them available to
our network of doctors. We expect to continue searching for other
products and services we can acquire to leverage with our physician
base.
"Lastly, we are very pleased to be able to add John Hutchison, the
founder of Hutchison International, to our management team. His
ongoing involvement will be an important element in driving our rapid
penetration of this market once we receive the necessary FDA marketing
approvals."
About thatlook.com:
thatlook.com is a direct response, marketing services company
serving a network of physicians that specialize in performing
elective, cosmetic procedures.
Using a combined, multi-media approach, including the Internet,
television, radio, print and direct mail, thatlook.com generates
financially qualified, and purchase-minded patient traffic to its
network of member physicians.
thatlook.com's (OTC-BB: THAT) Internet web site is:
thatlook.com Investor relations information is at:
4-you.com
This News Release may contain "forward-looking statements" within
the meaning of Section 27A of the Securities Act of 1933, and Section
21E of the Securities Exchange Act of 1934. Although the Company
believes that the expectations reflected in such forward-looking
statements are reasonable, it can give no assurance that such
expectations will prove correct.
--30--des/ph*
CONTACT: thatlook.com
by
Zazoff Associates, LLC
Alan Zazoff, 973/515-8515
Zazoff_Alan@msn.com
KEYWORD: PENNSYLVANIA LOUISIANA
INDUSTRY KEYWORD: MEDICAL MEDICAL DEVICES MERGERS/ACQ
Today's News On The Net - Business Wire's full file on the Internet
with Hyperlinks to your home page.
URL: businesswire.com
Sep-11-2000 22:44 GMT
Symbols:
US;THAT
Source BW Business Wire
Regards,
Elwyn |
