Equidyne Corporation Receives $10 Million From Partial Sale of Rosch AG Medizintechnik Stock
Equidyne's Remaining Holdings in Rosch AG Currently Worth $32 Million
WESTFORD, Mass.--(BUSINESS WIRE)--Aug. 29, 2000--EQUIDYNE CORPORATION (OTCBB:INJX - news) announced today that it has sold 332,000 shares of its Rosch AG Medizintechnik (``Rosch AG'') stock in a private transaction to international funds from the UK, Switzerland and Germany. Equidyne received in excess of $10 million in proceeds from the sale and continues to own a 19.52% (percent) interest in Rosch AG, which is currently worth $32 million based upon yesterday's closing price of Rosch AG as quoted on the Frankfurt Stock Exchange. As part of a voluntary qualified lock-up period following this sale, Equidyne has agreed to not place any of its remaining shares of Rosch AG for sale into the open market from this date through January 31, 2001.
J. Randall Nelson, President and Chief Executive Officer, stated, ``This sale puts Equidyne in a very strong cash position as we continue to expand our production, distribution, and marketing and sales initiatives. Equidyne remains a significant shareholder in Rosch AG and we are committed to working with them to make INJEX(TM) the worldwide leader in needle-free drug delivery systems.''
Nelson added, ``We believe our stock continues to be significantly undervalued given our cash position, initiatives in launching the INJEX(TM) System in the U.S. diabetes market and the value of our ownership of Rosch AG which is currently worth $32 million. We have already repurchased approximately 100,000 shares of Equidyne stock under our previously announced stock buy back plan, and will continue to make open market purchases in the future.''
Equidyne Corporation (www.equidyne.com), through Equidyne Systems, Inc., a wholly-owned subsidiary based in San Diego, California, and Rosch AG Medizintechnik, its partially-owned investment based in Berlin, Germany (Additional information at: www.roeschnet.com), is focused on becoming the worldwide leader in needle-free drug delivery systems for subcutaneous and intramuscular injections. Equidyne is responsible for the U.S., Canada, South America and the Asian markets while Rosch AG is responsible for the European market. The INJEX(TM) needle-free injector is a compact, uncomplicated device that delivers a virtually painless injection through the skin in a fraction of a second, and eliminates needle stick and disposal problems. For medications requiring injection, we believe the INJEX(TM) System is by far the most comfortable and economical product on the market.
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