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Biotech / Medical : GFIH Graham-Field Health Prod
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To: who started this subject9/7/2000 5:30:41 PM
From: leigh aulper   of 84
 
Graham Field Announces the Sale of Prism Technologies Inc

BAY SHORE, N.Y.--(BW HealthWire)--Sept. 7, 2000--Graham Field Health Products, Inc. (OTC: GFIHQ) announced today that the company has completed the sale of its Prism Technologies subsidiary (San Antonio, TX). for $21.5 million, subject to adjustments. The buyer was a Prism management lead group of investors. While Prism had represented a profitable segment in Graham Field's business portfolio, it was not a core business as the company moved forward in its mainstream Homecare and Med-Surg product lines. This planned divestiture had been a significant objective for Graham Field's new management team since the company entered Chapter 11 late last year, and only recently received the required court approvals.

The Prism sale represents a key turning point in Graham Field's restructuring plan as it works towards emerging from its Chapter 11 proceedings. The sale also resulted in an infusion of cash into Graham Field, after the retiring of debts in conjunction with the sale.

According to David Hilton, Graham-Field's CEO, "...the timing of this transaction could not come at a more opportune time. Medtrade 2000, our industry's largest annual trade show, is only a month away and it is our intent to demonstrate to the marketplace that Graham Field remains a player in the market and our customer base will continue to have choices available to them."
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