(COMTEX) Colorado MEDtech Inc.'s largest shareholder increases holdi
Colorado MEDtech Inc.'s largest shareholder increases holding
BOULDER, COLO. (May 28) BW HEALTHWIRE -May 28, 1997--Colorado MEDtech
Inc. (NASDAQ:CMED), a Boulder-based medical products and services
company, today announced that Vencor Inc. (NYSE:VC) exercised its
warrants and purchased an additional 2 million shares of the company's
stock.
With this purchase, Vencor now holds 39% of CMED's outstanding common
stock.
Vencor, a $3 billion long-term healthcare company, owns and operates a
national network of hospitals, nursing centers, and contract service
providers in 46 states. According to John V. Atanasoff, president and
chief executive officer of Colorado MEDtech Inc., Vencor first
purchased an interest in CMED in December, 1993. Michael R. Barr, chief
operating officer, executive vice president, and a director of Vencor,
has served on CMED's board of directors since November, 1993. "We
believe that Vencor's increased holding in Colorado MEDtech is a
reaffirmation of our close working relationship in developing and
manufacturing products for use in Vencor facilities. Since Vencor's
first investment in CMED, we have had 14 consecutive profitable
quarters and have demonstrated our ability to increase sales and to
profitably grow," said Atanasoff.
Colorado MEDtech is an integrated custom product development and
manufacturing services company specializing in the design, development,
and manufacture of electronic and electromechanical products and
software systems for the medical device industry.
--30--MG/dx*
CONTACT: Colorado MEDtech Inc., Boulder
John V. Atanasoff or Bruce L. Arfmann, 303/530-2660
cmed@rela.uucp.netcom.com
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