ARYN .007 very intersting news - shell buying a company - could be a nice runner for a bag or 5 NITE pushing it down a bit now
Archer Acquires Ocumed Group, Inc.
Archer Acquires Ocumed Group, Inc.
ROSELAND, N.J., Aug 16, 2001 (BUSINESS WIRE) -- Archer Systems Limited Inc (otc
bb:ARYN) today announced that it had acquired 100% of the capital stock of
Ocumed Group, Inc.
Based in Roseland, Ocumed is a privately held, specialty pharmaceutical company
which has been manufacturing and distributing sterile ophthalmic solutions and
related products since 1986.
The acquisition involves an exchange of a combination of shares of Archer's
restricted common stock and subordinated promissory notes for all Ocumed's
outstanding common stock. Ocumed Group Inc. will operate as a wholly-owned
subsidiary of Archer. Ocumed's management team, headed by Alfred R. Caggia, its
Chairman and CEO and Paul G. Filipek, Ocumed's Treasurer and CFO were named as
President and CEO and Secretary/Treasurer and CFO of Archer respectively. They
have assumed operating and financial control of Archer.
Ocumed produces and sells a broad range of ophthalmic products for both the
prescription ("Rx") and over-the-counter (OTC) pharmaceutical markets. These
products support lens care and eye care as well as diagnostic, surgical and
therapeutic ophthalmic applications.
Ocumed's manufacturing and distribution facilities consist of over 35,000 sq.
ft. of sterile manufacturing and laboratory operations in Roseland and Sarasota,
FL., together with 10,000 sq. ft. of warehousing and administrative offices
including decentralized packaging and distribution facilities located throughout
the United States and Canada. Ocumed recorded sales of $5.6 million as reported
in its 2000 year-end audited statements, reflecting an increase over previous
year's results of $4.5 million in sales.
Ocumed markets and distributes its branded product lines nationally through
major drug chains, wholesalers, hospitals, surgi-centers and related buying
groups as well as internationally to selective markets. Ocumed's products are
focused on a group of patented and proprietary drug delivery systems for
applications in surgery, diagnostics, therapy, and lens care in the ophthalmic
field. These product lines include; OPHTHA-DOSE P.F.(TM) a preservative free
unit of use dispenser for eye drops, OCUREST(TM), a patented multi-dose
dispenser for prescription (Rx) and over-the-counter (OTC) ophthalmic
applications, and MINI-MED(TM), a controlled dispenser system for delivering
highly accurate quantities of drugs.
According to Archer's new management team, "This acquisition is the first and
most important step in our business strategy to grow the company and increase
shareholder value. This new corporate structure offers Ocumed a powerful
currency that enables us to expand an already established business. We expect,
as a public company, to have better access to the capital markets. In addition,
Ocumed has identified and targeted several business opportunities that we can
now incorporate into our over all expansion and acquisition strategy and further
accelerate the growth and value of our company,"
SAFE HARBOR
This release may contain forward-looking statements or inferences that are made
pursuant to the safe harbor provisions of the Private Securities Litigation
Reform Act of l995. Forward-looking statements involve known and unknown risks
and uncertainties, which may cause the Company's actual results in future
periods to differ materially from forecast results. A number of factors,
including availability of sufficient capital, inflation, demand for ophthalmic
products, interest rates and absence of labor disputes could adversely affect
the Company's ability to obtain these results. Certain of these risks may be
described in the Company's filings with the Securities and Exchange Commission
("SEC"). Copies of the Company's SEC filings are available from the SEC or may
be obtained upon request from the Company. The Company does not undertake any
obligation to update the information contained herein which speaks only as of
this date.
CONTACT: Ocumed Group, Inc.
Alfred Caggia
Paul Filipek
(973) 226-2330
or
Richard E. Spencer
Investor/Shareholder
Communications
(888) 321-8922
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-0-
KEYWORD: NEW JERSEY
INDUSTRY KEYWORD: PHARMACEUTICAL
MEDICAL
MERGERS/ACQ
SOURCE:
Ocumed
Group,
Inc.
STOCK SYMBOLS: [(aryn)] |
