Search Warrants Executed by FBI At PolyMedica Subsidiaries in Florida; Normal
Operations Resumed Today
Business Editors
WOBURN, Mass.--(BUSINESS WIRE)--Aug. 22, 2001--PolyMedica
Corporation (NNM: PLMD) reported that agents from the Federal Bureau
of Investigation executed search warrants yesterday at facilities of
PolyMedica's subsidiaries Liberty Medical Supply and Liberty Home
Pharmacy in Florida and served a grand jury subpoena on PolyMedica.
The FBI copied extensive records of the Company. The Company does not
know the extent of the investigation.
Both subsidiaries resumed normal operations this morning. Trading
in PolyMedica's stock was halted yesterday pending dissemination of
this news.
PolyMedica and Liberty are continuing to cooperate fully with the
investigation.
About PolyMedica (www.polymedica.com)
PolyMedica is a rapidly growing national medical products and
services company. The Company is best known through its Liberty
Medical brand name and innovative direct-to-consumer television
advertising to seniors with diabetes. Building on its technology-based
operating platform and compliance management focus, PolyMedica has
expanded its chronic disease business into the respiratory market. In
addition, the Company's AZO line of products addresses female urinary
tract discomfort, where it is the market leader, as well as symptoms
of menopause and incontinence. PolyMedica is included in the Russell
2000 and S&P Small Cap 600 indices.
This press release contains forward-looking statements as that
term is defined in the Private Securities Litigation Reform Act of
1995. Such forward-looking statements are subject to risks and
uncertainties, which could cause actual results to differ materially
from those anticipated. Such risks and uncertainties include, but are
not limited to, outcomes of pending government inquiries and
investigations, continued compliance with government regulations,
unanticipated regulatory changes, changes in Medicare reimbursement,
fluctuations in customer demand, management of rapid growth, intensity
of competition from other healthcare product vendors, timing and
acceptance of new product introductions, general economic conditions
and regulatory changes, as well as other especially relevant risks
detailed in the Company's filings with the Securities and Exchange
Commission, including its Annual Report on Form 10-K for the period
ended March 31, 2001 and its Quarterly Report on Form 10-Q for the
period ended June 30, 2001, and the information set forth herein
should be read in light of such risks. The Company assumes no
obligation to update the information contained in this press release.
--30--es/ny* mw/ny
CONTACT: PolyMedica Corporation, Woburn
Eric G. Walters, 781/933-2020
or
VMW Corporate & Investor Relations, New York
Sylvia A. Dresner, 212/616-6161
info@vmwcom.com
KEYWORD: MASSACHUSETTS FLORIDA
INDUSTRY KEYWORD: BIOTECHNOLOGY MEDICAL MEDICAL DEVICES
PHARMACEUTICAL
SOURCE: PolyMedica Corporation
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