Colorado Medtech, Inc. Announces Sale of Common Shares
Business Wire - November 04, 1998 13:48
BOULDER, Colo.--(BW HealthWire)--Nov. 4, 1998--
Colorado MEDtech, Inc. (NASDAQ - CMED), a Boulder, Colorado-based medical products and outsourcing services company, announced that it has completed the sale of 3,560,000 shares of CMED common stock held by Vencor, Inc.
CMED purchased 655,000 shares and a number of institutional investors purchased 2,905,000 shares. Advest, Inc. acted as managing agent for the sale. The repurchase of 655,000 shares by CMED replaced the Company's previously announced plan to repurchase 300,000 shares in open market transactions.
"We are pleased to have increased our institutional ownership to approximately 30%," said John V. Atanasoff, President and Chief Executive Officer of Colorado MEDtech, Inc. "Although Vencor is no longer an investor in CMED, we hope to continue our close working relationship."
Colorado MEDtech, Inc. filed an S-3 Registration Statement in late September to enable Vencor to sell these shares as part of Vencor's announced strategy to sell non-strategic assets.
Colorado MEDtech, Inc., through its wholly-owned affiliates and operating divisions, is a leading full-service provider of advanced medical products and comprehensive outsourcing services for medical device and pharmaceutical companies.
Information contained in this release is intended to clarify news issued yesterday.
CONTACT: Colorado MEDtech, Inc.
John V. Atanasoff or Bruce L. Arfmann, 303/530-2660
Fax: 303/581-1010
Website: www.cmed.com
Email: cmedinfo@cmed.com |
