To: SSP who wrote (8760 ) 9/1/1999 4:45:00 PM From: SSP Respond to of 150070
LANCASTER--(BUSINESS WIRE)--Sept. 1, 1999--Medical Technology & Innovations, Inc. (OTC Bulletin Board: MTEN) announced today that certain matters have been raised in completing the financing and due diligence which have caused delays in the closing of the Burton transaction. MTEN's senior management and financial advisors are continuing to work forward in anticipation of closing this transaction. Burton, established in 1947, is one of the nation's leading designers, manufacturers and distributors of optometry and ophthalmology equipment to domestic and international markets. Commenting on the transaction, MTEN Chairman and CEO Jeremy P. Feakins said, "We are continuing to work forward to come to a successful completion and closing of the Burton transaction as soon as possible. "The delays have not dampened our enthusiasm for the transaction and we are hopeful of being able to resolve these matters and complete the closing in the near term. MTEN and Burton management both share the same belief that a combination of the companies is a strategic alliance." Medical Technology & Innovations, Inc. is the parent company of Medical Technology, Inc., which manufactures and distributes the MTI PhotoScreener(TM), an FDA cleared vision screening camera designed to detect conditions that can lead to amblyopia ("lazy eye") and other eye disorders in infants and young children. Its other subsidiary, Steridyne Corporation acquired in August 1996, distributes digital and glass thermometers, and manufactures and distributes probe covers, sheaths, and anti-decubitus devices for hospitals, medical offices, nursing homes and retail outlets. Note: This News Release contains certain "forward-looking" statements as such term is defined in the Private Securities Litigation Reform Act of 1995 and information relating to the Company and its subsidiaries that are based on the beliefs of the Company's management as well as assumptions made by and information currently available to the Company's management. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including, without limitations, competitive factors, general economic conditions, customer relations, relationships with vendors, the interest rate environment, governmental regulation and supervision, seasonality, distribution networks, product introductions and acceptance, technological change, changes in industry practices, and one-time events. Should any one or more of these risks or uncertainties materialize, or should any underlying assumptions prove incorrect, actual results may vary materially from those described herein. --30--CF/ph* CONTACT: Medical Technology & Innovations, Inc., Lancaster Dennis Surovcik, SVP/CFO, 800/277-1710 Fax: 717/892-6788 mten.com