STEWARTVILLE, Minn.,
Jan. 12, 2011 /PRNewswire/ --
Rochester Medical Corporation (Nasdaq: ROCM) today announced it had
reached an agreement with Fornix N.V. to purchase from Fornix its
wholly owned subsidiary Laprolan B.V., a medical supplies
distribution company located in Beuningen, The Netherlands. Laprolan distributes
wound care, ostomy care and urology products into the Dutch market
and had unaudited revenues of approximately euro 8.0 million (approximately $10.5 million) in calendar 2010.
Under the agreement, Rochester Medical will pay approximately
euro 10.35 million (approximately
$13.73 million) in cash for the
shares of Laprolan B.V. The transaction is subject to
approval by the shareowners of Fornix N.V., which will convene an
extraordinary general meeting of shareholders for such purpose as
soon as possible with the aim to complete the transaction soon
thereafter. The transaction is expected to close at the
latest by May 31, 2011, but will have
a retroactive effective date of January 1,
2011.
Commenting on today's announcements, Rochester Medical CEO and
President Anthony J. Conway said,
"This acquisition when completed fits nicely with our ongoing plan
to expand our direct branded presence in mainland Europe. Laprolan has provided quality
products and service to its customers in the Netherlands for 25 years, including
Rochester Medical's products for the past 16 years. Laprolan
has distribution rights to market leading products in wound care,
ostomy care and urology products in the
Netherlands and its product lines and sales presence are a
welcome addition to the Rochester Medical product offering and
team."
Conway concluded, "I am extremely pleased with this opportunity
for Rochester Medical, and we look forward to completing this
acquisition and making it a successful part of our future."
Rochester Medical plans to discuss the acquisition of Laprolan
further during its first quarter 2011 earnings conference call
scheduled for January 25, 2011.
This press release contains "forward-looking statements" with
the meaning of the Private Securities Litigation Reform Act of
1995. Such statements include, but are not limited to,
statements about the expected completion of the acquisition and
financial results of Laprolan. Such statements are based on
currently available information, operating plans and management's
expectations about future events and trends. Such statements
inherently involve significant risks and uncertainties that could
cause actual results to differ materially from those predicted in
such forward-looking statements, including the uncertainty of
estimated revenues and profits, the uncertainty of current economic
conditions, and other risk factors listed from time to time in the
Company's SEC reports and filings, including, without limitation,
the section entitled "Risk Factors" in the Company's Annual Report
on Form 10-K for the year ended September
30, 2010. Readers are cautioned not to place undue
reliance on any such forward-looking statements, which speak only
as of the date they are made. The Company undertakes no
obligation to update any forward-looking statements, whether as a
result of new information, future events or otherwise.
Rochester Medical Corporation develops, manufactures, and
markets disposable medical catheters and devices for urological and
continence care applications. The Company markets under its
own Rochester Medical® brand and under existing private label
arrangements.
For further information, please contact Anthony J. Conway, President and Chief Executive
Officer or David A. Jonas, Chief
Financial Officer of Rochester Medical Corporation at (507)
533-9600. More information about Rochester Medical is
available on its website at http://www.rocm.com. More
information about Laprolan B.V. is available at www.laprolan.nl.
SOURCE Rochester Medical Corporation