Archer Acquires Ocumed Group, Inc.
THURSDAY, AUGUST 16, 2001 11:48 AM
Archer Acquires Ocumed Group, Inc.
ROSELAND, N.J., Aug 16, 2001 (BUSINESS WIRE) -- Archer Systems Limited Inc 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,"
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.
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