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AdvanSource Biomaterials Corporation Enters Into a Definitive Agreement to Sell Substantially All of Its Assets to a Subsidiary of Mitsubishi Chemical AmericaPress Release | 11/25/2019

AdvanSource Biomaterials Corporation (OTC: ASNB) (“AdvanSource” or the “Company”), a materials technology company specializing in medical grade polymers for long and short term applications, announced today that it has entered into a definitive Asset Purchase Agreement with Mitsubishi Chemical Performance Polymers, Inc. (“Mitsubishi Chemical Performance Polymers” or “MCPP”), a subsidiary of Mitsubishi Chemical America, Inc. and its shareholder, Mitsubishi Chemical Corporation, to sell substantially all of its assets to Mitsubishi Chemical Performance Polymers for a price of $7.25 million in cash (the “Transaction”).

“This transaction offers our shareholders a meaningful premium,” said Michael Adams, CEO of AdvanSource. “We are confident that Mitsubishi Chemical Performance Polymers will expand the solutions and capabilities offered to AdvanSource’s customers while maintaining the service they have come to expect.”

“The joining of AdvanSource and Mitsubishi Chemical Performance Polymers provides an excellent pathway for Mitsubishi Chemical Performance Polymers to accelerate its product development efforts and penetration into the specialty medical resins market segment,” stated Steve Gregory, President of Mitsubishi Chemical Performance Polymers. “We are excited about the possibilities this transaction will provide for Mitsubishi Chemical Performance Polymers and the medical market as it leverages core strengths of both companies and is strategically aligned to our objective to be one of the world’s leaders in medical specialty materials solutions.”

The Transaction is subject to the satisfaction or waiver of customary closing conditions, including approval by AdvanSource’s stockholders. The Transaction has been approved by the Board of Directors of both companies and is not subject to any financing conditions. The Transaction is expected to close in the first quarter of 2020. AdvanSource will continue to operate its business in the ordinary course until the Transaction closes.

The description of the Transaction contained herein is only a summary and is qualified in its entirety by reference to the definitive Asset Purchase Agreement relating to the Transaction, a copy of which will be filed by AdvanSource with the Securities and Exchange Commission (the "SEC") as an exhibit to a Current Report on Form 8-K.

AdvanSource estimates that the cash value per stockholder should be approximately $0.20 per share, a 43% premium over the Company’s average closing price during the 90 trading days ending November 22, 2019.

https://www.otcmarkets.com/stock/ASNB/news/AdvanSource-Biomaterials-Corporation-Enters-Into-a-Definitive-Agreement-to-Sell-Substantially-All-of-Its-Assets-to-a-Sub?id=247497