AWT Signs Agreement with Medical Equipment Distribution Company
Acquisition target agrees to acquisition terms with AWT
SOMERSET, N.J., Nov. 27 /PRNewswire-FirstCall/ -- AWT, Inc. (Pink Sheets: AWTM), announced that it has signed agreements that will facilitate its acquisition of a local medical supply and medical equipment distribution company.
The Standstill Agreement allows for AWT and its acquisition partner to continue with business as usual and complete the necessary documents for the closing of the transaction and the financing earlier announced. 'A Standstill Agreement, as both of our companies have agreed, is mutually binding in the fact that we do not go around each other to clients and we do not shop the terms of this deal to rivals. It gives both companies the ability to complete and close the transaction,' commented Christopher J. Neill, AWT's CEO. Furthering his comment, 'Both companies are interested in a smooth transition to a larger organization and resourceful expansion.'
The target company is a New Jersey-based medical equipment distributor and general medical supply company which provides capital equipment to acute care and long term care facilities.
The purchase price to be paid will be a combination of cash and restricted shares of AWT common stock subject to registration rights. The number of AWT shares has been determined, and additional contracts for Earnout have been discussed based on AWT's share price on the one year anniversary of the closing date. Closing of the acquisition is anticipated to occur by year end to early January.
Under the agreements, both companies are unable speak directly regarding the specific terms prior to the closing of the acquisition.
ABOUT AWT, INC.
AWT Inc, headquartered in Somerset, New Jersey, with locations in the USA and Saudi Arabia, is a rapidly expanding durable medical equipment and supply company. It distributes state-of-the-art medical equipment to the healthcare industry, as well as general supplies.
AWT Inc is committed to a more traditional personal service commitment to healthcare and cost efficiencies for clients, providing superior service and products to the healthcare world at the lowest possible price and with delivery times superior to any in the industry. It is equally committed to always exceeding customer expectations and to increasing shareholder value.
Disclaimer:
CAUTIONARY STATEMENT ABOUT FORWARD-LOOKING STATEMENTS
The business consulting and strategic consulting services described in this press release have not been completed for AWTM at the time of writing. The agreement also allows for WSE to assist in financing to be raised on a best efforts basis. It is the intention of AWTM to work with WSE on an open and direct basis so as to receive the best value for the consulting offered and to complete any financings contemplated on a best efforts basis and at its earliest possible opportunity. If the consulting services are not completed or any potential financing is not completed, no assurances as to the financial viability of the company can be given. No guarantee can be made by the company as to if the financing mentioned herein will actually take place and close. If the financing does not close where AWTM has not received monies for future growth, actual results could differ materially from those projected in the forward looking statements. This press release contains 'forward-looking statements,' which are statements related to future, not past, events. In this context, the forward-looking statements often include statements regarding our goals, plans, projections and guidance regarding our financial position, results of operations, market position, pending and potential future acquisitions and business strategy, and often contain words such as 'expects,' 'anticipates,' 'intends,' 'plans,' 'believes,' 'seeks' or 'will.' Any such forward-looking statements are not assurances of future performance and involve risks and uncertainties that may cause results to differ materially from those set forth in the statements. These risks and uncertainties include, among other things, (a) general economic and business conditions, (b) the level of strategic partner incentives, (c) the future regulatory environment, (d) our cost of financing, (e) our ability to complete acquisitions and dispositions and the risks associated therewith, and (f) our ability to retain key personnel. These factors, as well as additional factors, could affect our forward-looking statements. We urge you to carefully consider this information. We undertake no duty to update our forward-looking statements, including our earnings outlook.
CONTACT:
Investor Relations Contact: AWT, Inc.
Smallcapvoice.com Christopher J. Neill,
Stuart Smith CEO
Managing Director (732) 246-2330
Phone: (512) 267-2430
SOURCE AWT, Inc.
Source: PR Newswire (November 27, 2007 - 8:32 AM EST)
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