Arrow International, Inc. Announces Formation of a Special Committee of the Board to Explore Strategic Alternatives
09 May 2007 - 10:30PM
PR Newswire (US)
READING, Pa., May 9 /PRNewswire-FirstCall/ -- Arrow International,
Inc. (NASDAQ:ARRO) announced today that its Board of Directors has
formed a Special Committee comprised of independent directors, who
are John H. Broadbent, T. Jerome Holleran, R. James Macaleer,
Marlin Miller, Jr. and Raymond Neag, to explore and evaluate
strategic alternatives aimed at enhancing shareholder value. Marlin
Miller, Jr., will serve as Chairman of the Special Committee, which
has hired the investment banking firm of Lazard Freres & Co LLC
to provide financial advisory services and Dechert LLP to provide
legal services to it in connection with its review. There can be no
assurance regarding the timing of or whether the Board will elect
to pursue any of the strategic alternatives it may consider, or
that any such alternatives will result in changes to the Company's
plans or will be consummated. The Company does not intend to
provide updates or make any further comment until the outcome of
the process is determined or until there are significant
developments. In addition, on Friday, May 4, 2007, the Board of
Directors received a letter of resignation from director Richard T.
Niner. About Arrow Arrow International, Inc. develops, manufactures
and markets a broad range of clinically advanced, disposable
catheters and related products for critical and cardiac care. The
Company's products are used primarily by anesthesiologists,
critical care specialists, surgeons, emergency and trauma
physicians, cardiologists, interventional radiologists and other
healthcare providers. Arrow International's news releases and other
company information can be found on the World Wide Web at
http://www.arrowintl.com/. The Company's common stock trades on the
NASDAQ Global Select Market(TM) under the symbol ARRO. Safe Harbor
Statement All statements regarding the Company's expected plans are
forward-looking statements and include statements related to the
engagement of a financial advisor and the Company's decision to
explore strategic alternatives, including the possible sale of the
Company. The words "anticipates," "will," "expect," "intends," and
words of similar meaning identify forward-looking statements.
Forward-looking statements also include representations and
warranties of the Company's expectations or beliefs concerning
future events that involve risks and uncertainties, including, but
not limited to, the Company's ability to successfully implement a
strategic alternative, the decision by the Company to explore one
or more strategic alternatives, whether the strategic alternatives
could result in increasing shareholder value, whether the
engagement of Lazard will result in a strategic alternative pursued
or effected by the Company, and other risks detailed in the
Company's periodic report filings with the Securities and Exchange
Commission. A further description of these risks and uncertainties
and other important factors that could cause actual results to
differ materially from the Company's expectations can be found in
the Company Annual Report on Form 10-K, as amended, and in the
Company's other filings with the Securities and Exchange
Commission. The expectations and assumptions reflected in such
forward-looking statements may prove incorrect. The Company does
not undertake to publicly update or revise its forward-looking
statements as a result of new information, future events or
otherwise. Contact: Fredrick J. Hirt, CFO (610) 478-3117
DATASOURCE: Arrow International, Inc. CONTACT: Fredrick J. Hirt,
CFO of Arrow International, Inc., +1-610-478-3117 Web site:
http://www.arrowintl.com/
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