MediCor Ltd. Closes Acquisition of Breast Implant Manufacturer Biosil Limited and Supplier Nagor Limited
02 May 2006 - 12:00AM
PR Newswire (US)
LAS VEGAS, May 1 /PRNewswire-FirstCall/ -- MediCor Ltd. (OTC:MDCR)
(BULLETIN BOARD: MDCR) announced that it closed the acquisition of
privately owned United Kingdom based breast implant manufacturer
Biosil Limited and related supplier Nagor Limited for a combination
of cash and stock. The transaction closed on Friday, April 28,
2006. The combined purchase price for the two companies was 20
million pounds sterling in cash and 2.64 million shares of MediCor
common stock. The Company believes that, with the acquisition of
Biosil and Nagor combined with its existing breast implant
business, it controls approximately 30% of the worldwide breast
implant market, excluding the United States. Biosil develops and
manufactures, and Nagor markets, a full range of silicone implants
for the aesthetic, plastic and reconstructive surgery markets,
including silicone gel and saline-filled breast implants, with both
round and anatomical shapes and smooth or unique micro-textured
surfaces. Biosil also manufactures a range of other silicone
devices, including tissue expanders, testicular implants, gluteal
implants, calf implants, facial implants and a range of scar
management products. Biosil has also developed innovative products
within the anesthesia and colorectal disciplines. Biosil and
MediCor's subsidiary, MediCor Aesthetics, were party to a supply
agreement for saline-filled breast implants manufactured by Biosil
and to be imported into the United States, subject to United States
Food and Drug Administration approval to market those products.
Nagor employs 30 people and supplies the breast implant and
associated products manufactured by Biosil to customers in
approximately 60 countries throughout Europe, Asia, Oceania,
Mexico, Central and South America and Africa. Biosil employs
approximately 90 people in its two ISO-certified manufacturing
facilities, both of which have additional production capacity, thus
enhancing MediCor's ability to meet increased product demand and
support new product introductions. According to Theodore R.
Maloney, MediCor's Chief Executive Officer, "The acquisition
represents another milestone achievement in MediCor's long-term
strategy of acquiring the most respected businesses in the global
aesthetic, plastic and reconstructive surgery and dermatology
markets. The founders of Biosil and Nagor have built one of the
most respected breast implant companies in the world. Our objective
is to take that existing, well-established family business, enhance
and expand upon its manufacturing, sales and marketing structures,
and rapidly position it to aggressively compete in the worldwide
marketplace as an integral part of the MediCor family of
companies." Jim J. McGhan, Chief Operating Officer for MediCor
added, "We intend to retain and build on the current employee base
at both companies, including John Alsop who will continue as
President and Managing Director of Nagor. We anticipate the
integration and transition process to proceed rapidly and smoothly.
We also plan to work closely in this integration and transition
process with both the third-party distributors for the Nagor
products and the direct sales force in the United Kingdom. Among
other initiatives, we plan to enhance the worldwide distribution of
the products with a number of innovative new surgeon- and
patient-oriented product support programs. We recognize that one of
the keys to our success is to provide our distributors the sales
and marketing support they need to compete successfully." About
MediCor Ltd. MediCor was founded by Donald K. McGhan, Chairman of
the Board, and a pioneer of the modern day breast implant industry.
The Company acquires, develops, manufactures and markets products
for medical specialties in the aesthetic, plastic and
reconstructive surgery and dermatology markets. Products include
surgically implantable prostheses for aesthetic, plastic and
reconstructive surgery and scar management products, all of which
are sold worldwide to hospitals, surgery centers and physicians
through a combination of distributors and direct sales personnel.
MediCor's strategy is to be the leading integrator of selected
international medical device technologies and corporations. The
Company intends to achieve that goal through the expansion of its
existing product lines and offerings and through the acquisition of
companies and other assets, including intellectual property rights
or distribution rights. Forward-Looking Statements This release
contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Such statements
are based upon the current beliefs and expectations of MediCor's
management and are subject to significant risks and uncertainties.
Actual results may differ from those set forth in the
forward-looking statements. The following factors, among others,
could cause actual results to differ from those set forth in the
forward-looking statements: the risk of instability in the capital
markets in the U.S. and internationally; the risk that the
businesses will not be integrated successfully; the risk that cost
savings from acquisition transactions may not be realized or may
take longer to realize than expected; disruption from transactions
making it more difficult to maintain relationships with customers,
employees or suppliers; increased competition and its effect on
pricing, spending, third-party relationships and revenues; the
outcome of certain regulatory, political and legal proceedings; and
the risk of new and changing regulations in the U.S. and
internationally. Additional factors that could cause MediCor's
results to differ materially from those described in the
forward-looking statements can be found in MediCor's Annual Report
on Form 10-KSB and subsequent Quarterly Reports on Form 10-QSB
filed with the Securities and Exchange Commission and available at
the Securities and Exchange Commission's Internet site
(http://www.sec.gov/). DATASOURCE: MediCor Ltd. CONTACT: Marc S.
Sperberg of MediCor Ltd., U.S. +1-702-932-4560, x308 Web site:
http://medicorltd.com/
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