MediCor Ltd. and Biosil Limited and Nagor Limited Announce Anticipated Closing Schedule for Acquisition
January 18 2006 - 5:07PM
PR Newswire (US)
LAS VEGAS, Jan. 18 /PRNewswire-FirstCall/ -- Las Vegas-based
MediCor Ltd. (OTC:MDCR) (BULLETIN BOARD: MDCR) and British breast
implant manufacturer Biosil Limited and supplier Nagor Limited
announced today that they have agreed to schedule the closing of
MediCor's acquisition of Biosil and Nagor for the second quarter of
2006. According to MediCor's Chief Operating Officer, Jim J.
McGhan, "The parties are actively working toward a successful
close. We are also pleased by the British Association of Aesthetic
Plastic Surgeons (BAAPS) report that the U.K. experienced an
approximate 51% increase in breast implant procedures in 2005, a
market in which Nagor has a significant market presence. In
addition to the U.K., Nagor also has a solid base of highly
qualified international distribution partners worldwide. Given the
dynamic market growth and distributor network already in place, we
are anxious to begin building upon the current Biosil and Nagor
employee bases and expanding operations in the Scotland, England
and the Isle of Man facilities to meet future demand." MediCor was
founded by Chairman of the Board Donald K. McGhan, the pioneer of
the modern day breast implant industry. The Company acquires,
develops, manufactures and markets products for medical specialties
in aesthetic, plastic and reconstructive surgery and dermatology
markets. Products include surgically implantable prostheses for
aesthetic, plastic and reconstructive surgery and scar management
products. Its products are sold worldwide to hospitals, surgery
centers and physicians through various distributors and direct
sales personnel. MediCor's strategy is to be the leading integrator
of selected international medical device markets, technologies and
corporations. To achieve this strategy, MediCor intends to build
upon and expand its business lines, primarily in the aesthetic,
plastic and reconstructive surgery and dermatology markets. MediCor
intends to accomplish this growth through the expansion of existing
product lines and offerings and through the acquisition of
companies and other assets, including intellectual property rights
or distribution rights. This release may contain 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 ability to
obtain requisite financing, the risk of instability in the capital
markets in the U.S. and internationally, the ability to obtain
governmental approvals of the transactions; the ability to satisfy
any agreed closing conditions; the risk of the occurrence of
material adverse changes in the business or financial conditions of
the companies; 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
political and legal proceedings; 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 the
Annual Report on Form 10-KSB for the year ended June 30, 2005, and
subsequent Quarterly Reports on Form 10-QSB of MediCor 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, U.S., +1-702-932-4568, for MediCor Ltd.
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