REVISED: Peter W. Baird Appointed Group President - Therapeutic Devices of Encore Medical Corporation
September 25 2006 - 6:03PM
PR Newswire (US)
AUSTIN, Texas, Sept. 25 /PRNewswire-FirstCall/ -- Encore Medical
Corporation (NASDAQ:ENMC) ("Encore") announced today that,
effective October 1, 2006, Peter W. Baird will join Encore as Group
President -- Therapeutic Devices, where he will have responsibility
for Encore's Empi, Ormed and Compex subsidiaries. His appointment
was announced by Kenneth W. Davidson, Chairman and Chief Executive
Officer of Encore. At Encore, Mr. Baird will be responsible for
leading Encore's pain- management and home
orthopedic-rehabilitation businesses. Encore is among the U.S.
market leaders in these areas, having acquired Empi, Inc. and
Compex Technologies, Inc., during the past two years. Mr. Baird
will also be responsible for Encore's European subsidiaries, Ormed
and Compex SA. These businesses provide Encore with significant
presence in the European pain- management market and in the market
for electrical stimulation used for sports and fitness
applications. Commenting on the announcement, Mr. Davidson said,
"We believe that adding someone of Peter's skill and experience
strengthens our management team significantly and having him focus
on the therapeutic-devices business will greatly help us achieve
our growth and profitability objectives. This addition will also
allow Paul Chapman, our current President and Chief Operating
Officer, to concentrate more fully on our Chattanooga Group and
Surgical Implant businesses. Reflecting that focus, Paul will take
the title of Group President -- Surgical and Rehabilitation. He and
Peter will work together closely in support of each other, and to
drive group-wide results." Mr. Baird, 40, joins Encore from
McKinsey & Company, where he was a partner in the Mid-Atlantic
Office. At McKinsey, he concentrated on serving healthcare clients
on a wide range of strategic and transactional issues, and his
particular focus was on growth strategies and operational
improvements for mid-sized medical device and pharmaceutical
companies. Prior to joining McKinsey, Mr. Baird was a principal at
Brait Capital Partners, a South African private-equity firm, and he
was an economics lecturer at the University of Cape Town. He also
worked as an investment banker at Lehman Brothers in New York. A
1995 graduate of Stanford Graduate School of Business, Mr. Baird is
also a member of the Council on Foreign Relations. Encore Medical
Corporation is a diversified orthopedic device company that
develops, manufactures and distributes a comprehensive range of
high quality orthopedic devices used by orthopedic surgeons,
physicians, therapists, athletic trainers and other healthcare
professionals to treat patients with musculoskeletal conditions
resulting from degenerative diseases, deformities, traumatic events
and sports-related injuries. Through its Orthopedic Rehabilitation
Division, Encore is a leading distributor of electrical stimulation
and other orthopedic products used for pain management, orthopedic
rehabilitation, physical therapy, fitness and sport performance
enhancement. Encore's Surgical Implant Division offers a
comprehensive suite of reconstructive joint products and spinal
implants. For more information, visit http://www.encoremed.com/ .
Important Information In connection with the proposed merger among
Grand Slam Holdings, LLC, Grand Slam Acquisition Corp., which are
affiliates of Blackstone Capital Partners V L.P., and Encore,
pursuant to the Agreement and Plan of Merger, dated as of June 30,
2006, Encore filed a revised preliminary proxy statement with the
Securities and Exchange Commission on September 21, 2006. THIS
DOCUMENT CONTAINS, AND WHEN AMENDED AND FILED IN DEFINITIVE FORM
WILL CONTAIN, IMPORTANT INFORMATION ABOUT THE TRANSACTION, AND
ENCORE URGES YOU TO READ THESE DOCUMENTS. Except for the historical
information contained herein, the matters discussed are
forward-looking statements made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
These statements involve risks and uncertainties, such as quarterly
fluctuations in operating results, the timely availability of new
products, the impacts of competitive products and pricing, the
ability to grow the distribution networks for Encore's products,
the ability to continue to obtain long-term financing, and the
ability to locate and integrate past and future acquisitions. Risks
and uncertainties related to Encore's acquisition by Blackstone
Capital Partners include Encore not being able to complete the
proposed transaction, conditions in the financing commitments that
could impact the ability to obtain long-term financing, failure to
obtain acceptances to its proposed debt tender offer, and
stockholder or other regulatory approvals or to satisfy other
closing conditions, the possibility of the occurrence of an event
that could constitute a Company Material Adverse Effect as defined
in the merger agreement. Additionally, the Company is subject to
other risks and uncertainties set forth in the Company's filings
with the Securities and Exchange Commission. These risks and
uncertainties could cause actual results to differ materially from
any forward-looking statements made herein. Encore and certain of
its affiliates may be deemed to be participants in the solicitation
of proxies in connection with the proposed transaction. A
description of the interests of certain of Encore's directors and
executive officers in Encore is set forth in Encore's annual report
on Form 10-K for the fiscal year ended December 31, 2005.
Additional information regarding the persons who may, under the
rules of the SEC, be deemed participants in the solicitation of
proxies in connection with the proposed transaction, and a
description of their interests in the proposed transaction, as well
as the interests of Encore's executive officers and directors, are
set forth in Encore's proxy statement for its 2006 annual meeting
filed with the SEC on April 12, 2006, and in the revised
preliminary proxy statement filed with the SEC on September 21,
2006. Contact: Harry L. Zimmerman, Executive Vice President -
General Counsel (512) 832-9500 DATASOURCE: Encore Medical
Corporation CONTACT: Harry L. Zimmerman, Executive Vice President -
General Counsel of Encore Medical Corporation, +1-512-832-9500, or
Web site: http://www.encoremed.com/
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