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EXHIBIT 99.1
[EDWARDS LIFESCIENCES LOGO] EDWARDS LIFESCIENCES CORPORATION
One Edwards Way - Irvine, CA USA - 92614
Phone: 949.250.2500 - Fax: 949.250.2525
www.edwards.com
NEWS RELEASE
Investor Contact: David K. Erickson, 949-250-6826
Media Contact: Scott Nelson, 949-250-5070
For Immediate Release
EDWARDS LIFESCIENCES COMPLETES SALE OF
BENTLEY LINE TO JOSTRA AG
IRVINE, CALIF., SEPT. 1, 2000 -- Edwards Lifesciences Corporation
(NYSE: EW) announced today that it has completed the sale of its Bentley line of
cardiopulmonary products (also called "perfusion products") to Jostra AG for
approximately $30 million.
"This transaction represents a positive outcome for our two companies,
as well as for customers and employees of the Bentley line of perfusion
products," said Michael A . Mussallem, Edwards' chairman and CEO. "Edwards has
been working very aggressively to focus our product portfolio and affect our
transformation following the company's spin-off from Baxter International
earlier this year. This transaction continues our progress and enables us to
devote even more of our energy to pursuing future growth opportunities."
Under terms of the agreement, Jostra, a leading European manufacturer
of medical devices for open-heart surgery based in Hirrlingen, Germany, has
acquired most of the assets associated with Bentley perfusion products, which
are based primarily in the
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United States, Puerto Rico and Western Europe. Jostra will continue to make
available the full line of Bentley products, which are used to support the heart
during stopped-heart cardiac surgery, and include disposable oxygenators, blood
reservoirs, and filters, as well as hardware and related products. Jostra also
assumes responsibility for Edwards' perfusion products manufacturing operations
in Anasco, Puerto Rico.
Edwards retains its Macchi line of cardiopulmonary products, as well as
its manufacturing facilities in Sao Paulo, Brazil and Uden, The Netherlands.
Edwards also maintains distribution rights for Bentley products in Japan and
most other countries outside of the U.S. and Western Europe. In addition, the
agreement calls for Edwards to provide transition support to Jostra.
Additional terms of the agreement enable Jostra to maintain Bentley's
role as a preferred supplier to Edwards' worldwide perfusion services
operations. Edwards is the world's leading supplier of trained clinicians,
capital equipment and disposable supplies for open-heart surgery.
Edwards Lifesciences designs, develops and markets a comprehensive line
of products and services to treat late-stage cardiovascular disease.
Headquartered in Irvine, Calif., Edwards focuses on cardiac surgery, critical
care, vascular systems and perfusion products and services, and is a worldwide
leader in tissue replacement heart valves and heart valve repair products.
Additional information about Edwards Lifesciences can be found at
www.edwards.com.
This news release includes forward-looking statements that involve
risks and uncertainties, including those related to targeted financial and
operating objectives, technological advances in the medical field, product
demand and market acceptance, and other risks detailed in the company's filings
with the Securities and Exchange Commission. These forward-looking statements
are based on estimates and assumptions made by management of the company and are
believed to be reasonable, though are inherently uncertain and difficult to
predict. Actual results or experience could differ materially from the
forward-looking statements.
Macchi is a trademark of Edwards Lifesciences Corporation.
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