EXHIBIT 99.1
FOR IMMEDIATE RELEASE
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CONTACT: Michael T. Pieniazek, Executive VP Jeffery Lamberson or Richard Carpenter
Equidyne Corporation American Financial Communications
(978) 692-6680 (415) 380-3880
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EQUIDYNE CORPORATION RECEIVES $40 MILLION FROM SALE OF ROSCH AG
MEDIZINTECHNIK STOCK
-SCHRODER SALOMON SMITH BARNEY ACTED AS SOLE LEAD MANAGER IN PLACEMENT TO
MAJOR EUROPEAN INSTITUTIONAL INVESTORS-
WESTFORD, Massachusetts, October 5, 2000...EQUIDYNE CORPORATION (OTCBB:INJX)
announced today that it has sold its 19.52% (percent) holding in Rosch AG
Medizintechnik ("Rosch AG") through a placement to a number of major European
institutional investors. The placement, which was sole lead managed by Schroder
Salomon Smith Barney, amounted to a total of 936,750 shares. Equidyne
Corporation will receive approximately $40 million in proceeds from the sale.
These proceeds are in addition to the $10 million the company received from an
earlier sale of Rosch AG stock in August 2000.
J. Randall Nelson, President and Chief Executive Officer, stated, "This most
recent sale of Rosch AG shares, following strong demand from European investors,
will add to our strong cash position. Having recently completed a combined cash
infusion of approximately $50 million, the Company is now financially very
strong and will be accelerating the expansion of our national and international
production, distribution, and marketing and sales capabilities. Equidyne
Corporation remains committed to working with Rosch AG to make INJEX(TM) the
worldwide choice of needle-free drug delivery systems, and this latest infusion
of capital will accelerate our journey to that end. We are very pleased to have
Salomon Smith Barney working with us and appreciate their fine efforts in
assisting us in this placement."
Equidyne Corporation (www.equidyne.com) through Equidyne Systems, Inc., a
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wholly-owned subsidiary based in San Diego, California, and Rosch AG
Medizintechnik, based in Berlin, Germany are focused on making the INJEX(TM)
System the worldwide leader in needle-free drug delivery for subcutaneous and
intramuscular injections. Equidyne is responsible for the U.S., Canada, South
America and the Asian markets while Rosch AG is responsible for the European
market. The INJEX(TM) needle-free injector is a compact, uncomplicated device
that delivers a virtually painless injection through the skin in a fraction of a
second, and eliminates needle stick and disposal problems. For medications
requiring injection, we believe the INJEX(TM) System is by far the most
comfortable and economical product on the market.
THE STATEMENTS CONTAINED IN THIS NEWS RELEASE THAT ARE NOT PURELY HISTORICAL ARE
FORWARD-LOOKING STATEMENTS THAT MAY INVOLVE RISKS AND UNCERTAINTIES. THE
COMPANY'S ACTUAL RESULTS MAY DIFFER SIGNIFICANTLY FROM THE RESULTS CONTAINED IN
THE FORWARD-LOOKING STATEMENTS. FACTORS THAT MIGHT CAUSE SUCH DIFFERENCES
INCLUDE, BUT ARE NOT LIMITED TO, THE EFFECT OF LOSSES AND OTHER FACTORS ON THE
COMPANY'S CREDIT FACILITIES, BUSINESS AND RESULTS OF OPERATIONS; THE COMPANY'S
LIMITED CAPITAL RESOURCES AND ITS ABILITY TO FULFILL ITS EXISTING OBLIGATIONS
AND ONGOING CAPITAL NEEDS; RISKS ASSOCIATED WITH EXCESS OR OBSOLETE INVENTORY;
THE POTENTIAL IMPAIRMENT OF ASSETS; THE COMPANY'S DEPENDENCE ON KEY CUSTOMERS
AND THEIR FINANCIAL VIABILITY; THE IMPACT OF COMPETITION; AND THE COMPANY'S
ABILITIES TO EFFECTIVELY MANAGE GROWTH. THESE AND OTHER RISK FACTORS ARE
DISCUSSED IN THE COMPANY'S FILINGS ON FORMS 8-K, 10-QSB AND 10-KSB.
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