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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report: October 14, 1999
COLORADO MEDTECH, INC.
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(Exact name of registrant as specified in its charter)
Colorado 000-12471 84-0731006
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(State or other jurisdiction (Commission File I.R.S. Employer
of incorporation) Number) Identification No.)
6175 Longbow Drive
Boulder, Colorado 80301
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(Address, including zip code, of principal executive offices)
(303) 530-2660
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(Registrant's telephone number,
including area code)
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Item 5. Other Events.
Colorado MEDtech, Inc. issued a press release regarding the signing of a
letter of intent to acquire CIVCO Medical Instruments Co., Inc. The text of the
press release is attached hereto as Exhibit 99.1.
Item 7. Financial Statement and Exhibits.
(c) Exhibits.
No. Description
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99.1 Press release dated October 14, 1999
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
DATED, this 14th day of October, 1999.
COLORADO MEDTECH, INC.
By: /s/ John V. Atanasoff
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John V. Atanasoff, II
Chief Executive Officer
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EXHIBIT 99.1
FOR IMMEDIATE RELEASE: NEWS
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October 14, 1999 NASDAQ-CMED
COLORADO MEDTECH, INC. SIGNS A LETTER OF INTENT
TO ACQUIRE ULTRASOUND IMAGING PRODUCTS COMPANY
BOULDER, Colorado -- Colorado MEDtech, Inc. (NASDAQ -- CMED), a Boulder,
Colorado-based medical products and services company, announced it signed a
letter of intent to acquire CIVCO Medical Instruments Co., Inc. ("CIVCO").
CIVCO, a privately held company located in Kalona, Iowa, is a leading designer
and manufacturer of specialized medical products for ultrasound imaging
equipment and procedures and for minimally invasive surgery equipment and
procedures. CIVCO's business focuses on supplying innovative product design,
manufacturing, distribution and support to the world's leading imaging original
equipment manufacturers (OEMs). CIVCO's annualized revenues are approximately
$10 million and it employs approximately 90 people.
The proposed transaction will be a stock for stock acquisition, and will be
accounted for as a pooling of interests. Based upon the business plans of
Colorado MEDtech and CIVCO, the proposed transaction will be accretive to the
earnings of Colorado MEDtech.
"We are looking forward to completing the transaction with CIVCO. They are a
strong and talented group and their business offers many opportunities for
cooperation with our existing businesses, principally our Imaging and Power
Systems division and our CMED Catheter and Disposables Technology unit," said
John V. Atanasoff, President and CEO of Colorado MEDtech. "CIUCO's technology
and products will give us a further opportunity to strengthen our relationships
with our major imaging customers. We look for this transaction to provide
further growth opportunities and synergies with our core business units."
Victor Wedel, Chairman and CEO of CIVCO, commented, "This is a very dynamic move
for CIVCO. Our businesses complement each other very well and offer a wide
array of talent, manufacturing, R&D, unique imaging products and a strong,
global customer base."
The proposed transaction would be Colorado MEDtech's third acquisition in
calendar year 1999 and its fifth acquisition in the past three years. Colorado
MEDtech, through its wholly-owned subsidiaries and operating divisions, is a
leading full-service provider of advanced medical products and comprehensive
outsourcing services.
Forward-Looking Statements
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Statements in this news release which are not historical facts are forward-
looking statements subject to risks and uncertainties which could cause actual
results to differ materially from those set forth in or implied by forward-
looking statements, including, but not limited to, the risk that the acquisition
may not close, the risk that if the acquisition occurs the acquired company
cannot be successfully integrated with the Company's existing operations as
contemplated by the Company, the risk that the Company will not be able to
successfully penetrate the ultrasound equipment and accessory market, and the
risk that a downturn in general economic conditions or customer budgets may
adversely affect research and development and capital expenditure budgets of
potential customers upon which the Company is dependent. These factors are more
fully described in the Company's filings with the Securities and Exchange
Commission, including its Form 10-K for the year ended June 30, 1999, copies of
which the Company will provide on request.
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CONTACTS:
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Colorado MEDtech, Inc.
John V. Atanasoff, President and CEO Telephone: 303.530.2660
Stephen P. Hall, CFO Fax: 303.581.1010
Email: [email protected]
Website: www.cmed.com
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