Exhibit 99.1
APPLIED BIOMETRICS, INC. COMPANY PRESS RELEASE
For Immediate Release: August 22, 2000 For further information contact:
Camille M. Meyer
Chief Financial Officer
612-890-1123
APPLIED BIOMETRICS, INC. REPORTS DECISION TO TERMINATE BUSINESS OPERATIONS AND
DISPOSE OF CORPORATE ASSETS
Burnsville, MN - August 22, 2000, Applied Biometrics, Inc. (Nasdaq: ABIO)
announced today that its Board of Directors has reached a final decision to
terminate business operations and to dispose of its remaining corporate assets.
The Company had already taken steps to reduce its operating expenses to a core
level, but with this recent Board action, the Company has ceased all remaining
operating activities.
"As reported earlier this year, we identified a number of key technical hurdles
facing our cardiac output monitor development effort," reported President & CEO
Andrew M. Weiss. "Over the past two months we determined that the problems we
faced were well beyond our financial capabilities to resolve."
"Faced with this reality, we decided that our best path was to reduce operating
expenses and seek to return maximum value to our shareholders. This meant
acceleration of our efforts to seek investment from or sell our technology to a
company who had the financial and technical depth to better exploit its
potential. After having discussed potential transactions with a number of
parties without success, we are now positioning the remaining corporate assets
for sale or disposition."
Applied Biometrics, located in Burnsville, Minnesota, has been in development of
advanced medical diagnostic and monitoring systems, and is currently terminating
its operating capabilities and positioning itself for business sale or
liquidation.
CERTAIN STATEMENTS CONTAINED IN THIS PRESS RELEASE INCLUDE "FORWARD LOOKING
STATEMENTS" WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT
OF 1995. ALL FORWARD-LOOKING STATEMENTS IN THIS PRESS RELEASE ARE BASED ON
INFORMATION AVAILABLE TO THE COMPANY AS OF THE DATE HEREOF AND THE COMPANY
ASSUMES NO OBLIGATION TO UPDATE ANY FORWARD-LOOKING STATEMENT. SUCH STATEMENTS
INVOLVE KNOWN AND UNKNOWN RISKS, UNCERTAINTIES AND OTHER FACTORS, WHICH MAY
CAUSE THE ACTUAL RESULT TO DIFFER MATERIALLY FROM ANY FUTURE RESULTS,
PERFORMANCE OR ACHIEVEMENTS EXPRESS OR IMPLIED BY SUCH FORWARD-LOOKING
STATEMENTS. THESE FACTORS INCLUDE, AMONG OTHERS, THE COMPANY'S ABILITY TO
IDENTIFY, NEGOTIATE AND COMPLETE THE SALE OR DISPOSITION OF ITS CORPORATE ASSETS
AND ACHIEVE VALUE FOR ITS SHAREHOLDERS.
