(99) Additional Exhibits
(i) Press release re: Letter of Intent for sale of control of
Techdyne, Inc. by the Company dated December 14, 2000.
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Press Release
Medicore, Inc. Reports Proposed Sale of its
Control Interest in Techdyne, Inc.
For Immediate Release
HIALEAH, FLORIDA - December 14, 2000 - Medicore, Inc. (Nasdaq-MDKI) announced
it has signed a Letter of Intent with Simclar International Ltd., to sell
approximately 3,345,000 shares of its stock ownership of Techdyne, repre-
senting a 51% interest of Techdyne, to Simclar at $3.00 per share for
approximately $10,035,000. Medicore will continue to have an approximately
20% ownership interest in Techdyne.
Simclar is a private Scottish company engaged in contract manufacturing, with
a complete CEM facility including PCB assembly, sheet metal fabrication,
cable assembly and plastic injection molding through to complete product
build. Its customers are involved in telecomms, including base stations,
medical equipment, rapid transit market, computer peripherals and datacomms.
Simclar has 250,000 square feet of manufacturing capacity and employs 900
people. Simclar is excited about the opportunities to develop and grow, with
Techdyne, the contract manufacturing operations in the US market.
Techdyne, with four U.S. and one European location and an affiliate in China,
is an international contract manufacturer of electronic and electro-mechanical
products designed for OEMs and distributors in the data processing,
telecommunications, instrumentation and food preparation equipment industries.
Management of Medicore, Simclar and Techdyne believe that the change in
control will benefit all participants, and will enable Simclar and Techdyne
to expand their customer bases, broaden their product lines, enter new
geographic areas, enhance manufacturing capabilities, provide greater
efficiencies in equipment, supplies, labor and costs, and enable each to
better serve their combined existing customer base with enhanced product
choices.
The sale of control and related changes in management of Techdyne are subject
to executing a formal purchase agreement, satisfaction of due diligence by
all parties, and the fulfillment of a variety of conditions and contingencies,
including among others receipt of all necessary approvals and consents, which
will include approval of Medicore shareholders.
In addition to the operations of Techdyne, Medicore is also engaged in the
operation of kidney dialysis centers through Dialysis Corporation of
America. Medicore owns 8% of Linux Global Partners which specializes in
Linux software investments. For over 18 years Medicore has also distributed
medical products for use in blood centers as well as in the monitoring of
diabetes.
Assuming completion of the sale to Simclar of the control interest of
Techdyne, Medicore anticipates using the funds to expand its medical supply
and dialysis operations, and to repurchase approximately 1,000,000 shares of
its outstanding common stock at current market prices. Techdyne's contract
manufacturing operations represent approximately 69% of Medicore's assets and
85% of its sales.
For more information concerning the proposed sale of control, please contact
Medicore at 2337 West 76th Street, Hialeah, FL 33016, or Thomas K. Langbein,
Chairman of the Board, President, CEO of Medicore, Inc. at 201 288-8220.
-more-
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This release contains forward looking statements that are subject to risks
and uncertainties, including but not limited to those relating to completion
of the sale of control of Techdyne to Simclar, the benefits expected from the
change in control, the expected use of proceeds by Medicore from such sale,
and other risks detailed from time to time in the Company's filings with the
Securities and Exchange Commission. Results may materially differ from those
set forth in this release.
