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JOMED N V COMPLETES TENDER OFFER FOR ENDOSONICS
CORPORATION
_______________________________________________________________________________
Beringen/Switzerland, September 19, 2000. Medical-technology company JOMED N.V.
(SWX: JOM) announced today that its wholly-owned subsidiary, JOMED Acquisition
Corp., has accepted for purchase and payment 16,593,039 of the issued and
outstanding shares of the common stock of EndoSonics Corporation (NASDAQ:
ESON), at US$11.00 per share net to the seller in cash, pursuant to its
previously-announced cash tender offer for all of the outstanding shares of the
common stock of EndoSonics that commenced on August 21, 2000. The 16,593,039
shares plus the 268,100 shares already owned by JOMED equal 92.78% of the
issued and outstanding shares of EndoSonics common stock. The 16,593,039
shares includes 478,737 shares that have been tendered to JOMED Acquisition
Corp., where the stockholder has guaranteed delivery of its shares within three
business days of the expiration of the tender offer.
JOMED expects the tender offer to be followed by a merger of JOMED Acquisition
Corp. with and into EndoSonics. Pursuant to this merger, those EndoSonics
stock-holders who did not tender their shares in the tender offer and who do
not seek appraisal of their shares pursuant to the applicable provisions of
Delaware law will have their shares converted into the right to receive
US$11.00 per share net to each such stockholder in cash upon due presentation
of certificates representing their shares to ChaseMellon Shareholder Services
L.L.C., the depositary for the tender offer.
Following the closing of the tender offer, all trading in JOMED shares is
expected to return to a single line of stock (SWX: JOM) on 20 September 2000.
***
JOMED is the leading European developer and manufacturer of stents for
interventional cardiology. It currently offers a range of more than 600 products
in more than 60 countries. In 1999, JOMED achieved a turnover of EUR 43.7
million (US$39.5 million) and net profits of EUR 2.1 million (US$1.9 million).
In the first half of 2000, JOMED increased its turnover by 51% and net profit by
178%. As a result of the acquisition of EndoSonics, JOMED intends to become a
world leader among the suppliers of innovative products for minimally invasive
interventions in blood vessels.
EndoSonics Corporation, headquartered in Rancho Cordova, California, is a
leading developer, manufacturer and marketer of intravascular ultrasound (IVUS)
imaging products, angioplasty catheters, and functional assessment products to
assist in the diagnosis and treatment of cardiovascular and peripheral vascular
disease.
Credit Suisse First Boston is acting as exclusive financial advisor to JOMED in
connection with the acquisition and the related financing and as dealer manager
for the tender offer.
U.S. Bancorp Piper Jaffray Inc. acted as exclusive financial advisor to
EndoSonics, in this transaction and rendered a fairness opinion.
Except for the historical information contained herein, the matters discussed
in this press release are forward-looking statements, the accuracy of which is
necessarily subject to risks and uncertainties. Actual results may differ
significantly from the
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discussion of such matters in the forward-looking statements. Factors that may
cause such difference include, but are not limited to, those factors set forth
in EndoSonics' Annual Report on Form 10-K for the year ended December 31, 1999,
and other filings from time to time with the Securities and Exchange Commission.
JOMED NV
Antti Ristinmaa Tor Peters
Chief Financial Officer President and Chief Executive
phone +45-42-490-6034 Officer
phone +41-52-674-8506
ENDOSONICS CORPORATION
Jeffrey Elder Morgan-Walke Associates, Inc.
Sr. Vice President and Chief Jim Byers, Danielle Scheg
Financial Officer (Investor Relations)
phone 001-916-638-8008 Christopher Katis (Media)
phone 001-415-296-7383
