06/19/2017 | Press release | Distributed by Public on 06/19/2017 16:59
MADISON HEIGHTS, MICHIGAN, June 19, 2017-InfuSystem Holdings, Inc. (NYSE MKT: INFU) ('InfuSystem' or the 'Company'), a leading national provider of infusion pumps and related services for the healthcare industry in the United States and Canada, announced today that its Board of Directors, with the assistance of legal counsel, has carefully reviewed 22NW Fund, LP's unsolicited proposal and determined that the $2.00 per share proposal is inadequate and that pursuing such a transaction at the present time is not in the best interests of InfuSystem's stockholders. Accordingly, the Board of Directors has rejected 22NW Fund's proposal.
Gregg Lehman, chairman of the board of InfuSystem commented, 'We formed an Office of the President on May 18, 2017. Since that time, we have focused on and made substantial progress improving three areas of the business: cash collections, finance (bank debt, liquidity) and IT operations (increasing the operating leverage from our past IT investments). We firmly believe that these initiatives, if given adequate time, will improve the Company's operations and deliver substantial value to shareholders from the current levels.'
This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval.
About InfuSystem Holdings, Inc.
InfuSystem Holdings, Inc. is a leading provider of infusion pumps and related services to hospitals, oncology practices and other alternate site healthcare providers. Headquartered in Madison Heights, Michigan, the Company delivers local, field-based customer support and also operates Centers of Excellence in Michigan, Kansas, California, Texas, Georgia and Ontario, Canada. The Company's stock is traded on the NYSE MKT under the symbol INFU.
Statements made in this press release that are not historical facts are considered to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the 'Securities Act') and Section 21E of the Securities Exchange Act of 1934, as amended (the 'Exchange Act'). The words 'believe,' 'may,' 'will,' 'estimate,' 'continue,' 'anticipate,' 'intend,' 'should,' 'plan,' 'expect,' 'strategy,' 'future,' 'likely,' variations of such words, and other similar expressions, as they relate to the Company, are intended to identify forward-looking statements. However, the absence of these words or similar expressions does not mean that a statement is not forward-looking. Forward-looking statements include statements relating to future actions, business plans, objectives and prospects, future operating or financial performance. In connection with the 'safe harbor' provisions of the Private Securities Litigation Reform Act of 1995, the Company is identifying certain factors that could cause actual results to differ, perhaps materially, from those indicated by these forward-looking statements. Those factors, risks and uncertainties include, but are not limited to, potential changes in overall healthcare reimbursement, including CMS competitive bidding, sequestration, concentration of customers, increased focus on early detection of cancer, competitive treatments, dependency on Medicare Supplier Number, availability of chemotherapy drugs, global financial conditions, changes and enforcement of state and federal laws, natural forces, competition, dependency on suppliers, risks in acquisitions & joint ventures, U.S. Healthcare Reform, relationships with healthcare professionals and organizations, technological changes related to infusion therapy, dependency on websites and intellectual property, the ability of the Company to successfully integrate acquired businesses, dependency on key personnel, dependency on banking relations and covenants, and other risks associated with our common stock, as well as any litigation to which the Company may be involved in from time to time; and other risk factors as discussed in the Company's annual report on Form 10-K for the year ended December 31, 2016 and in other filings made by the Company from time to time with the Securities and Exchange Commission, including our quarterly reports on Form 10-Q. Our annual report on Form 10-K is available on the SEC's EDGAR website at www.sec.gov, and a copy may also be obtained by contacting the Company. All forward-looking statements made in this press release speak only as of the date hereof. We do not intend, and do not undertake any obligation, to update any forward-looking statements to reflect future events or circumstances after the date of such statements, except as required by law.
Additional information about InfuSystem Holdings, Inc. is available at www.infusystem.com.
CONTACT: Gregg Lehman
Executive Chairman - InfuSystem Holdings, Inc.
Joe Dorame, Joe Diaz & Robert Blum
Lytham Partners, LLC