Toronto Stock Exchange Symbol: CYT
MONTREAL, Oct. 6 /CNW/ - CryoCath(R) Technologies Inc. ("CryoCath" or the
"Company") (TSX: CYT), today announced the filing and mailing of the
Directors' Circular with respect to the previously announced offer from
Medtronic, Inc. ("Medtronic") (NYSE: MDT), through a wholly owned subsidiary,
to acquire all of the outstanding common shares of the Company. The Directors'
Circular is being mailed together with the take-over bid circular of
The CryoCath board of directors has unanimously recommended that CryoCath
shareholders accept the offer. The Directors' Circular provides details
concerning the board of directors' recommendation that the Company's
shareholders tender their common shares into the offer. The Directors'
Circular has been filed in Canada on SEDAR at www.sedar.com and will also be
available on CryoCath's website at www.cryocath.com.
CryoCath - www.cryocath.com - is a medical technology company that leads
the world in cryotherapy products to treat cardiac arrhythmias. With annual
revenue of approximately $40 million Cdn, its products are routinely used in
more than 500 centers around the world. The Company's flagship product, Arctic
Front, is a minimally invasive cryo-balloon catheter designed specifically to
treat Atrial Fibrillation, an emerging $2 billion market opportunity. Marketed
in Europe and the subject of a pivotal study in the United States, Arctic
Front has been used to treat approximately 3,100 patients.
This press release includes "forward-looking statements" that are subject
to risks and uncertainties, including with respect to the timing of regulatory
trials and their outcome. For information identifying legislative or
regulatory, economic, climatic, currency, technological, competitive and other
important factors that could cause actual results to differ materially from
those anticipated in the forward looking statements, see CryoCath's annual
report available at www.sedar.com under the heading Risks and Uncertainties in
the Management's Discussion and Analysis section.
For further information:
For further information: visit our website at www.cryocath.com, or
contact: Ross Marshall, Investor Relations, Phone: (416) 815-0700 ext. 238,
Fax: (416) 815-0080, E-mail: email@example.com