Attached files
| file | filename |
|---|---|
| 8-K - Center for Wound Healing, Inc. | v198413_8k.htm |
| EX-22.1 - Center for Wound Healing, Inc. | v198413_ex22-1.htm |
| EX-22.2 - Center for Wound Healing, Inc. | v198413_ex22-2.htm |
Exhibit
99.1
The
Center for Wound Healing, Inc. to be Acquired by Sverica
International
Tarrytown,
N.Y., October 5, 2010 – The Center for Wound Healing, Inc. (OTC Bulletin Board:
CFWH), a leading manager of comprehensive wound care treatment centers that
offer wound care and hyperbaric oxygen therapy, today announced that it has
entered into a definitive agreement to be acquired by Sverica International, a
leading private equity firm, for approximately $41 million.
Under
terms of the agreement, which has been unanimously approved by CFWH’s board of
directors, CFWH shareholders will receive $0.60 in cash, subject to certain
adjustments, for each share of CFWH common stock they hold, representing a 140%
premium over the $0.25 closing price on October 5, 2010. The cash
amount that CFWH shareholders will be entitled to receive under the agreement,
giving effect to all possible adjustments, will be at least $0.579 per
share.
Completion
of the transaction is subject to customary closing conditions, including CFWH
shareholder approval, and the receipt by Sverica of financing for the
transaction in accordance with financing commitments
received. Holders of approximately 68% of CFWH’s outstanding common
stock have executed a voting agreement under which they have agreed to vote
their shares in favor of approval of the proposed acquisition.
The
transaction is expected to be completed in the fourth quarter of 2010, subject
to customary closing conditions.
Gleacher
& Company Securities, Inc. and Butzel Long, a professional corporation,
acted as financial and legal advisors, respectively, to The Center for Wound
Healing, Inc.’s Board of Directors.
About
The Center for Wound Healing, Inc.
The
Center for Wound Healing, Inc. is a leading manager of comprehensive wound care
treatment centers that offer hyperbaric oxygen therapy ("HBOt") as well as
traditional wound care treatment modalities. The Company manages 32
wound care centers in the eastern United States in partnership with local acute
care hospitals. CFWH was founded by physicians in 1997 with a focus
on establishing in-hospital centers of excellence to treat the growing incidence
of severe grade diabetic wounds of the lower extremities and wounds that are
unresponsive to general wound care treatments. The Company's centers
have consistently achieved high treatment success rates, resulting in a dramatic
increase in patient quality of life and significant cost savings to the
healthcare system.
About
Sverica International
Sverica
International is a leading private equity firm with over $425 million of assets
under management across three funds. The firm acquires, invests in
and actively builds companies that are, or could become, leaders in their
industries. Since 1993 Sverica has maintained a “high touch”
operating philosophy of taking an active role in portfolio
companies. Sverica devotes significant internal resources to help its
management teams develop and execute growth strategies.