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Escalon, Up 48.3% Since Our Buy Signal 14 Days Ago, Plans to Offer Stock for Drew Scientific Group

04/09/2004 Yesterday Escalon Medical Corp. announced their intention to acquire Drew Scientific Corp. We recently recommended buying Escalon Medical Corp. stock in our Short-Term Portfolio. In the 14 trading days since our buy signal for the company, the stock has shot up 48.3%. An excerpt from the company's news release concerning the proposed acquisition follows.

WAYNE, Pa., April 8 /PRNewswire-FirstCall/ -- Escalon Medical Corp. (Nasdaq: ESMC - News) today announced that Escalon intends to make an exchange offer for the shares of Drew Scientific Group PLC (London: DRW), a diagnostics company that specializes in analytical systems for laboratory testing worldwide. Escalon intends to offer 0.0048 shares of Escalon common stock in exchange for each ordinary share of Drew Scientific that is validly tendered. The exchange offer values each Drew Scientific share at 0.06 pounds sterling (approximately $0.11) based on the closing price of $23.25 per share of Escalon common stock on April 7, 2004. If all of the outstanding shares of Drew Scientific are exchanged, Escalon would issue approximately 284,869 shares of Escalon common stock in the exchange offer.

"Our recent private equity financing has provided us with the flexibility to invest in a broader range of expansion opportunities," commented Richard J. DePiano, Chairman and Chief Executive Officer. "The acquisition would provide Drew Scientific with needed working capital and provide Escalon with another vehicle for growth. Drew Scientific would operate as a separate division of Escalon."

The offer is subject to customary conditions, including due diligence and government approvals, including any approvals required under the British City Code on Takeovers and Mergers.

Founded in 1987, Escalon develops, markets and distributes ophthalmic diagnostic, surgical and pharmaceutical products as well as vascular access devices. Escalon seeks to further diversify its product line to achieve critical mass in sales and take better advantage of Escalon's distribution capabilities through internal product development, acquisitions or strategic partnerships. Escalon has headquarters in Wayne, Pennsylvania and manufacturing operations in Long Island, New York and New Berlin, Wisconsin.

This announcement does not constitute an offer or invitation to purchase any securities. The formal offer document containing the full terms and conditions of the exchange offer, together with a form of acceptance will be distributed to the shareholders of Drew Scientific at a later date.

SOURCE: Escalon Medical Corp. The full news release can be found at http://www.escalonmed.com/.

 




 

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