NEWS news news for NYER Inside
PRESS RELEASE
FOR IMMEDIATE RELEASE
NYER MEDICAL GROUP, INC. AND NATIONAL DISTRIBUTION & CONTRACTING,
INC., ANNOUNCE PURCHASE AGREEMENT OF NYER NUTRITIONAL SYSTEMS, INC.
CONTINGENT UPON RESULTS OF CLINICAL TRIAL.
BANGOR, MAINE?OCTOBER 19, 1999, NYER MEDICAL GROUP,INC.(NASDAQ:NYER)
NASHVILLE, TENNESSEE?OCTOBER 19,1999, NATIONAL DISTRIBUTION &
CONTRACTING, INC.
Nyer Medical Group, Inc. (?The Company?) and National Distribution
& Contracting, Inc. (?NDC?) announced today, a planned clinical
trial to demonstrate the efficacy and associated cost-savings of
the AMTF line of enteral feeding products. The clinical trial will
be conducted at RML Specialty Hospital located in Hinsdale,
Illinois. RML Specialty Hospital is a partnership between Rush-Presbyterian
St. Lukes Hospital, Chicago, IL, Loyola University
Medical Center, Maywood, IL, and MacNeal Health Network, Berwyn,
IL. RML Specialty Hospital is a long-term acute care provider
specializing in the unique care requirements of mechanically
ventilated patients.
The Company and NDC have signed a Definitive Letter of Intent (as
reported in a press release dated August 10,1999) whereby NDC will
purchase the assets of the Company?s Nyer Nutritional Systems
subsidiary contingent upon the successful results of the study. A
spokesman for NDC commented, ? We are excited and confident that
the clinical trial will prove the efficacy of the AMTF enteral
product line. It is our belief that this enteral technology will
contribute greatly to the field of enteral nutrition providing
benefits to patients, providers and payors alike?. NDC is a
national medical distributing organization that collectively
represents over $3 billion in sales annually.
According to Mr. Samuel Nyer President and CEO of Nyer Medical
Group, Inc., ?NDC has the distribution and financial strength to
bring these products to market and successfully compete and capture
market share in this $900 million nutritional arena?.
The objective of the study will be to demonstrate whether feeding
patients with AMTF tube feedings result in decreased rates of
nosocomial infections, decreased rates of gastrostomy tube
colonization, decreased cost, decreased duration of mechanical
ventilation or improvements in survival compared with standard tube
feeding in ventilator patients.
For further information contact Tom Raack or Jack Sutton, Alliance
Capital Resources, Inc. at (949) 760-9000 or Samuel Nyer at (207)
989-3106.
Jim Stover or Scott Tubandt, National Distribution & Contracting,
Inc. at 615-366-3230.
Safe Harbor under the Private Securities Litigation Reform Act of
1995
The statements made above relating to the anticipated closing of
the transaction and receipt of future revenues are forward-looking
statements within the meaning of the Private Securities
Litigation Reform Act of 1995. Some or all of the results we
anticipate from these forward-looking statements may not occur.
Important factors that could occur include contractual or due
diligence issues may arise which could cause the buyer not to
close the proposed transaction. Additionally, even if closing
occurs, the Company may not receive the full amount of the
purchase price due to competitive concerns, internal matters
relating to the business of the buyer and the failure of the
marketplace to accept the products of Nyer Nutritional.
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