Tuesday, March 30, 2010

“Devicor Bids to Acquire Breast Care Business from ... - StreetInsider.com” plus 3 more

“Devicor Bids to Acquire Breast Care Business from ... - StreetInsider.com” plus 3 more

Devicor Bids to Acquire Breast Care Business from ... - StreetInsider.com

Posted: 30 Mar 2010 05:39 AM PDT

March 30, 2010 8:42 AM EDT

Ethicon Endo-Surgery, Inc., a Johnson & Johnson (NYSE: JNJ) company, today announced it has received an irrevocable, unconditional offer from Devicor Medical Products (Devicor), a portfolio company of GTCR Golder Rauner, LLC, (GTCR), to acquire its Breast Care business. The EES Breast Care business sells products designed to help doctors diagnose breast cancer at early stages, while minimizing patient discomfort. Financial terms of the offer are not being disclosed.

Upon close of the proposed transaction, Devicor would acquire the entire EES Breast Care product portfolio that is sold in more than 38 countries worldwide and includes the MAMMOTOME Breast Biopsy System and tissue markers (MammoMARK, MicroMARK, and CoreMARK) used for breast disease diagnostic sampling and management. Additionally, the EES Breast Care business would transfer its marketing and distribution rights for Neoprobe Gamma Detection Systems to Devicor.

The acceptance period for the offer will end on June 15, 2010, unless extended, and during this period EES will consult with relevant works councils and trade unions. If the offer is accepted by EES, the proposed transaction will be subject to the fulfillment of certain conditions, including but not limited to, the receipt of applicable anti-trust clearances, and it would be expected to close by the third quarter of 2010.

"The EES Breast Care business is the global leader in vacuum assisted breast biopsy devices and the MAMMOTOME® brand is recognized worldwide," said Karen Licitra, Company Group Chairman, and Worldwide Franchise Chairman, Ethicon Endo-Surgery. "As we continually prioritize strategic investments that are aligned with our future growth platforms, we determined that the Breast Care products are outside of this scope, and decided to explore the potential sale of the business. We believe this offer demonstrates commitment from Devicor and GTCR to develop the Breast Care business to its full potential."

If the transaction is completed, the majority of EES associates who are primarily dedicated to the Breast Care business are expected to transfer to Devicor, subject to local laws.

"Acquiring the EES Breast Care business would represent an exciting and long-term growth opportunity for Devicor," said Tom Daulton, Chief Executive Officer, Devicor. "The breast biopsy diagnosis and therapy markets are poised for substantial global growth, and the MAMMOTOME® brand has a strong foundation from which Devicor can grow. We fully recognize the talent and expertise of the more than 300 people that make up the Breast Care business, and we look forward to providing the necessary resources to further the development of innovative technologies and patient care."


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Small Business Administration Recovery Lending Extended ... - Kansas City infoZine

Posted: 30 Mar 2010 05:53 AM PDT

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... and Reinvestment Act, include a higher guarantee on some SBA-backed loans ... non-Recovery Act 7(a) or 504 loans already funded during the Recovery Loan Queue period, this extension does not provide a retroactive guarantee or fee relief.

SBA: Beware of scams promising SBA funding - Milwaukee Business Journal

Posted: 30 Mar 2010 07:55 AM PDT

The U.S. Small Business Administration is warning business owners to be aware of scams involving SBA programs, but the Wisconsin office hasn't received any complaints of fraud yet, spokeswoman Jan Nienow said Tuesday.

The national office issued a news release saying it has received complaints about abusive marketing practices, scams and exorbitant fees charged by firms offering to help businesses obtain loans, grants or other federal funds from the SBA.

Examples include:

• Firms charging high fees to help businesses apply for SBA programs and promising the businesses they will get funding if they pay the fees.

• Firms getting bank account and routing information from small businesses and then charging for services never requested. The SBA recommends that small businesses never provide Social Security numbers, bank account information or credit card numbers to anyone, especially over the phone.

• Firms alleging that a small business would receive a "forfeiture letter" making it ineligible for SBA funding for three years if the small business refuses the firm's services.

Small businesses can get free or low-cost assistance in applying for SBA programs from the agency's district offices, Small Business Development Centers, Women's Business Centers, Veterans Business Outreach Centers and SCORE chapters, the release said. If business owners choose to use third parties for help in applying for SBA funds, they should ask for references and confer with trusted colleagues and institutions such as the Better Business Bureau. They should clearly establish and document what they are being charged, when they will be charged, what they must do and what services they will receive.

The SBA encourages anyone with knowledge of fraud or misrepresentation involving SBA programs to call the SBA Office of the Inspector General at (800) 767-0385 or submit an online report by visiting www.sba.gov/ig and clicking the link for "Report Fraud Waste or Abuse."

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NHL says it has no 'deal' to move Phoenix Coyotes - AZCentral.com

Posted: 30 Mar 2010 01:50 AM PDT

GLENDALE - The NHL says it has no agreement to move the Phoenix Coyotes to Winnipeg or anywhere else if owners cannot be found to keep the team in Arizona.

Deputy commissioner Bill Daly says that the league's focus remains on keeping the team in Glendale and "based on the communications and information" the NHL is receiving, those involved continue to be highly confident that the transaction can be completed.

Daly issued the statement on Monday in response to a report in the Phoenix Business Journal that Toronto billionaire David Thomson has an agreement in principle to potentially move the franchise back to Winnipeg if a buyer to keep the team in Arizona can't be found.

The league has been in talks with Thomson and Mark Chipman, who heads the company that owns the arena in Winnipeg, Daly acknowledged, "regarding their potential interest in owning an NHL franchise and potentially bringing an NHL franchise back to Winnipeg."

"It remains an intriguing possibility and one we would consider given appropriate circumstances, but there is nothing new to report on that front at this time," Daly said.

The Winnipeg Jets moved to Arizona and became the Phoenix Coyotes in 1996 and the team has never turned a profit in the desert.

The NHL bought the Coyotes in U.S. Bankruptcy Court last year after an attempt by Canadian billionaire Jim Balsillie to buy the team and force a move to Hamilton, Ontario, was rejected. The league has said it would look into moving the team if no local owner is found by June. Any sale that would keep the team in Arizona would require a new lease agreement with the city of Glendale.

Ice Edge Holdings, a partnership of Canadian and U.S. businessmen, has an agreement in principle to buy the team and has had negotiations with Glendale, but there has been widespread speculation that the group has had trouble finding the necessary financial backing. Ice Edge chief executive officer Anthony LeBlanc says he has moved to the Phoenix area but has not responded to numerous e-mail requests for a comment on the status of his company's purchase attempt.

Daly's statement did not address widespread reports, none substantiated, that a group headed by Jerry Reinsdorf, owner of baseball's Chicago White Sox and the NBA's Chicago Bulls, has re-entered the situation and could replace Ice Edge as a local buyer. Reinsdorf withdrew a bid in bankruptcy court last year, citing the inability to reach a suitable agreement with Glendale.

Attorney John Kaites, who represented Reinsdorf in the earlier negotiations, has not responded to an e-mail seeking comment.

Daly's statement did not mention Ice Edge by name.

"Our focus continues to be on completing a transaction with local ownership that is committed to operating the team in Glendale," he said. "Based on the communications and information we are receiving on a regular basis, the stakeholders involved continue to express a high level of confidence that that can be successfully achieved. "

Meanwhile, on the ice, the team is having its best regular season in franchise history. The Coyotes, under first-year coach Dave Tippett, have clinched their first playoff berth since 2002 and, entering Monday's action, had the third-best record in the NHL behind Washington and San Jose.

The team has played to consecutive sellout home crowds.

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