CHAD Therapeutics Shareholders Approve Sale of Company's Oxygen Business to INOVO
31 Januar 2008 - 7:46PM
Business Wire
Following a special meeting of shareholders held today, CHAD
Therapeutics, Inc. (AMEX:CTU) announced that its shareholders have
approved the proposed sale for approximately $5.25 million in cash
of the assets related to CHAD's oxygen conserving business to
Inovo, Inc., a privately held manufacturer of oxygen regulators and
conservers based in Naples, Florida, pursuant to an asset purchase
agreement dated November 16, 2007. The transaction, which is not
subject to regulatory approvals, was approved by more than 70% of
the issued and outstanding shares. Over 99% of the shares
represented at the Special Meeting were voted in favor of the
proposal. The transaction is expected to close February 15, 2008.
Earl Yager, CHAD's President and CEO, said, "We intend to focus our
future efforts on the sleep disorder market. We believe that our
sleep products offer unique features that can improve the diagnosis
and treatment of obstructive sleep apnea. We recently filed an
application with the FDA for clearance to begin marketing the first
of our sleep products. With additional proprietary products in an
advanced stage of development and a roadmap of additional product
development opportunities based on our patented technology, we
believe we have the opportunity to build CHAD's position in this
large and growing industry. In addition, we will continue to
actively pursue the sale of our trans-filling assets." About CHAD
Therapeutics CHAD Therapeutics, Inc. develops, manufactures and
markets respiratory care devices designed to improve the efficiency
of oxygen delivery systems for home health care and hospital
treatment of patients suffering from pulmonary diseases. For more
information, visit www.CHADtherapeutics.com. Safe Harbor Statements
under the Private Securities Litigation Reform Act of 1995. The
foregoing statements regarding prospects for future earnings and
revenues, future sales trends and the introduction of products
under development are forward-looking statements that involve
certain risks and uncertainties. A number of important factors
could cause actual results to differ materially from those
contemplated by such forward-looking statements. These include the
loss of one or more major customers, increased competition, the
introduction of new products with perceived competitive advantages
over the Company's products, changes or proposed changes in health
care reimbursement which affect home care providers and CHAD's
ability to anticipate and respond to technological and economic
changes in the home oxygen market. Moreover, the success of the
Company's products and products under development will depend on
their efficacy, reliability and the health care community's
perception of the products' capabilities and benefits, the degree
of acceptance the products achieve among homecare providers and,
with respect to products under development, obtaining timely
regulatory approval. Additional factors that could cause actual
results to differ materially from those contemplated in this press
release can be found in the Company's annual and quarterly reports
filed with the Securities and Exchange Commission under the caption
"Outlook: Issues and Risks."
Chad Therapeutics (AMEX:CTU)
Historical Stock Chart
Von Nov 2024 bis Dez 2024
Chad Therapeutics (AMEX:CTU)
Historical Stock Chart
Von Dez 2023 bis Dez 2024
Echtzeit-Nachrichten über Chad Therapeutics, (Amerikanische Börse): 0 Nachrichtenartikel
Weitere CHAD Therapeutics, Inc. News-Artikel