Sybron Dental (NYSE:SYD)
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Sybron Dental Specialties, Inc. Announces the Mailing of its
Offer to Purchase All of the Outstanding Common Shares of Innova LifeSciences
Corporation
TORONTO, Sept. 9 /PRNewswire/ -- Sybron Dental Specialties, Inc. ("Sybron")
and Innova LifeSciences Corporation ("Innova") jointly announced today that
Sybron has mailed to shareholders of Innova the offer and circular dated
September 8, 2004 (the "Circular") and related documents, in connection with
the previously announced offer (the "Offer") being made through its indirect
wholly-owned subsidiary, Sybron Canada Limited, to purchase all of the
outstanding common shares of Innova. Included in the package mailed to
shareholders was the Directors' Circular prepared by Innova's board of
directors recommending that Innova shareholders accept the Offer.
Pursuant to the Offer, Sybron is offering to purchase all of the issued and
outstanding common shares of Innova, including common shares which may become
outstanding on the exercise of options, warrants or other rights to purchase
common shares, at a price of $1.4106 in cash per common share. The purchase
price payable under the Offer represents a 33% premium over the closing price
of Innova's common shares on August 23, 2004, the last trading day prior to the
announcement of the Offer, and a 37% premium over the volume weighted average
price of the common shares on the Toronto Stock Exchange for the 20-day trading
period ending on that date.
The Offer is subject to certain conditions, including there being validly
deposited under the Offer, at the expiry of the Offer, at least 66 .% of the
issued and outstanding common shares of Innova (on a fully diluted basis). The
VenGrowth Investment Fund Inc., The VenGrowth II Investment Fund Inc., The
Manufacturers Life Insurance Company, Michael A. Kehoe, the President and Chief
Executive Officer of Innova, and Keith L. Carter, the Vice-President and
Secretary of Innova, which together hold approximately 62.1% of the outstanding
common shares (approximately 57.3% on a fully-diluted basis) have entered into
an agreement with Sybron to tender their common shares to the Offer. The Offer
expires at 12:01 a.m. on October 15, 2004.
About Innova LifeSciences
Innova (http://www.innovalife.com/) specializes in the development, manufacture
and global marketing of proprietary medical devices and technologies, and is
committed to continued profitable growth by advancing its technology, enriching
its value proposition for customers and adding innovative complementary
technologies. Endopore, Innova's brand name dental implant system, is now used
by dental professionals in more than 20 countries as a preferred technology to
anchor dental prostheses such as dentures, partial plates, bridgework and
single teeth. A Canadian company, Innova was founded in 1988 and its
technologies are approved by a wide range of health authorities, including the
United States Food and Drug Administration.
About Sybron Dental Specialties
Sybron Dental Specialties (http://www.sybrondental.com/) and its subsidiaries
are leading manufacturers of value-added products for the dental and
orthodontic professions and products for use in infection control. Sybron
Dental Specialties develops, manufactures, and sells through independent
distributors a comprehensive line of consumable general dental and infection
prevention products to the dental industry worldwide. It also develops,
manufactures, markets and distributes an array of consumable orthodontic and
endodontic products worldwide.
DATASOURCE: Sybron Dental Specialties, Inc.
CONTACT: Gregory D. Waller, Chief Financial Officer - Sybron,
+1-714-516-7400; or Michael Nealon, Chief Financial Officer - Innova,
+1-416-340-8818
Web site: http://www.sybrondental.com/