AWT Signs Agreement with Medical Equipment Distribution Company
Acquisition target agrees to acquisition terms with AWT
SOMERSET, N.J., Nov. 27 -- AWT, Inc. (Pink Sheets: AWTM), announced that it has signed agreements that will facilitate its acquisition of a local medical supply and medical equipment distribution company.
The Standstill Agreement allows for AWT and its acquisition partner to continue with business as usual and complete the necessary documents for the closing of the transaction and the financing earlier announced. "A Standstill Agreement, as both of our companies have agreed, is mutually binding in the fact that we do not go around each other to clients and we do not shop the terms of this deal to rivals. It gives both companies the ability to complete and close the transaction," commented Christopher J. Neill, AWT's CEO. Furthering his comment, "Both companies are interested in a smooth transition to a larger organization and resourceful expansion."
The target company is a New Jersey-based medical equipment distributor and general medical supply company which provides capital equipment to acute care and long term care facilities.
The purchase price to be paid will be a combination of cash and restricted shares of AWT common stock subject to registration rights. The number of AWT shares has been determined, and additional contracts for Earnout have been discussed based on AWT's share price on the one year anniversary of the closing date. Closing of the acquisition is anticipated to occur by year end to early January.
Under the agreements, both companies are unable speak directly regarding the specific terms prior to the closing of the acquisition.
ABOUT AWT, INC.
AWT Inc, headquartered in Somerset, New Jersey, with locations in the USA and Saudi Arabia, is a rapidly expanding durable medical equipment and supply company. It distributes state-of-the-art medical equipment to the healthcare industry, as well as general supplies.
AWT Inc is committed to a more traditional personal service commitment to healthcare and cost efficiencies for clients, providing superior service and products to the healthcare world at the lowest possible price and with delivery times superior to any in the industry. It is equally committed to always exceeding customer expectations and to increasing shareholder value.
Source: AWT, Inc.
CONTACT: Investor Relations, Stuart Smith, Managing Director of Smallcapvoice.com, +1-512-267-2430, for AWT, Inc.; or Christopher J. Neill, CEO of AWT, Inc., +1-732-246-2330
