ATS Medical Completes Acquisition of CryoCath's Surgical Ablation Business
MINNEAPOLIS, June 28 -- ATS Medical, Inc. (NASDAQ:ATSI) today announced the completion of its acquisition of the surgical cryoablation business of CryoCath Technologies which was reported on June 19, 2007. The assets being acquired include the SurgiFrost®, FrostByte®, and SurgiFrost XL family of products for which ATS Medical has been CryoCath's exclusive agent in the United States and distributor in certain international markets since November 2004.
Michael Dale, President and Chief Executive Officer noted, "As we discussed in our press release and conference call last week, this is a transformational event for ATS Medical. We will dramatically leverage our current operating infrastructure and firmly position ourselves in the rapidly-growing, $1.5 billion cardiac arrhythmia treatment market. The transaction adds to our revenue base immediately, accelerates our revenue growth rate in the future, and significantly diversifies our portfolio of proprietary high margin products while shortening our path to profitability."
About ATS Medical
ATS Medical, Inc. provides innovative products and services focused on cardiac surgery. The company, global in scope, has been headquartered in Minneapolis, Minnesota. More than 135,000 ATS Open Pivot® Heart Valves, which utilize a unique pivot design resulting in exceptional performance and low risk profile, have been implanted in patients worldwide. The ATS 3F® brand encompasses multiple tissue heart valve product offerings at varying steps from market introductions to clinical trials to development projects that incorporate less invasive valve replacement technology. ATS Medical's focus on serving the cardiac surgery community is further strengthened by offerings that include ATS Simulus(TM) annuloplasty products for heart valve repair, SurgiFrost® and FrostByte® products for surgical cryoablation of cardiac arrhythmias, RTI-Cardiovascular for allograft tissue services, and the development of PARSUS blood filtration technology. The ATS Medical web site is http://www.atsmedical.com/.
Source: ATS Medical, Inc.
CONTACT: Michael Dale, President-CEO, +1-763-553-7736, or Michael Kramer, Acting CFO, +1-763-557-2222, both of ATS Medical, Inc
Web site: http://www.atsmedical.com/