Langer, Inc. Announces Private Placement of $28.9 Million of 5.0% Convertible Subordinated Notes
11 Diciembre 2006 - 5:09PM
PR Newswire (US)
DEER PARK, N.Y., Dec. 11 /PRNewswire-FirstCall/ -- Langer, Inc.
(Nasdaq: GAIT, "Langer" or the "Company") announced the completion
of a private placement of $28,883,000 in aggregate principal amount
of 5.0% Convertible Subordinated Notes due December 7, 2011. The
Notes are convertible into shares of common stock of the Company at
a conversion rate of 210.5263 shares per $1,000 initial principal
amount of notes (equal to a conversion price of $4.75 per share),
subject to certain adjustments. Net proceeds to the Company after
placement fees were approximately $27.8 million. Gray Hudkins, the
Company's President and CEO commented, "Langer intends to use the
net proceeds from this private placement to fund a number of
projects including, among other things, capital expenditures,
working capital needs, and the funding of acquisitions. We may also
seek additional outside senior financing in the future to augment
our liquidity and capital resources." Wm. Smith Securities Inc.
acted as sole placement agent in the transaction. Langer, Inc.,
together with its wholly owned subsidiary Silipos, Inc., designs,
manufactures and distributes high quality medical products
targeting the orthopedic, orthotic and prosthetic markets. In
addition, the Company offers a diverse line of skincare products
for the medical and therapeutic markets. The Company sells its
products primarily in the U.S. and Canada as well as in more than
30 other countries to national, regional, international and
independent medical distributors and directly to healthcare
professionals. Langer is based in Deer Park, New York, and has
additional manufacturing facilities in Niagara Falls, New York,
Anaheim, California, Montreal, Canada, Stoke-on-Trent, UK as well
as sales and marketing offices in Ontario, Canada and New York, New
York. Certain matters discussed in this press release constitute
forward-looking statements that involve risks and uncertainties
that could cause actual results to differ materially from those
projected. The Company may use words such as "anticipates,"
"believes," "plans," "expects," "intends," "future" and similar
expressions to identify forward-looking statements. These risks and
uncertainties are described in the Company's filings with the
Securities and Exchange Commission, including the Company's 2005
Form 10-K, 2006 Proxy Statement for the Annual Meeting of
Stockholders, and recently filed Form 10- Qs and Form 8-Ks.
DATASOURCE: Langer, Inc. CONTACT: W. Gray Hudkins, President and
CEO, +1-212-687-3260 Web site: http://www.langerinc.com/
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