MONTREAL, Oct. 6 /PRNewswire-FirstCall/ -- CryoCath(R) Technologies Inc. ("CryoCath" or the "Company") (TSX: CYT), today announced the filing and mailing of the Directors' Circular with respect to the previously announced offer from Medtronic, Inc. ("Medtronic") , through a wholly owned subsidiary, to acquire all of the outstanding common shares of the Company. The Directors' Circular is being mailed together with the take-over bid circular of Medtronic.
The CryoCath board of directors has unanimously recommended that CryoCath shareholders accept the offer. The Directors' Circular provides details concerning the board of directors' recommendation that the Company's shareholders tender their common shares into the offer. The Directors' Circular has been filed in Canada on SEDAR at http://www.sedar.com/ and will also be available on CryoCath's website at http://www.cryocath.com/.
About CryoCath
CryoCath - http://www.cryocath.com/ - is a medical technology company that leads the world in cryotherapy products to treat cardiac arrhythmias. With annual revenue of approximately $40 million Cdn, its products are routinely used in more than 500 centers around the world. The Company's flagship product, Arctic Front, is a minimally invasive cryo-balloon catheter designed specifically to treat Atrial Fibrillation, an emerging $2 billion market opportunity. Marketed in Europe and the subject of a pivotal study in the United States, Arctic Front has been used to treat approximately 3,100 patients.
This press release includes "forward-looking statements" that are subject to risks and uncertainties, including with respect to the timing of regulatory trials and their outcome. For information identifying legislative or regulatory, economic, climatic, currency, technological, competitive and other important factors that could cause actual results to differ materially from those anticipated in the forward looking statements, see CryoCath's annual report available at http://www.sedar.com/ under the heading Risks and Uncertainties in the Management's Discussion and Analysis section.
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