Addison, TX - (ACCESSWIRE- December 13, 2013) Wound Management Technologies Inc. (OTCQB:WNDM) and Brookhaven Medical, Inc. announced today that they have mutually agreed not to proceed with a previously announced merger. Both companies and their boards have determined it to be in the best interests of their companies and stockholders respectively not to enter into a definitive merger agreement.
"Although we see significant potential synergies between Wound Management and Brookhaven, the timing is not yet ripe for both companies to realize significant benefits from those synergies," commented Bob Lutz, Wound Management Chairman and CEO. "We have a good relationship with Brookhaven's management and we are in discussions with them as a potential distributor of our products."
Brookhaven Chairman and CEO John Feltman said "While Brookhaven has determined for now to focus on current opportunities in dialysis devices, we feel that Bob Lutz and his team have done a great job turning around their wound care business and in developing great products. We continue to be excited about the potential for CellerateRx and resorbable bone wax and we look forward to continuing our work with Wound Management and to helping it capture significant market share in the US for these products."
"We remain excited about the enormous potential and efficacy of our products" Lutz added, "and we look forward to continuing our turnaround and business model transformation for the benefit of all of our constituencies, including our customers, shareholders, and employees. We will be announcing our plans and financing strategy for the company in 2014 and beyond soon.
About Wound Management
Wound Management Technologies, Inc., is an emerging commercial stage company with its primary products in the $5B worldwide advanced wound care market. Wound Management's primary focus is the distribution of its unique, patented collagen product, Cellerate(R) which is FDA cleared and reimbursable under Medicare Part B. Wound Management has other advanced biotech products in development including a patented resorbable bone wax line that is in the late stages of development. More information can be found on the company's web sites: http://www.wmgtech.com/ and http://www.celleraterx.com/ .
Safe Harbor Statement
The statements in the press release that relate to the company's expectations with regard to the future impact on the company's results from new products in development and any other statements not constituting historical facts are "forward-looking statements," within the meaning of and subject to the safe harbor created by the Private Securities Litigation Reform Act of 1995. Since this information may contain statements that involve risk and uncertainties and are subject to change at any time, the company's actual results may differ materially from expected results. This document may contain forward-looking statements concerning the Company's operations, current and future performance and financial condition. These items involve risks, contingencies and uncertainties such as product demand, market and customer acceptance, the effect of economic conditions, competition, pricing, the ability to consummate and integrate acquisitions, and other risks, contingencies and uncertainties detailed in the Company's SEC filings, which could cause the company's actual operating results, performance or business plans or prospects to differ materially from those expressed in, or implied by these statements. The Company undertakes no obligation to revise any of these statements to reflect the future circumstances or the occurrence of unanticipated events.
Wound Management Technologies, Inc.
16633 Dallas Parkway, Suite 250
Addison, TX 75001
Phone: (972) 218-0935