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Item
8.01
OTHER
EVENTS
SEE
ATTACHED EXHIBIT
EXHIBITS:
99.1
Press
Release November 13, 2006 announcing Bovie Medical Corporation’s formation of
Canadian Medical Technology and Manufacturing Division through asset
acquisition.
BOVIE
MEDICAL CORPORATION
By:
/s/Andrew
Makrides
ANDREW MAKRIDES
President
EXHIBIT
99.1
BOVIE
MEDICAL CORPORATION ANNOUNCES FORMATION OF CANADIAN MEDICAL TECHNOLOGY AND
MANUFACTURING DIVISION THROUGH ASSET ACQUISITION
Melville,
New York, November 13, 2006 - Bovie Medical Corporation (the “Company”) (Amex:
BVX), a manufacturer and marketer of electrosurgical products, today announced
that it has acquired assets of Lican Developments LTD (Lican), an Ontario,
Canada Corporation. The assets acquired include proprietary patent pending
technologies, working prototypes in various stages of development and production
equipment. Lican is a product development and manufacturing company
focused on endoscopic devices.
Technologies
in development include:
·
Tip-On-Tube®
a disposable tip technology complementary to Bovie’s previously acquired
and announced Modular Ergonomic Grip (MEG) forceps. Bovie acquired
the MEG
technology in January 2006 and recently received Food and Drug
Administration (FDA) clearance to market the product.
·
A
new surgical handle platform called the Modullion® that allows a plurality
of electrical and mechanical modes to be used in conjunction with
reusable
and disposable mono and bipolar cartridges and is applicable to most
endoscopic surgeries.
·
Seal-N-Cut®
a family of endoscopic instruments used in monopolar and bipolar
vessel
and tissue cutting and sealing.
Bovie
will be forming a wholly owned subsidiary, Bovie Canada, that will continue
the
further development of these technologies as well as manufacturing the new
devices and other Bovie products. Mr. Steve Livneh, president and founder of
Lican, will assume the position of President of Bovie Canada. Mr. Livneh, a
mechanical engineer and inventor has over 20 years experience in the endoscopic
market. He has been a consultant to the Company since January 2006 and is
assisted by Howard Stallard, vice president of operations together with nine
full-time employees.
Bovie
Canada features state of the art manufacturing equipment such as computerized
multi-axis machinery, micro-laser welding equipment and electro-discharge
drilling machinery.
Terms
of
the acquisition include $350,000.00 cash payable over 5 years, a total of
350,000 restricted Bovie Common Shares subject to American Stock Exchange
guidelines, of which 200,000 restricted shares contain vesting provisions,
and
150,000 restricted shares are conditioned upon the achievement of specified
developmental and regulatory benchmarks. Bovie anticipates revenues from the
acquisition during the first half of 2007.
Commenting
on the acquisition, Andrew Makrides, president of Bovie Medical stated, “Steve
Livneh and his team are a welcome addition to the Bovie family. We anticipate
that his expertise in engineering and developing medical device instrumentation
together with his demonstrated manufacturing capabilities should contribute
to
Bovie’s product offerings and growth.”
This
document may contain some forward looking statements, particularly regarding
operational prospects in 2006 and beyond, which involve a number of risks and
uncertainties that could cause actual results to differ materially. These risks
are listed from time to time in the Company’s SEC filings.
Contact
Information:
Investor
Relations:
John
Aneralla
Buttonwood
Advisory Group, Inc. Phone (800) 940-9087
