BOSTON, Apr 09, 2009 (BUSINESS WIRE) -- Orthofix International N.V. (NASDAQ: OFIX) (the Company) today announced
the final results of a Special General Meeting of Shareholders held on
April 2nd in which the Company's shareholders voted against each
proposal by a dissident shareholder to remove four incumbent members of
the Board of Directors. Shareholders voted resoundingly in favor of the
current Board members and rejected all proposals and all four dissident
nominees put forward by the activist hedge fund, Ramius.
After announcing the preliminary results last week, Orthofix indicated
today that the independent inspector of elections for the special
meeting, IVS Associates, Inc., has now issued a final vote count
confirming that none of the dissident's nominees were elected to the
Company's Board.
"The Board of Directors and management team of Orthofix are thankful
that shareholders chose to reject the short-term focus of the Ramius
proposals, instead voting to support the Company's long-term strategic
plan to deliver shareholder value," said Orthofix CEO Alan Milinazzo.
"We have made significant progress in recent months, achieving critical
milestones and improving operational effectiveness. We are committed to
continuing to execute on the Board's strategic plan to deliver results
for the benefit of all shareholders in the weeks and months to come."
In its communications with shareholders, Orthofix has noted the recent
progress made, including three partial debt repayments ahead of
scheduled maturity totaling $22 million, and fourth quarter 2008 results
which reflect substantial improvement in the operating performance of
the spinal implant and biologic business, including increased revenue, a
higher gross profit margin and lower adjusted operating expenses. The
Company looks forward to the May 1st limited market release
of Trinity(R) Evolution(TM), the next generation adult stem cell-based
allograft developed in collaboration with the Musculoskeletal Transplant
Foundation (MTF), following on the heels of the launch of two other new
products, the Firebird(TM) pedicle screw system and the PILLAR(TM) SA
interbody device. The Company anticipates continued growth and progress
for Orthofix and Blackstone, as indicated in its publicly announced
expectations for 2009.
About Orthofix
Orthofix International, N.V., a global medical device company, offers a
broad line of minimally invasive surgical, and non-surgical, products
for the spine, orthopedic, and sports medicine market sectors that
address the lifelong bone-and-joint health needs of patients of all
ages-helping them achieve a more active and mobile lifestyle. Orthofix's
products are widely distributed around the world to orthopedic surgeons
and patients via Orthofix's sales representatives and its subsidiaries,
including BREG, Inc. and Blackstone Medical, Inc., and via partnerships
with other leading orthopedic product companies. In addition, Orthofix
is collaborating in R&D partnerships with leading medical institutions
such as the Musculoskeletal Transplant Foundation, the Orthopedic
Research and Education Foundation, Rutgers University, Texas Scottish
Rite Hospital for Children and National Osteoporosis Institute. For more
information about Orthofix, please visit http://www.orthofix.com.
Forward-Looking Statements
This communication contains certain forward-looking statements under the
Private Securities Litigation Reform Act of 1995. These forward-looking
statements, which may include, but are not limited to, statements
concerning the projections, financial condition, results of operations
and businesses of Orthofix and its subsidiaries and are based on
management's current expectations and estimates and involve risks and
uncertainties that could cause actual results or outcomes to differ
materially from those contemplated by the forward-looking statements.
Factors that could cause or contribute to such differences may include,
but are not limited to, risks relating to the expected sales of its
products, including recently launched products, unanticipated
expenditures, changing relationships with customers, suppliers and
strategic partners, risks relating to the protection of intellectual
property, changes to the reimbursement policies of third parties,
changes to and interpretation of governmental regulation of medical
devices, the impact of competitive products, changes to the competitive
environment, the acceptance of new products in the market, conditions of
the orthopedic industry and the economy, corporate development and
market development activities, including acquisitions or divestitures,
unexpected costs or operating unit performance related to recent
acquisitions and other factors described in our annual report on Form
10-K and other periodic reports filed by the Company with the Securities
and Exchange Commission.
SOURCE: Orthofix International N.V.
Orthofix
Dan Yarbrough, 617-912-2903
Vice President of Investor Relations
danyarbrough@orthofix.com
Copyright Business Wire 2009