LEWISVILLE, Texas--(BUSINESS WIRE)--
Orthofix International N.V., (NASDAQ:OFIX) (the Company) announced today
that it has executed the final settlement agreement with the U.S.
Government to resolve matters related to the investigation of the
Company's subsidiary, Blackstone Medical, Inc. ("Blackstone").
As previously announced in February 2012, the Company will pay
approximately $32.0 million, all of which will be funded by proceeds
received from the escrow fund established in connection with the
acquisition of Blackstone in 2006. This final settlement also includes
resolution of a qui tam complaint filed against Blackstone and the
Company.
"I am very pleased with the final resolution of this matter, as well as
the Foreign Corrupt Practices Act (FCPA) matter we finalized during the
third quarter 2012," said President and Chief Executive Officer Robert
Vaters. "Orthofix has made significant improvement to its compliance
practices, and I look forward to a continued stronger focus on the
Company's operations, including investments in R&D to position the
Company for long-term growth."
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.
The forward-looking statements in this release do not constitute
guarantees or promises of future performance. Existing and prospective
investors are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date hereof. The
Company undertakes no obligation to update or revise the information
contained in this press release (which contains information current as
of the date hereof, whether as a result of new information, future
events or circumstances, or otherwise.
The Company cannot predict the timing or outcome of ongoing litigation
matters and governmental investigations of our businesses which could
result in civil or criminal liability or findings of violations of law
(as further described in the "Legal Proceedings" sections of our annual
report on Form 10-K and quarterly reports on Form 10-Q), that could
materially impact our financial position and/or liquidity.
About Orthofix:
Orthofix International N.V. is a diversified, global medical device
company focused on developing and delivering innovative repair and
regenerative solutions to the spine and orthopedic markets. Orthofix's
products are widely distributed around the world to orthopedic surgeons
and patients via Orthofix's sales representatives and its subsidiaries,
and via collaborations with other leading orthopedic product companies.
In addition, Orthofix is collaborating on R&D activities with leading
research and clinical organizations such as the Musculoskeletal
Transplant Foundation, the Orthopedic Research and Education Foundation,
and Texas Scottish Rite Hospital for Children. For more information
about Orthofix, please visit www.orthofix.com.
Orthofix International N.V.
Mark Quick, 214-937-2924
Director
of Investor Relations and Business Development
markquick@orthofix.com
Source: Orthofix International N.V.
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