Advertisement
"The sale of these investments, which represent the vast majority of ourprivate investment portfolio, is part of our previously announced plans todivest non-strategic assets, while focusing on our core businesses andincreasing shareholder value," said Sam Leno, Chief Financial Officer ofBoston Scientific. "We are pleased to be selling our investments in thesecompanies to Saints Capital, a firm we believe has the experience andcommitment to support them going forward."
Advertisement
Separately, the Company announced it has signed a definitive agreement tosell its investments in a portfolio of venture funds and companies, subject tocertain closing and other conditions, to Paul Capital Partners, a leader inthe private equity secondary market, for pre-tax proceeds in excess of$40 million. The Company expects to record a net pre-tax loss of approximately$10 million ($6 million after-tax) on the transaction, primarily in the secondquarter of 2008.
"The net after-tax cash proceeds will be used principally to pay downdebt, and consistent with previous divestitures of non-strategic assets, theseexpected net gains and losses will be excluded from our adjusted earnings pershare," added Leno.
Boston Scientific is a worldwide developer, manufacturer and marketer ofmedical devices whose products are used in a broad range of interventionalmedical specialties. For more information, please visit:http://www.bostonscientific.com.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaningof Section 21E of the Securities Exchange Act of 1934. Forward-lookingstatements may be identified by words like "anticipate," "expect," "project,""believe," "plan," "estimate," "intend" and similar words. Theseforward-looking statements are based on our beliefs, assumptions and estimatesusing information available to us at the time and are not intended to beguarantees of future events or performance. These forward-looking statementsinclude, among other things, statements regarding our divestiture ofnon-strategic assets, our restructuring initiatives and our growth strategy.If our underlying assumptions turn out to be incorrect, or if certain risks oruncertainties materialize, actual results could vary materially from theexpectations and projections expressed or implied by our forward-lookingstatements. These factors, in some cases, have affected and in the future(together with other factors) could affect our ability to implement ourbusiness strategy and may cause actual results to differ materially from thosecontemplated by the statements expressed in this press release. As a result,readers are cautioned not to place undue reliance on any of ourforward-looking statements.
Factors that may cause such differences include, among other things:future economic, competitive, reimbursement and regulatory conditions; newproduct introductions; demographic trends; intellectual property; litigation;financial market conditions; and, future b
