CLEARWATER, Fla., Dec. 1 CCS Medical, Inc. a leading direct-to-consumer provider of medical supplies, today announced that it has received approval from the United States Bankruptcy Court for District of Delaware (the "Court") for its bidding procedures in connection with the marketing and proposed sale of substantially all of its assets.
Pursuant to an Order dated November 24, 2009, the Court approved bidding procedures for the sale of substantially all of CCS Medical's assets. The bidding procedures, among other things, provide that interested parties are required to submit a letter of intent on or before January 11, 2010 at 11:59 p.m. (EST). The deadline for qualified parties to submit qualifying bids is February 8, 2010 at 4:00 p.m. (EST). If qualifying bids are received, an auction will take place on February 15, 2010, at the offices of the Company's legal counsel Willkie Farr & Gallagher LLP in New York. A hearing to approve the sale would then occur on February 17, 2010, which the Company expects would allow for a conclusion of its restructuring within the following weeks.
About CCS Medical
Founded in 1994, CCS Medical has become a leading provider of medical supplies. CCS Medical assists patients that need diabetes test strips, insulin pumps, urological supplies, ostomy supplies, advanced wound care dressings and prescription drugs. CCS Medical specializes in providing a convenient way for patients to receive supplies for their chronic illnesses in a manner that saves them time and money.
As a leader in the medical supply community, CCS Medical has a commitment to the mission statement of being the leading provider of products and services to the home chronic care marketplace.
The Company maintains a solid reputation among patients and healthcare professionals, and has developed strong relationships and select co-marketing agreements with a number of the world's leading medical products manufacturers. For more information on CCS Medical, please visit www.ccsmed.com.
This press release contains certain forward looking statements about our financial condition, operations, business strategies, objectives, future business and financing requirements. It also contains other forward-looking statements about our expectations, beliefs, future plans, anticipated developments and other matters that are not historical facts concerning our business, operations and financial performance and condition. These statements are based upon management's current expectations and beliefs and are subject to certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied by the forward looking statements. These risks and uncertainties include market conditions and other factors beyond the Company's control.
ContactsAndy Brimmer / Meaghan RepkoJoele Frank, Wilkinson Brimmer Katcher212-355-4449
SOURCE CCS Medical, Inc.