MINNEAPOLIS
and ORANGEBURG, N.Y., March 30,
2015 /PRNewswire/ -- Uroplasty, Inc. (NASDAQ: UPI)
and Vision-Sciences, Inc. (NASDAQ: VSCI) shareholders have voted at
the special meeting of each company's shareholders held today to
approve the previously announced agreement and plan of merger
between the two companies.
"We are pleased with the outcome of today's special meetings,
and I would like to thank both shareholder groups for approving the
merger agreement," said Rob Kill,
President and CEO of Uroplasty. "Our shareholders have endorsed a
transformative combination that will form a new medical device
company well positioned for growth and value creation for our
stakeholders."
Howard Zauberman, President and
CEO of Vision-Sciences, commented, "Our shareholders have voted to
maximize the market opportunity for the EndoSheath technology and
growth of our combined company, and we look forward to accelerating
growth as one company."
Completion of the merger is expected to occur later this week
subject to certain closing conditions. Upon completion, the
two companies will operate as Cogentix Medical, Inc. and trade on
NASDAQ under the symbol CGNT.
About Uroplasty
Uroplasty, Inc., headquartered in
Minnetonka, Minnesota, with
wholly-owned subsidiaries in The
Netherlands and the United
Kingdom, is a global medical device company that develops,
manufactures and markets innovative proprietary products for the
treatment of voiding dysfunctions. Uroplasty's focus is the
continued commercialization of its Urgent® PC Neuromodulation
System, which is an FDA-cleared device that delivers percutaneous
tibial nerve stimulation (PTNS) for the office-based treatment of
overactive bladder (OAB). OAB is a chronic condition that
affects approximately 42 million U.S. adults. The symptoms
include urinary urgency, frequency and urge incontinence.
Uroplasty also offers Macroplastique®, an injectable urethral
bulking agent for the treatment of adult female stress urinary
incontinence primarily due to intrinsic sphincter deficiency.
For more information on Uroplasty and its products, please visit
Uroplasty, Inc. at www.uroplasty.com.
About Vision-Sciences
Based in Orangeburg, New York, Vision-Sciences, Inc.
designs, develops, manufactures and markets products for flexible
endoscopy. The company's unique product lines feature a streamlined
visualization system and proprietary sterile disposable microbial
barrier, known as EndoSheath technology, providing users with
efficient and cost effective endoscope turnover while enhancing
patient safety. For more information on Vision-Sciences and its
products, please visit Vision-Sciences, Inc. at
www.visionsciences.com.
For Further Information:
Uroplasty, Inc.
Brett Reynolds, SVP and
CFO
952-426-6152
Vision-Sciences, Inc.
Gary Siegel, VP of
Finance
845-848-1085
EVC Group
Doug Sherk/Brian Moore (Investors)
415-652-9100/310-579-6199
Janine McCargo
(Media)
646-688-0425
Cautionary Statements Related to Forward-Looking
Statements
This press release includes forward-looking statements.
These forward-looking statements generally can be identified by the
use of words such as "anticipate," "expect," "plan," "could,"
"may," "will," "believe," "estimate," "forecast," "goal,"
"project," and other words of similar meaning.
Forward-looking statements in this press release include, but are
not limited to, statements about the benefits of the transaction;
expected revenue growth rates; the expected timing of the
completion of the transaction; and the combined company's plans,
objectives, expectations and intentions with respect to future
operations, products and services. Each forward-looking
statement contained in this press release is subject to risks and
uncertainties that could cause actual results to differ materially
from those expressed or implied by such statement. Applicable
risks and uncertainties include, among others, uncertainties as to
the timing of the transaction; the risk that competing offers will
be made; the possibility that various closing conditions for the
transaction may not be satisfied or waived; the risk that
shareholder litigation in connection with the transaction may
result in significant costs of defense, indemnification and
liability; other business effects, including the effects of
industry, economic or political conditions outside of either
company's control; the failure to realize synergies and
cost-savings from the transaction or delay in realization thereof;
the businesses of Uroplasty and Vision-Sciences may not be combined
successfully, or such combination may take longer, be more
difficult, time-consuming or costly to accomplish than expected;
operating costs and business disruption following completion of the
transaction, including adverse effects on employee retention and on
each company's respective business relationships with third
parties; transaction costs; actual or contingent liabilities; the
adequacy of the combined company's capital resources; and the risks
identified under the heading "Risk Factors" in the joint proxy
statement/prospectus filed with the Securities and Exchange
Commission ("SEC"), in Uroplasty's Annual Report on Form 10-K, for
the fiscal year ended March 31, 2014,
filed with the SEC on June 9, 2014,
and Vision-Sciences' Annual Report on Form 10-K for the fiscal year
ended March 31, 2014, filed with the
SEC on May 30, 2014, as well as both
companies' subsequent Quarterly Reports on Form 10-Q and other
information filed by each company with the SEC. Uroplasty and
Vision-Sciences caution investors not to place considerable
reliance on the forward-looking statements contained in this press
release. You are encouraged to read Uroplasty's and
Vision-Sciences' filings with the SEC, available at www.sec.gov,
for a discussion of these and other risks and uncertainties. The
forward-looking statements in this press release speak only as of
the date of this release, and Uroplasty and Vision-Sciences
undertake no obligation to update or revise any of these
statements. Uroplasty's and Vision-Sciences' businesses are
subject to substantial risks and uncertainties, including those
referenced above. Investors, potential investors, and others
should give careful consideration to these risks and
uncertainties.
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visit:http://www.prnewswire.com/news-releases/uroplasty-and-vision-sciences-shareholders-approve-merger-agreement-300057582.html
SOURCE Uroplasty, Inc.