HBIO Affirms Plan to Spin-Off Harvard Apparatus Regenerative Technology, Inc.
and Announces Its Intended Path Forward
HOLLISTON, Mass., May 1, 2013 (GLOBE NEWSWIRE) -- Harvard Bioscience, Inc.
(Nasdaq:HBIO), a global developer, manufacturer, and marketer of a broad range
of tools to advance life science research and regenerative medicine, today
announced that it continues to believe that the best path to maximizing value
for its shareholders is to spin-off Harvard Apparatus Regenerative Technology,
Inc., or HART, its wholly-owned regenerative medicine device subsidiary, to
separate that regenerative medicine device business from HBIO's profitable
core life science research tools business.
The Company is seeking withdrawal of the Registration Statement because of
unfavorable market conditions. To that end, HART will not proceed with its
planned initial public offering of its common stock. Instead, HBIO will
proceed with the spin-off of HART promptly following the effectiveness of a
Registration Statement on Form 10 to be filed by HART with the SEC to become a
public reporting company.Harvard Bioscience expects the shares of HART common
stock distributed in the spin-off to be publically tradeable, subject to
compliance with applicable securities laws. HART intends to withdraw its
Registration Statement on Form S-1 filed with the SEC and thereafter file the
Registration Statement on Form 10 under the Securities Exchange Act of 1934.
Harvard Bioscience intends to effect the separation of its regenerative
medicine business through the spin-off of 100% of HART's common stock to
Harvard Bioscience stockholders in a pro-rata, tax-free dividend. Prior to
such spin-off, Harvard Bioscience plans to contribute $15 million in cash to
fund HART's initial operations.Harvard Bioscience also intends to apply to
list HART's common stock on the NASDAQ Capital Market under the symbol "HART"
in connection with the spin-off and related Form 10 filing.
Some of the statements in this press release are "forward-looking" and are
made pursuant to the safe harbor provision of the Private Securities
Litigation Reform Act of 1995. These "forward-looking" statements include
statements relating to, among other things, the intention of consummate the
spin-off of Harvard Apparatus Regenerative Technology, the related Form 10
filing with the SEC and NASDAQ Capital Market listing and the tradeability of
the HART securities. These statements involve risks and uncertainties,
including among other things, market and other conditions that may cause
results to differ materially from the statements set forth in this press
release. There can be no assurance that such statements and information will
prove to be accurate as actual results and future events could differ
materially from those anticipated in such statements and information. The
forward-looking statements in this press release speak only as of the date of
this press release. Harvard Bioscience expressly disclaims any obligation or
undertaking to release publicly any updates or revisions to such statements to
reflect any change in its expectations with regard thereto or any changes in
the events, conditions or circumstances on which any such statement is based.
For investor inquiries, please call (508) 893-8066. Press releases may be
found on our web site, http://www.harvardbioscience.com.
The Harvard Bioscience, Inc. logo is available at
CONTACT: David Green
Tel: 508 893 8999
Fax: 508 892 6135
Harvard Bioscience, Inc. Logo
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