Memry to Begin Trading on American Stock Exchange
BROOKFIELD, Conn., Jun 29, 2000 - Memry Corporation (OTC Bulletin Board: MRMY), which develops, manufactures and markets products based on advanced shape memory alloys, announced today that its stock has been approved for trading on the American Stock Exchange. Company shares are expected to begin trading on the exchange by the middle of July. The company has begun interviewing specialist firms to handle trading on the exchange floor. Memry will trade under the new symbol MRY replacing the symbol MRMY used on the OTC Bulletin Board.
James Binch, chairman and CEO of Memry Corporation, said, "We are delighted to have been accepted for listing on the American Stock Exchange. This provides investors with enhanced trading liquidity for Memry stock and additional visibility for the company. We are continuing to build the company through our strategy of providing Nitinol advanced technology components for the medical device industry and expanding our reach in the commercial and industrial areas where there is growing demand for our Nitinol products."
In the company's recently announced third fiscal quarter, Memry reported a record $7.2 million in revenue and net earnings of $603,000 or $0.03 per share. This represented a $2.9 million or 66% increase in revenue in the quarter, primarily reflecting increased sales of components and assemblies to medical device customers. Increases in wire product and tube sales represented the majority of the balance of the revenue improvement.
As a leading provider of Nitinol components, Memry markets and distributes its own Memry brand medical components to the medical device industry. Marketing and distribution of Memry's Nitinol products in the industrial and commercial industries is provided under a sales agency agreement with Raychem (a division of Tyco Corp.).
In 1996 Memry acquired the Nitinol operations of Raychem Corporation, making the company one of the world's largest producers of Nitinol tubing, wire, strip and components. In 1998 Memry acquired Advanced Materials and Technologies, n.v. (AMT), of Herk-de-Stad, Belgium, allowing Memry the opportunity to significantly increase its European market presence and to obtain AMT's significant technical capabilities in producing shape-memory alloys. In early 1999 Memry acquired Wire Solutions, Inc., a Wrentham, Massachusetts-based company engaged in the manufacture of specialized micro- coils and guidewire components for the medical device industry.
Memry Corporation, with locations in Brookfield, Conn., Menlo Park, Calif. and Herk-de-Stad, Belgium, provides fully integrated development and manufacturing services to the medical device industry. The company's core capabilities include the design, development and manufacture of nickel titanium (Nitinol) strip, wire and tube; prototype development; advanced laser processing; and specialized micro-coiling and contract assembly. Memry's medical device products include laparoscopic surgical sub-assemblies, medical stent materials and components, catheter components and guidewires. The company also maintains a commercial and industrial materials and components business that produces Nitinol semi-finished materials and components.
For more information contact Chief Financial Officer Robert P. Belcher at (203) 740-7311. E-mail: Robert Belcher@memry.com, or Frank Hawkins or Julie Marshall, Hawk Associates, Inc. at (305) 852-2383. Email: info@hawkassociates.com.
Detailed information about Memry Corporation can be found on the web site www.memry.com. Copies of Memry Corporation press releases, SEC filings, current price quotes, stock charts and other valuable information for investors may be found on the web site: www.hawkassociates.com .
This release contains certain forward-looking statements which involve known and unknown risks, uncertainties or other factors not under the Company's control which may cause actual results, performance or achievements of the Company to be materially different from the results, performance, or other expectations implied by these forward-looking statements. These factors include, but are not limited to, those detailed in the Company's periodic filings with the Securities and Exchange Commission.