Thomas Pharmaceuticals has entered into a non-binding letter of intent to merge with Global Medical Equipment (Global Medical) of AZ.
Global Medical is involved with launching a series of patented products servicing home and institutional health care, specialty medical facilities, acute care facilities, and elder care. Global Medical is implementing a growth strategy of acquiring Medicare accredited durable medical equipment (DME) companies to create a direct distribution network.
Harold Halman, president and CEO, said: “We have a number of different products and marketing opportunities representing the business’s growth strategy. Our Company continues to field additional inquiries regarding representation of other products creating vertical opportunities within markets already penetrated.”
Thomas Pharmaceuticals said that the closing is subject to satisfaction of due diligence investigations by all of the parties, negotiation and execution of a definitive agreement, approval by Thomas Pharmaceuticals’ shareholders, completion of an audit of Global Medical, the completion of certain financing commitments for the post-merger company and certain other conditions precedent to closing.
Thomas Pharmaceuticals anticipates that this transaction will close in the second quarter 2010. The merged company will continue to trade on the OTC bulletin board.