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Section 240.14a-101 Schedule 14A.
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Schedule 14A Information
Proxy Statement Pursuant to Section 14(a) of the Securities
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[ ] Soliciting Material Pursuant to Section 240.14a-11(c) or Section
240.14a-12
EQUIDYNE CORPORATION
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(Name of Registrant as Specified In Its Charter)
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EQUIDYNE CORPORATION
ANNOUNCES NARROWING OF STRATEGIC ALTERNATIVES ANALYSIS
SAN DIEGO, Calif., September 4, 2003 (BW HealthWire) -- EQUIDYNE CORPORATION
(AMEX:IJX) announced today that, with the assistance of its investment banker,
Cypress Associates, LLC, it is nearing completion of its analysis of a potential
liquidation of Equidyne (which would include a potential distribution of legally
available assets to stockholders) and has significantly narrowed the primary
scope of merger and acquisition candidates being evaluated.
Equidyne's CEO, Marcus Rowan, stated, "We are continuing to make progress in our
evaluation of business opportunities and strategic alternatives. With the
assistance of our investment banker, we are now principally focused on
completing the evaluation of two potential acquisition and/or merger candidates.
There exist several other opportunities at more preliminary stages of
evaluation. We currently intend to complete our evaluation of these
opportunities, compare the results to our analysis of a potential liquidation
(and corresponding potential distribution of legally available assets to
stockholders) and submit our recommendation to our stockholders for approval at
a special meeting of stockholders convened after the annual meeting to be held
on September 9, 2003. We note that there is currently no agreement or
understanding with respect to any of these candidates, and any such agreement or
understanding will require both significant negotiation and, if an agreement is
reached, the satisfaction of customary closing conditions. Additionally, we note
that our analysis of a potential liquidation is based on several assumptions,
including certain factors beyond the control of Equidyne and consequently
comprises a range of values upon any liquidation. Although we can provide
neither a definitive date for completion of these opportunities nor assurance
that any such opportunity will come to fruition, we believe our efforts in
reducing costs, preserving capital, and repositioning the Company have provided
our stockholders with a real potential for realizing stockholder value during a
time period that the needle-free industry has suffered significant decline. We
greatly appreciate the support that we are receiving from our stockholders in
moving the Company forward and we urge them to demonstrate their support for the
Company's proposed nominees by signing and mailing the WHITE proxy cards."
For further information on how to vote at the stockholders meeting, please call
MacKenzie Partners, Inc. toll free at (800) 322-2885. For further information
about the Company, please contact Marcus Rowan, CEO, or Mark Myers, President,
at 214-219-5300.
About the Company:
Equidyne Corporation (www.equidyne.com), through Equidyne Systems, Inc., its
wholly-owned subsidiary based in San Diego, California, is working to capitalize
on its needle-free drug delivery systems for subcutaneous injections. The INJEX
needle-free injector is a compact, uncomplicated device that delivers a
virtually painless injection through the skin in a fraction of a second, and
eliminates needle stick and disposal problems. The INJEX System is a
comfortable, economical alternative to delivering medications using conventional
needle injections.
Certain statements contained herein and other written material and oral
statements made from time to time by us do not relate strictly to historical or
current facts. As such, they are considered 'forward-looking statements' within
the meaning of the Private Securities Litigation Reform Act of 1995 that provide
current expectations or forecasts of future events. Such statements are
typically characterized by terminology such as 'believe,' 'anticipate,'
'should,' 'intend,' 'plan,' 'will,' 'expect,' 'estimate,' 'project,' 'strategy'
and similar expressions. Our forward-looking statements generally relate to our
ability to develop and execute our business plan, the prospects for future sales
of our products, the success of our international marketing activities, the
success of our strategic corporate relationships, the adoption and use of
needle-free technology and the success of our diversification and strategic
alternative initiatives. These statements are based upon assumptions and
assessments made by our management in light of its experience and its perception
of historical trends, current conditions, expected future developments and other
factors our management believes to be appropriate. These forward-looking
statements are subject to a number of risks and uncertainties, including the
following: our ability to achieve profitable operations and to maintain
sufficient cash to operate our business and meet our liquidity requirements; our
ability to obtain financing, if required, on terms acceptable to us, if at all;
the success of our research and development activities and our ability to obtain
regulatory authorizations for developed products, if any; competitive
developments affecting our current products; our ability to successfully
identify and attract strategic partners and to market both new and existing
products domestically and internationally; difficulties or delays in
manufacturing; trends toward managed care and health care cost containment;
exposure to product liability and other types of lawsuits and regulatory
proceedings; our ability to protect our intellectual property both domestically
and internationally; governmental laws and regulations affecting domestic and
foreign operations; our ability to identify and complete diversification
opportunities or strategic alternatives, including potential strategic
acquisitions, a potential sale or merger, a potential sale or license of assets,
including Equidyne's needle-free technology, and a potential liquidation; and
the impact of acquisitions, divestitures, restructurings, product withdrawals
and other unusual items, as well as other risks identified in our filings with
the Securities and Exchange Commission. Except as required by applicable law,
the Company undertakes no obligation to update any forward-looking statements,
whether as a result of new information, future events or otherwise.