EXHIBIT 99.2
FOR IMMEDIATE RELEASE: NEWS
April 25, 2003 NASDAQ-CMED
COLORADO MEDTECH, INC. ANNOUNCES
RESIGNATION OF MEMBER OF BOARD OF DIRECTORS
LONGMONT, Colorado -- Colorado MEDtech, Inc. (NASDAQ -- CMED) today announced
that Duncan Soukup has resigned from the Company's Board of Directors. A copy of
his resignation letter appears below.
"We thank Mr. Soukup for his service on the Board, and particularly for his
support of the pending sale of the Company to an affiliate of KRG Capital
Partners, LLC," said Stephen K. Onody, Colorado MEDtech's Chairman and CEO.
"When Mr. Soukup joined the Board last year he immediately contributed to the
Board's ongoing efforts to enhance value for all shareholders. We wish him
continued success."
Colorado MEDtech, Inc., through its CIVCO Medical Instruments Co., Inc.
subsidiary, is a full service developer and manufacturer of medical devices and
equipment for the ultrasound and minimally invasive OEM and end-user markets.
The text of Mr. Soukup's resignation letter follows:
Duncan Soukup
118 E. 25th Street, 8th Floor
New York, NY 10010
April 17, 2003
Mr. Stephen K. Onody
Chairman
Colorado MEDtech, Inc.
345 S. Francis Street, Unit F
PO Box 819
Longmont, CO 80512-0819
Dear Steve:
My intention when I joined the Board of Colorado MEDtech, Inc. ("CMED")
was to work with you and CMED's Board to enhance value for all
shareholders. At that time CMED's stock was trading at $2.25 per share.
Now that the sale of CMED is pending to an affiliate of KRG Capital
Partners, LLC for an estimated $4.50 to $5.00 per share in cash, an
increase of at least 100% over the price when I joined the Board, I
believe my job is done. Accordingly, I hereby resign as a Director of
CMED effective immediately.
I wish everyone at CMED and CIVCO every success in their future
endeavors.
Very truly yours,
/s/ Duncan Soukup
Duncan Soukup
Forward-Looking Statements
The statements in this news release that are not historical facts, including
those regarding strategic alternatives, are forward-looking statements that
represent management's beliefs and assumptions based on currently available
information. Forward-looking statements can be identified by the use of words
such as "believes," "intends," "estimates," "may," "will," "should,"
"anticipated," "expected" or comparable terminology or by discussions of
strategy. Although the Company believes that the expectations reflected in such
forward-looking statements are reasonable, it cannot assure that these
expectations will prove to be correct. Such statements involve risks and
uncertainties including, but not limited to, the risk that the Company's
shareholders may not approve the merger transaction, the risk that a material
adverse change in the Company's business may prevent the merger from closing
(i.e., the risk that the Company's existing level of orders may not be
indicative of the level or trend of future orders, the risk that the Company may
not successfully complete the work encompassed by current or future orders, the
risk that unforeseen technical or production difficulties may adversely impact
project timing and financial performance, the risk of an adverse result in
pending or potential litigation, the risks associated with regulation by the
Federal Food and Drug Administration including compliance with the Quality
System Regulation, and the risk that a downturn in general economic conditions
or customer budgets may adversely affect research and development and capital
expenditure budgets of potential customers upon which the business of the
Company is dependent) or the risk that the Company may otherwise be unable to
successfully complete the merger transaction. Should one or more of these risks
materialize (or the consequences of such a development worsen), or should the
underlying assumptions prove incorrect, actual results could differ materially
from those forecasted or expected. These factors are more fully described in the
Company's documents filed from time to time with the Securities and Exchange
Commission. The Company disclaims any intention or obligation to update publicly
or revise such statements whether as a result of new information, future events
or otherwise.
Additional Information And Where To Find It
Colorado MEDtech, Inc. plans to mail a proxy statement to its shareholders
containing information about the sale of the Company to an affiliate of KRG
Capital Partners, LLC (the "Merger"). Investors and shareholders of Colorado
MEDtech, Inc. are advised to read the proxy statement carefully when it becomes
available because it will contain important information about the Merger, the
persons soliciting proxies related to the Merger, their interests in the Merger,
and related matters. Investors and shareholders may obtain free copies of the
proxy statement (when available) and other documents filed by Colorado MEDtech
at the Securities and Exchange Commission's website at http://www.sec.gov.
Free copies of the proxy statement will also be available from Colorado MEDtech
by directing such requests to the attention of Mr. Peter J. Jensen, Secretary,
Colorado MEDtech, Inc., 345 S. Francis St., Unit F, P.O. Box 819, Longmont, CO
80502-0819, telephone (303) 651-2648.
Information Concerning Participants
Colorado MEDtech and its directors and executive officers may be deemed to be
participants in the solicitation of proxies from Colorado MEDtech shareholders
in favor of the Merger. Information regarding the participants is included in
Colorado MEDtech's Proxy Statement for its Annual Meeting of Shareholders filed
with the Securities and Exchange Commission on October 11, 2002 and its
preliminary Proxy Statement for its Special Meeting of Shareholders filed with
the Securities and Exchange Commission on April 11, 2003. This document is
available free of charge at the SEC's website at http://www.sec.gov and from
Colorado MEDtech.
CONTACTS:
Colorado MEDtech, Inc.
Stephen K. Onody, President and CEO Telephone: 303.530.2660
Gregory A. Gould, CFO Fax: 303.581.1010
Website: www.cmed.com Email: cmedinfo@cmed.com