Langer Inc., Deer Park, New York (NASDAQ: GAIT) signed a
definitive agreement December 15 to purchase substantially all of
the assets of Regal Medical Supply LLC, Granbury, Texas, through
Langer’s wholly owned subsidiary Regal Acquisition Co., Langer
announced December 18. Regal is a Board for Orthotist/Prosthetist
Certification (BOC)-accredited suppliers of contracture management
products and services focused on the long-term care market with 24
sales representatives covering both chain and independently
operated skilled nursing and assisted living facilities in 22
states. The purchase price is approximately $1.64 million,
including the satisfaction of certain obligations to affiliated
parties in exchange for the delivery of excess working capital,
Langer said. The transaction consideration will be funded through
the issuance of shares of Langer common stock. For the calendar
year ended December 31, 2005, Regal generated net sales of
approximately $1.87 million, and for the nine-month period ended
September 30, 2006, Regal generated net sales of approximately
$1.74 million. Regal President John Shero is expected to execute a
three-year employment contract and join an affiliate of the company
as its vice president of field sales. The acquisition is expected
to close in the first quarter of 2007, according to Langer.
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