Exhibit 99.1
CONTACT:
Xxxxxxxxx Xxxxxxxxx
Xxxxx Capital Group, LLC
ph: 000-000-0000 x000
xxxxxxxxxx@xxxxxxxxxxxxxxxxx.xxx
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EYE DYNAMICS AND ORTHONETX SIGN DEFINITIVE MERGER AGREEMENT
TORRANCE, CA - SEPTEMBER 6, 2005 - Eye Dynamics, Inc. (OTCBB: EYDY), a leading
provider of health and safety products, today announced the signing by both
parties of a definitive Merger Agreement with Superior, Colorado-based
OrthoNetx, Inc., a leading provider of medical devices for osteoplastic surgery.
Pursuant to the plan of merger approved by Boards of Directors of both
companies, the merger will occur as a stock exchange transaction whereby
OrthoNetx shares will be exchanged for Eye Dynamics shares. Thereafter, it is
intended that Eye Dynamics, the surviving entity, will be renamed AcuNetx, Inc.
Completion of the merger is subject to customary conditions, including
regulatory approvals.
Xxxxx X. Xxxxx, President and CEO of OrthoNetx, will assume the position of CEO
and a Director of the new, merged company. Xxxxxxx X. Xxxxx, Vice Chairman of MP
Biomedicals, Inc., Vice Chairman of Xxxxx Capital Group, LLC and currently a
member of the OrthoNetx Board of Directors will serve as Chairman of the Board
of the combined companies. Other Directors will include Xxx Xxxxxxx, co-founder
and current CEO of Eye Dynamics; Xxxxxxx Xxxxxxxx, co-founder and former CEO of
Eye Dynamics; Xxxxxxxx Xxxxxxxx, MD, DDS, founder and current Chairman of
OrthoNetx; Xxxxxx Xxxxxxxx, a current Director of OrthoNetx; and Xxxxxxx X.
Xxxxxxxxxx, a current Director of OrthoNetx and Chairman of Xxxxx Capital Group,
LLC.
The new company expects to emerge as a premier provider of medical devices in
the healthcare field with innovative product lines, synergies that expand
offerings and the ability to enhance medical sales opportunities and fuel
continued expansion.
"The merger of OrthoNetx and Eye Dynamics brings significant opportunities for
growth and innovation," said both Xxxxx and Waldorf. "The strength of the
management team, breadth of product offering and vision for the future, solidly
positions the combined company to bring exciting developments to market."
ABOUT EYE DYNAMICS, INC.
Eye Dynamics is in the business of producing and marketing patented proprietary
products and other services for the institutional, medical and government
markets. The company is a leader in the Video ENG medical product market, having
invented the Video ENG system and brought it to market in 1994. SafetyScope, the
company's latest product, is designed for the `fitness-for-duty' screening of
workers. SafetyScope is simple to use, takes only 90 seconds and does not
require any bodily fluids like urine-based drug testing. It automates the manual
methods of evaluating eye responses of an individual to detect neurological
signs of impairment used by law enforcement throughout the United States. To
find out more about Eye Dynamics, Inc. visit: xxx.xxxxxxxxxxx.xxx.
ABOUT ORTHONETX, INC.
OrthoNetx, Inc. designs, develops, manufactures and markets patented,
FDA-approved medical devices and systems for osteoplastic surgery and
distraction osteogenesis- the practice of generating, forming and molding bone.
Physician customers include plastic surgeons, oral and maxillofacial surgeons,
otolaryngologists, and orthopedic surgeons who correct deformities and
deficiencies of the skeleton caused by errors of birth, trauma, infections and
tumors. Osteoplastic surgery is applicable to all areas of the skeleton,
including the skull and face, jaws, long bones of the upper and lower
extremities, hands, wrists, feet, ankles, and the spine. The privately-held
company is headquartered in Superior, CO. For more information visit:
xxx.xxxxxxxxx.xxx.
SAFE HARBOR FOR FORWARD LOOKING STATEMENTS
This news release includes forward-looking statements that are made pursuant to
the safe harbor provisions of the Private Securities Litigation Reform Act of
1995. While these statements are made to convey to the public the company's
progress, business opportunities and growth prospects, readers are cautioned
that such forward-looking statements represent management's opinion. Whereas
management believes such representations to be true and accurate based on
information and data available to the company at this time, actual results may
differ materially from those described. The company's operations and business
prospects are always subject to risk and uncertainties. Important factors that
may cause actual results to differ are set forth in the company's periodic
filings with the U.S. Securities and Exchange Commission.
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