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Horizon Medical Products, Inc. Signs Letter Of Intent To Acquire Cryolife, Inc. Subsidiary

September 18, 1998 at 10:11 AM EDT
ATLANTA, Sept. 18 -- Horizon Medical Products, Inc. (Nasdaq: HMPS) has signed a letter of intent with Ideas for Medicine, Inc. (``IFM''), a wholly-owned subsidiary of Cryolife(R), Inc. (NYSE: CRY), to acquire the IFM product lines, inventory and intellectual property. The purchase price is $15 million to be paid in cash at closing.

The IFM product line consists of single use medical devices such as carotid shunts, which divert blood through arteries while surgeons remove plaque in the carotid artery, and embolectomy catheters used to remove emboli from dialysis access grafts.

The letter of intent provides for customary conditions of closing, such as approval by the respective Boards of HMP and Cryolife, due diligence by HMP, and approval of lenders for both companies.

Marshall B. Hunt, Chairman and Chief Executive Officer of HMP, noted, ``This acquisition allows HMP's sales force to carry new and innovative products into its existing distribution channels, which will give HMP the ability to maximize its physician relationships.''

Certain statements and information included herein may constitute ``forward-looking statements'' which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking statements are based on current expectations and may be significantly impacted by certain risks and uncertainties described herein and in the Company's Prospectus on Form S-1 filed with the Securities and Exchange Commission. There can be no assurance that statements made in this press release relating to future events will be achieved. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time.

Horizon Medical Products, Inc. headquartered in Manchester, Georgia, is a rapidly growing specialty medical device company focused on manufacturing and marketing vascular access products. The Company's vascular access product lines include implantable ports, which are used primarily in cancer treatment protocols, and specialty catheters, which are used in hemodialysis and stem cell aphersis procedures.