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Medtronic Completes Acquisition of Restore Medical

Posted on: Thursday, 17 July 2008, 18:00 CDT

Medtronic, Inc. (NYSE:MDT) today announced that it has completed its acquisition of Restore Medical, Inc. (NASDAQ: REST). Under the terms of the agreement announced on April 22, 2008, Restore shareholders will receive $1.60 per share in cash for each share of Restore common stock they own. The total value of the transaction, including payment of Restore debt, was approximately $29 million.

Restore Medical's Pillar(R) Palatal Implant System (Pillar System) will be integrated into the Surgical Technologies business unit at Medtronic. The Pillar System is an innovative, minimally invasive, implantable medical device used to treat the soft palate component of sleep breathing disorders, including mild to moderate obstructive sleep apnea (OSA) and snoring.

About Medtronic

Medtronic, Inc., headquartered in Minneapolis, is the world's leading medical technology company, alleviating pain, restoring health and extending life for people with chronic disease. Its Internet address is www.medtronic.com.

This press release contains forward-looking statements regarding our operating momentum, new products and other developments, which are subject to risks and uncertainties, such as competitive factors, the risk that Restore may not be integrated successfully and that the cost savings and other synergies from the acquisition may not be fully realized, difficulties and delays inherent in the development, manufacturing, marketing and sale of medical products, government regulation, general economic conditions and other risk and uncertainties described in Medtronic's Annual Report on Form 10-K for the year ended April 25, 2008. Actual results may differ materially from anticipated results. Medtronic does not undertake to update its forward-looking statements.

Source: Business Wire

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