Healthcare Industry News: HAPC
News Release - July 2, 2007
HAPC and I-Flow Extend Termination Deadline for Acquisition of InfuSystemNEW YORK--(HSMN NewsFeed)--HAPC, Inc. (OTCBB: HAPN; HAPNW; HAPNU), today announced that it has mutually agreed with I-Flow Corporation (Nasdaq: IFLO ) to an additional extension of the termination deadline in the stock purchase agreement regarding HAPC's acquisition of InfuSystem, Inc. The previous deadline of June 29, 2007 has been extended to July 31, 2007. The extension is expected to allow HAPC sufficient time to address the remaining Securities and Exchange Commission (SEC) comments on HAPC's preliminary proxy statement, which HAPC believes are typical of a transaction of this type.
Sean McDevitt, Chairman of HAPC Inc., commented, "We believe that we are finally nearing completion of this process and have been working diligently to comply with all information requests by the SEC in terms of our intended acquisition of InfuSystem. We look forward to setting a date for the proxy vote upon satisfying the remaining SEC requests."
InfuSystem supplies electronic ambulatory infusion pumps and various assorted supply kits used in the treatment of cancer and provides billing and collections services for these items to approximately 1,550 physician practices across the United States.
HAPC Inc., a special purpose acquisition company, came to the public markets through an IPO on April 18, 2006 with the mission of acquiring a leading edge health care company with a proven track record and solid financials. InfuSystem became a viable acquisition candidate in mid-2006 and on December 7, 2006, HAPC filed a preliminary proxy statement regarding the acquisition of InfuSystem. Upon completion of the acquisition, HAPC intends to change its name to InfuSystem Holdings, Inc.
About InfuSystem, Inc.
InfuSystem supplies external ambulatory infusion pumps allowing for the gradual administration of a drug over a period of days in the privacy of one's home rather than higher dose treatments as in the case of chemotherapy administered in a hospital setting or doctor's office.
About HAPC, Inc.
HAPC is a blank check company recently formed for the purpose of acquiring, through a merger, capital stock exchange, asset acquisition or other similar business combination, one or more operating businesses in the healthcare industry.
Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those predicted by such forward-looking statements. These risks and uncertainties include general economic conditions, as well as other risks detailed from time to time in HAPC's publicly filed documents. HAPC undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.
Additional Information and Where to Find It
HAPC intends to file a definitive proxy statement in connection with the proposed transaction, a copy of which will be mailed to the shareholders of HAPC. HAPC'S SHAREHOLDERS ARE URGED TO READ THE DEFINITIVE PROXY STATEMENT AND OTHER RELEVANT MATERIALS WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors and security holders may obtain free copies of these documents (when they are available) and other relevant documents filed by HAPC with the Securities and Exchange Commission (the "SEC") at the SEC's web site at www.sec.gov.
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