Exhibit 99.1
For Immediate Release
HAPC, Inc. Announces Agreement to
Purchase InfuSystem, Inc.
New York – October 2,
2006-HAPC, Inc. (OTCBB:HAPN) announced today that it has entered
into a definitive agreement to acquire InfuSystem, Inc., a
wholly-owned subsidiary of I-Flow Corporation (NASDAQ:IFLO) for
$140 million.
InfuSystem is a nationwide leader in
ambulatory infusion pump management services to oncologists and
their patients. InfuSystem works directly with oncology practices
to provide continuous infusion pumps and related billing,
collection, and administrative services primarily to colorectal
cancer patients. The use of continuous infusion chemotherapy
regimens has grown significantly during the past three years,
driven by superior therapeutic outcomes, greater patient
satisfaction, and lower costs than traditional bolus
chemotherapy.
“InfuSystem fits perfectly
with HAPC’s acquisition criteria of strong growth, high
margins, and an excellent management team,” said Sean
McDevitt, Chairman of the Board of HAPC. “InfuSystem’s
executives have worked together for the past 15 years developing
this unique business model and delivering strong financial results.
We are excited to partner with them for the
future.”
Donald M. Earhart, Chairman,
President and Chief Executive Officer of I-Flow, said,
“InfuSystem has been an outstanding performer since I-Flow
acquired the business in 1998. As we move forward, however, our
strategic focus for future growth is on I-Flow pain relief products
and our goal of being the leader in treating acute pain after
surgery.”
According to the terms of the
agreement, HAPC will acquire all the outstanding shares of
InfuSystem from I-Flow through a newly formed subsidiary of HAPC.
The aggregate consideration for the acquisition is $140 million,
subject to adjustment relating to the level of working capital.
I-Flow will receive the aggregate consideration in cash
or
