Exactech Announces Expiration of Deferred Prosecution Agreement
GAINESVILLE, Fla.--(BUSINESS WIRE)-- Exactech, Inc. (Nasdaq:EXAC), a developer and producer of bone and joint restoration products for hip, knee, shoulder, spine and biologic materials, announced today that the Deferred Prosecution Agreement (DPA) entered into effective December 7, 2010 with the United States Attorneys Office for the District of New Jersey (USAO) has expired. The Company satisfied its obligations under the DPA and has received a Notice of Dismissal of the Complaint filed against it in this matter in the United States District Court for the District of New Jersey. Neither the DPA nor the Complaint alleged that the Companys conduct adversely affected patient health or patient care.
Like the other orthopaedic companies who completed their DPAs, Exactech (EXAC) is under a Corporate Integrity Agreement (CIA) administered by the Office of Inspector General of the U.S. Department of Health and Human Services. Exactechs CIA extends until December 7, 2015.
Exactech Chairman and CEO Bill Petty said, "We are pleased to reach closure of this process and to have the systems in place to ensure effective, efficient compliance. We will continue to practice the highest standards of ethics, which have been and will continue to be hallmarks of our corporate culture.
Based in Gainesville, Fla., Exactech develops and markets orthopaedic implant devices, related surgical instruments and biologic materials and services to hospitals and physicians. The company manufactures many of its orthopaedic devices at its Gainesville facility. Exactechs orthopaedic products are used in the restoration of bones and joints that have deteriorated as a result of injury or diseases such as arthritis. Exactech markets its products in the United States, in addition to more than 30 markets in Europe, Latin America, Asia and the Pacific. Additional information about Exactech, Inc. can be found at http://www.exac.com. Copies of Exactechs press releases, SEC filings, current price quotes and other valuable information for investors may be found at http://www.exac.com and http://www.hawkassociates.com.
An investment profile on Exactech may be found at http://www.hawkassociates.com/profile/exac.cfm.
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This release contains various forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which represent the companys expectations or beliefs concerning future events of the companys financial performance. These forward-looking statements are further qualified by important factors that could cause actual results to differ materially from those in the forward-looking statements. These factors include the effect of competitive pricing, the companys dependence on the ability of third party manufacturers to produce components on a basis which is cost-effective to the company, market acceptance of the companys products and the effects of government regulation. Results actually achieved may differ materially from expected results included in these statements.
For Exactech, Inc.
Jody Phillips, 352-377-1140
Chief Financial Officer
Julie Marshall or Frank Hawkins, 305-451-1888
Source: Exactech, Inc.Copyright Business Wire 2012