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Oh Yeah....... 
Thanks
Was in PMII for Febuary run and just got back in~ love latest news and chart is primed for action~ Should be a goodie here :)
June 2, 2009 - 4:10 PM EDT
Power Medical Interventions, Inc. Receives Accelerated $5M Milestone Payment From Intuitive Surgical, Inc.
Intuitive Exercises Right to Receive Irrevocable License Under Agreement With PMI
LANGHORNE, Pa., June 2, 2009 (GLOBE NEWSWIRE) -- Power Medical Interventions(r), Inc. (OTCBB:PMII), a leader in developing and commercializing Intelligent Surgical Instruments(tm), announced today that Intuitive Surgical, Inc. has elected to exercise its right to receive an irrevocable license to certain Power Medical Intervention (PMI) intellectual property in exchange for an accelerated aggregate milestone payment of $5 million. The payment to PMI was made in connection with the License and Development Agreement signed with Intuitive in September 2008. As provided under terms of the agreement, Intuitive has the right to receive an irrevocable license by accelerating payment of remaining milestones. With this latest payment, PMI has received a total of $20 million under its agreement with Intuitive.
Through the companies' License and Development Agreement, PMI and Intuitive are jointly developing a novel surgical stapling device that will attach to Intuitive's da Vinci(r) Surgical System and will utilize PMI's patented surgical stapling technology. Once developed, this attachment will enable a physician utilizing the da Vinci Surgical System to cut and staple tissue in a broad array of surgical applications. The companies have also previously entered into a reload supply agreement whereby PMI will be the manufacturer and exclusive supplier of certain staple reload cartridges for the newly developed device.
"Intuitive Surgical's decision to exercise its right to secure an irrevocable license under our License and Development Agreement provides PMI with $5 million in non-dilutive financing while also offering additional critical validation of our technology from a leading developer of innovative surgical equipment," stated Michael Whitman, president and chief executive officer of PMI. "While we are pleased that this funding will continue to assist in our efforts to strengthen our financial position, we are equally excited about our continuing collaboration with Intuitive Surgical. It is estimated that surgical staplers are used in over 3.5 million procedures annually. The potential to expand into a broad array of these surgical procedures will exist upon completion of our joint development initiative. This should lead to significant benefits for surgeons in a variety of new procedures in colon and rectal, thoracic, gynecologic, and bariatric surgery."
About Power Medical Interventions, Inc.
Power Medical Interventions is the world's only provider of computer-assisted, power-actuated surgical cutting and stapling products. PMI's state-of-the-art wireless Intelligent Surgical Instruments(tm) are revolutionizing and expanding minimally invasive surgery applications and enabling novel surgical procedures to benefit surgeons, patients, hospitals and healthcare networks. To learn more about Power Medical Interventions, Inc. and its products, please visit www.pmi2.com.
241%....that would be very nice. I like this price, I was in before at .70 so this seems like a bargoon to me.... so I'll be with ya on the buy side tomorrow ............glty
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Covidien Announces Definitive Agreement to Acquire Power Medical Interventions, Inc.
Expands Portfolio of Solutions for Surgeons
DUBLIN & LANGHORNE, Pa., Jul 29, 2009 (BUSINESS WIRE) -- Covidien (NYSE: COV), a leading global provider of healthcare products, today announced the Company has reached a definitive agreement to acquire Power Medical Interventions, Inc. (OTCBB: PMII), a provider of computer-assisted, power-actuated surgical cutting and stapling products.
Based in Langhorne, PA, Power Medical Interventions (PMI) had 2008 revenues of $9 million. The Board of Directors of both companies unanimously approved the transaction, pursuant to which a wholly owned subsidiary of Covidien will pay $2.08 in cash per share of PMI common stock. Aggregate consideration, including assumption of debt, will total approximately $64 million. The transaction, which will take the form of an all cash tender offer, is subject to customary closing conditions and is expected to be completed by September 25, 2009.
PMI's first powered stapling platform, the SurgAssist, was introduced in 2001 and has been used in more than 45,000 procedures globally. Over the last two years, the company has introduced wireless Intelligent Surgical Instruments(TM) that have the potential to revolutionize and expand minimally invasive surgery applications, as well as enable novel surgical procedures to benefit surgeons, patients, hospitals and healthcare networks. Covidien, which develops innovative technology for advanced surgical procedures, is a world leader in surgical stapling.
"By combining these technological assets with our global infrastructure, we will be delivering differentiated solutions to our customers," said Scott Flora, President, Surgical Devices, Covidien. "As a pioneer in surgical stapling, we are committed to providing healthcare technology that enables advanced surgical techniques and improves patient outcomes."
"We are excited to join Covidien's Surgical Devices business unit and look forward to establishing a technology platform that will advance surgical stapling and instrumentation beyond the capabilities of existing manually operated devices," said Michael Whitman, President and Chief Executive Officer, PMI.
Covidien does not anticipate this transaction will have a material impact on its fiscal 2009 sales or operating margin outlook. The transaction will be slightly dilutive in 2010, but the underlying strength of its existing businesses is expected to offset the dilution. Once the transaction has been completed, Covidien will report the PMI business as part of its Endomechanical product line in the Medical Devices segment.
ABOUT COVIDIEN
Covidien is a leading global healthcare products company that creates innovative medical solutions for better patient outcomes and delivers value through clinical leadership and excellence. Covidien manufactures, distributes and services a diverse range of industry-leading product lines in four segments: Medical Devices, Imaging Solutions, Pharmaceutical Products and Medical Supplies. With 2008 revenue of nearly $10 billion, Covidien has more than 41,000 employees worldwide in 59 countries, and its products are sold in over 140 countries. Please visit www.covidien.com to learn more about our business.
ABOUT POWER MEDICAL INTERVENTIONS
Power Medical Interventions is the world's only provider of computer-assisted, power-actuated surgical cutting and stapling products. PMI's state-of-the-art wireless Intelligent Surgical Instruments are revolutionizing and expanding minimally invasive surgery applications and enabling novel surgical procedures to benefit surgeons, patients, hospitals and healthcare networks. To learn more about Power Medical Interventions, Inc. and its products, please visit www.pmi2.com.
FORWARD-LOOKING STATEMENTS
Any statements contained in this communication that do not describe historical facts may constitute forward-looking statements. This release contains forward-looking information about Covidien's proposed acquisition of Power Medical Interventions, Inc., the timing of the anticipated transaction, the potential benefits of the anticipated transaction, the anticipated impact of the transaction on Covidien's financial results, PMI's surgical device products and the potential benefits of such products. Any forward-looking statements contained herein are based on Covidien's and PMI's management's current beliefs and expectations, but are subject to a number of risks, uncertainties and changes in circumstances, which may cause actual results or actions to differ materially from what is expressed or implied by these statements. The factors that could cause actual future results to differ materially from current expectations include, but are not limited to, the satisfaction of conditions to closing the agreement; the ability to successfully integrate PMI's operations and products with Covidien's and the time and resources required to do so, the uncertainties inherent in commercial, research and development activities, decisions by regulatory authorities and other matters that could affect the availability or commercial potential of such product candidates; and competitive developments. These and other factors are identified and described in more detail in Covidien's and PMI's filings with the SEC. We caution investors not to place undue reliance on the forward-looking statements contained in this press release. We disclaim any obligation to update these forward-looking statements other than as required by law.
IMPORTANT INFORMATION ABOUT THE TENDER OFFER
This press release is neither an offer to purchase nor a solicitation of an offer to sell shares of PMI. Covidien Delaware Corp. (the "Merger Sub"), an indirect, wholly owned subsidiary of Covidien, has not commenced the tender offer for the shares of PMI stock described in this press release.
Upon commencement of the tender offer, the Merger Sub will file with the SEC a tender offer statement on Schedule TO and related exhibits, including the offer to purchase, letter of transmittal, and other related documents. Following commencement of the tender offer, PMI will file with the SEC a tender offer solicitation/recommendation statement on Schedule 14D-9. These documents will contain important information about Covidien, PMI, the transaction and other related matters. Investors and security holders are urged to read each of these documents carefully when they are available.
Investors and security holders will be able to obtain free copies of the tender offer statement, the tender offer solicitation/recommendation statement and other documents filed with the SEC by the Merger Sub and PMI through the web site maintained by the SEC at www.sec.gov. In addition, investors and security holders will be able to obtain free copies of these documents by contacting:
Covidien
Investor Relations
508-452-4650
investor.relations@covidien.com
SOURCE: Covidien
Contacts for Covidien:Diana Sousa, 203-492-7610Vice President, CommunicationsSurgical Devicesdiana.sousa@covidien.comorColeman Lannum, CFA, 508-452-4343Vice PresidentInvestor Relationscole.lannum@covidien.comorBruce Farmer, 508-452-4372Vice PresidentPublic Relationsbruce.farmer@covidien.comorBrian Nameth, 508-452-4363DirectorInvestor Relationsbrian.nameth@covidien.comorContacts for PMI:Brian M. Posner, 267-775-8100Chief Financial Officerbposner@pmi2.comorVida Communication (investors)Stephanie Diaz,
415-675-7401sdiaz@vidacommunication.comorVida Communication (media)Tim Brons, 415-675-7402tbrons@vidacommunication.comCopyright Business Wire 2009
