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[woodawork]

Deshalb:



WINTERTHUR, Switzerland, AUSTIN, Texas and CLEVELAND, Aug 14, 2001 /PRNewswire via COMTEX/ -- -- Sulzer Medica , the Swiss-based company specializing in mechanical and biological implants, and its U.S. subsidiary Sulzer Orthopedics, have submitted a Term Sheet for a class settlement that provides for an agreement to petition the U.S. District Court in Cleveland, Ohio, to certify a class comprised of all patients who received a recalled Inter-Op acetabular shell or a withdrawn stem tibial baseplate. This would effectively collect all pending lawsuits stemming from the recall of Inter-Op hip shells and withdrawn tibial baseplates at one court at federal level and would quickly and, above all, fairly, meet patient claims.

The Term Sheet, created jointly with representatives of the class action participants, envisions substantial payments for the affected patients. In spite of the lack of adequate insurance coverage, the proposed terms are financially bearable for Sulzer Medica and would be spread over the coming years.

"The Term Sheet is an initial and decisive step in overcoming the effects of Sulzer Orthopedics` recalled hip shells and tibial baseplates under investigation. Our stated goal is to quickly provide the patients with medical, legal and financial assistance and to handle the damage claims in a just manner," stated Sulzer Medica CEO Stephan Rietiker. "While the financial burden is a heavy one for our company, when distributed over the coming several years it is financially bearable," Rietiker added.

The key figures from the Term Sheet, which will be ruled on by District Judge Cathleen O`Malley within the next 60-to-90 days, call for the following: -- Multiple revisions patients get costs of revision and will receive USD 97,500 in cash and equity; -- Single revision patients get costs of revision and will receive USD 57,500 in cash and equity; -- The spouse of the patients will also receive compensation.

Patients who received a hip shell or tibial baseplate and did not require revision surgery will receive USD 2750, payable in cash and equity, and their spouses will also receive compensation.

The number of patients who have had to undergo hip-revision surgery has increased to 2353 (as of August 10, 2001), the corresponding number for tibial baseplate-revision surgery is 280. The number of lawsuits filed remains 1029 for hip shells and 2 for tibial baseplates.

Based on intensive internal clarifications, Sulzer Medica expects the number of revision surgeries for hips and knees to reach 4,000. This calculation is based on the total implanted Inter-Op hip shells of approximately 31,000 and approximately 1,600 implanted tibial baseplates.

The compensation payments will be financed by the insurance coverage and by 50% of the generated Group net income accrued over the next few years, but no less than 25 million USD per year and no more than 50 million USD cumulatively per year. Compensation in equity requires the approval of the shareholders who will vote on the creation of authorized capital at an extraordinary shareholders` meeting this fall.

To assist in reaching the conditions of the Term Sheet, Sulzer Medica retained the highly reputable American trial lawyer Richard Scruggs, who led the successful legal assault on Tobacco Industry. Commenting on the details of the Term Sheet, Mr. Scruggs stated: "This agreement represents a positive development towards finding a legal way for compensating patients while preserving a key player that is vital to the public health."

David Floyd, the new President of Sulzer Orthopedics, Austin Texas, states:

"I am pleased that our proposed settlement proves that, as we always promised, we would meet our obligations to the patients. Although this has been a very difficult time, we have kept our commitments, and look forward to serving surgeons and their patients in the future."

The Term Sheet that was submitted today, in close cooperation with the attorneys of various plaintiffs, is the first step along the path that will eventually lead the company to again focus all its energies on the corporate goal of using its products to promote physical health and a better quality of life for people.

[woodawork]

Strong mover today: SM, up +19% on 200% ave. volume but stochs still oversold. Could be interesting...

Business Overview


SM designs, manufactures and markets artificial joints, spinal implants, traumatology and arthroscopy products, dental implants, heart valves and vascular grafts.For the FY ended 12/31/00, revenues rose 14% to SF1.35B. Net income under U.S. GAAP fell 74% to SF189M. Results reflect strong growth in the Orthopedics Division and the Cardiovascular Prostheses Division, offset by the absence of a SF591M gain on sale of the Electrophysiology Division