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ULURU Inc. Signs Offer Letter to Acquire York Pharma plc
Date:4/6/2009

ADDISON, Texas, April 6 /PRNewswire-FirstCall/ -- ULURU Inc. (NYSE Amex: ULU) today announced that it has signed a non-binding offer letter to acquire York Pharma plc ("York"). York is a United Kingdom based skin care company with operations or distribution networks throughout Europe with an established revenue base.

One of the conditions to ULURU making any offer is that the outstanding debt of York (currently being U.S. $6 million of unsecured Convertible Loan Notes 2014, together with accrued interest thereon) shall be converted into ordinary shares of York prior to the closing of any offer. Under the indicative terms set out in the non-binding offer letter, ULURU shareholders would own approximately 77% of the combined company. York shareholders (as enlarged by the conversion of the outstanding debt) would own approximately 23% of the combined company, which would result in ULURU issuing approximately 19.9 million shares.

In conjunction with the signing of the non-binding offer letter, ULURU entered into a series of agreements involving the granting of a revolving line of credit to York. As security for advances made against this line of credit ULURU received a security interest in substantially all of the assets of York.

ULURU and York have not executed definitive documentation relating to any acquisition transaction. There can be no assurance that the parties will enter into definitive documentation for such an acquisition transaction.

ULURU is pursuing a potential acquisition as strategically this is important and would be expected to provide the following benefits to ULURU:

  • Significantly enhance the commercial capability of the Company by creating an integrated U.S. and European marketing and sales infrastructure
  • Afford the a
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SOURCE ULURU Inc.
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