https://www.businesswire.com/news/home/20180709005399/en/

CLEARWATER, Fla.--(BUSINESS WIRE)--Jul 9, 2018--Bovie Medical Corporation (NYSEMKT:BVX) (the “Company”), a maker of medical devices and supplies and the developer of J-Plasma ®, a patented surgical product marketed and sold under the Renuvion™ Cosmetic Technology brand in the cosmetic surgery market, today announced that the Company has entered into a definitive agreement with Specialty Surgical Instrumentation Inc., a subsidiary of Symmetry Surgical Inc. (“Symmetry”), pursuant to which the Company will divest and sell the Core business segment and the Bovie ® brand to Symmetry for gross proceeds of $97 million in cash. The asset purchase agreement was approved by the Company’s Board of Directors and is subject to customary closing conditions – including approval by the Company’s stockholders – and expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. The Company is retaining its Advanced Energy and OEM businesses, its facilities in Clearwater, FL and Sofia, Bulgaria, and certain intellectual property related to specialty generators. As part of the agreement President and Director J. Robert Saron will resign from his position with the Company and the Board of Directors and join Symmetry following the closing of the transaction.

“Today’s announcement of the divestiture and sale of our Core business segment to Symmetry is a major strategic transaction for Bovie Medical,” said Charlie Goodwin, Chief Executive Officer of the Company. “The Core electrosurgical and cauteries business is the foundation of Bovie Medical and we are extremely proud of the success we have had with this business which dates back to the Company’s inception many years ago. At the same time, we believe the customers and employees of Bovie Medical’s Core business are best-positioned going forward with the focus and investment they will receive under Symmetry’s ownership.”