Printer Friendly

ALTERNATIVE DISTRIBUTORS STATEMENT ON NEGOTIATIONS

 MEDFORD, Mass., April 2 /PRNewswire/ -- Alternative Distributors Corporation announced today that negotiations with Mr. Bernard J. Reitman of a definitive written agreement pursuant to which Mr. Reitman would surrender 1 million shares of his common stock to the company have not been successful. Such shares would have been surrendered in settlement of certain matters pending between the company and Mr. Reitman. The company believes, however, that an agreement in principle with Mr. Reitman reached last week is legally binding and has commenced legal action among other things seeking a judicial determination of the status of that agreement. Pending such determination, the number of outstanding shares of the company's common stock is in doubt and there is no assurance that a court will not rule that the number remains at 3,206,315 shares, the number outstanding prior to the aforesaid agreement in principle.
 -0- 4/2/93
 /CONTACT: Anthony Strangie, chairman and chief executive officer of Alternative Distributors Corporation, 617-395-0353/


CO: Alternative Distributors Corporation ST: Massachusetts IN: SU:

AH-OS -- NY024 -- 2464 04/02/93 11:08 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 2, 1993
Words:177
Previous Article:CNPC AND HALLIBURTON CO-HOST CHINA/U.S. PETROLEUM SEMINAR
Next Article:AMERICARE HEALTH GROUP TO BEGIN CONSTRUCTION OF CLINICS


Related Articles
ALTERNATIVE DISTRIBUTORS CORPORATION EARNINGS
ALTERNATIVE DISTRIBUTORS CORPORATION SIGNS AGREEMENT
ALTERNATIVE DISTRIBUTORS ISSUES STATEMENT ON BOARD ACTION
EZCONY INTERAMERICA ANNOUNCES N0 PROGRESS IN NEGOTIATIONS TO SELL CONTROL
The Producers Entertainment Group to Consider Major Restructuring; Eye on Acquisitions Including Internet Companies.
Richfood Holdings, Inc. Announces Possible Sale.
Michael Foods Retains Investment Bankers to Explore Strategic Alternatives.
Access Health Alternatives Inc. Subsidiary International Paintball Manufacturing Corporation Signs Master Distributors.
1,000 E-85 Convenience Stores to Open by 2010 Between Washington and New York.
Hurray!'s Board of Directors Receives Expression of Interest for Share Acquisition.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters