Advanced NMR Systems, Inc. And Raytel Medical Corp. Lawsuits Dismissed.WILMINGTON, Mass.--(BUSINESS WIRE)--Oct. 15, 1997-- - Secured Account and Escrowed Shares to be Released - Advanced NMR NMR: see magnetic resonance. Systems, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : ANMR ANMR Acoustic Nuclear Magnetic Resonance ) announced that it has entered into a Settlement Agreement whereby all lawsuits between affiliates of Raytel Medical Corporation and Medical Diagnostics, Inc. have been dismissed. Medical Diagnostics, Inc. was a former wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Advanced NMR Systems, Inc. As a result of the settlement, all funds in an escrow account totaling approximately $550,000 are to be equally divided between ANMR and Raytel. ANMR will have released from escrow its 1,250,000 shares of common stock of Advanced Mammography mammography, diagnostic procedure that uses low-dose X rays to detect abnormalities in the breasts. The early diagnosis of breast cancer made possible by the routine use of mammography for screening women increases a woman's treatment alternatives and improves her Systems, Inc. (NASDAQ: MAMO) and $1,000,000 in cash which had been held in a blocked account to secure the company's indemnification obligation for these proceedings, pursuant to the sale of Medical Diagnostics, Inc. to US Diagnostic Inc. in February 1997. Jack Nelson, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of ANMR stated: "This settlement represents yet another significant item that we have unburdened ourselves of without expense. ANMR is now poised to merge with Advanced Mammography Systems, Inc. without this litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. obligation in its path. In the past few months General Electric has acquired a significant stake in our Company, we have eliminated nearly all our debt and we have settled this case without future expense. All of this, together with the planned merger between ANMR and Advanced Mammography Systems, Inc., will allow the Company to focus greater attention on the Aurora(TM) system, the opening of breast imaging centers, and our other activities." Advanced NMR Systems, Inc. and Advanced Mammography Systems, Inc. recently began circulating a Joint Proxy Statement/Prospectus in connection with the proposed merger of the two companies for shareholders' meetings of both companies scheduled for Monday, November, 10, 1997. CONTACT: Company Contact: Beverly Tkaczenko Advanced NMR Systems, Inc. Advanced Mammography Systems, Inc. 800-476-0569 or Investor Relations Contacts: Renee Martin Ruder Finn, Inc. 212-593-5859 or Emmanuelle Thiney Ruder Finn, Inc 212-715-1549 |
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