American Scientific Resources Inc. - Reverse Take Over Completed, Company Name & Symbol Change.Business Editors/Health/Medical Writers NEW PALTZ, N.Y.--(BUSINESS WIRE)--March 10, 2004 American Scientific Resources, Inc. (Pink Sheets:ASRO ASRO Asociatia de Standardizare din România ASRO Addressing Substance Related Offending (corrections) ASRO Atomic Short-Range Order ASRO American Slope Racing Organization ASRO Abbreviated Seismic Research Observatory(ies) ) announced today it has completed a reverse takeover A reverse takeover occurs when a publicly-traded smaller company acquires ownership of a larger company. It typically requires reorganization of capitalization of the acquiring company. transaction (RTO (Recovery Time Objective) The amount of time a computer system or application can stop functioning before it is considered intolerable to the enterprise. It can be computed to be from seconds to days, depending on how critical the application is to the organization. ) with Ulster Scientific. American Scientific Resources Inc, formerly known as VenCap Capital completed a stock exchange transaction with the stockholders of Ulster Scientific. The common shares of the Company, ASRO, a Nevada corporation A Nevada Corporation is a corporation chartered under the laws of the U.S. state of Nevada. Nevada, like the state of Delaware (See Delaware corporation), is well known as a corporate haven. , will trade on the National Quotation Board Quotation board The electronic board at a brokerage firm displaying prices other financial data. Pink Sheets under the symbol "ASRO." Recently, American Scientific Resources acquired Ulster Scientific, a healthcare market veteran and a pioneer in diabetes home care products. With over 29 years in the medical products field, Ulster Scientific, a private company, sparked the multi-billion dollar industry that blood glucose monitoring blood glucose monitoring Sugar monitoring Lab medicine The periodic testing of serum glucose in Pts known to have DM. See Bedside glucose monitoring, Beta cell implants, Diabetes, Glucometer, Glycosylated hemoglobin, Non-Invasive glucose monitoring. has since become. Prior to consummating the exchange, American Scientific Resources, then known as VenCap Capital Corporation, affected a reverse-split of its common stock on the basis of one share for every 200 shares issued and outstanding and determined to change its business efforts. Peter F. Lordi, Jr. has been named President and Chairman of the Board of American Scientific Resources. Lordi was the founder and president of Ulster Scientific, Inc. He has been credited with introducing the Autolet and Autojector to the US market which revolutionized the home-monitoring of diabetes. Lordi will oversee a new board of directors at American Scientific Resources which currently total four members. About American Scientific Resources: American Scientific Resources, Inc., based in upstate New York Upstate New York is the region of New York State north of the core of the New York metropolitan area. It has a population of 7,121,911 out of New York State's total 18,976,457. Were it an independent state, it would be ranked 13th by population. , is an emerging medical products manufacturer and distributor. The company has developed a line of cutting edge, patented products that are easy to use and cost effective. Each line of products fills a current need acknowledged by clinical or medical professionals and targets a specific market; pediatrics, hospital/laboratory and home health. This press release contains statements, which may constitute "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Those statements include statements regarding the intent, belief or current expectations of Specialized Leasing Inc. and Sassoon Group Inc., and members of their management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-statements include fluctuation of operating results, the ability to compete successfully and the ability to complete before-mentioned transactions. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion