BIO-TECHNOLOGY GENERAL ANNOUNCES CHANGES IN COMPOSITION OF BOARD OF DIRECTORS.ISELIN, N.J.--(BUSINESS WIRE)--December 7, 1994--Bio-Technology General Corp. (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 :BTGC BTGC Bio-Technology General (stock symbol) BTGC Bukit Tinggi Golf Club (Malaysia) ) today announced that it has restructured its Board of Directors to address concerns raised by Elliott Associates L.P., a major stockholder of the Company, regarding the size and composition of the Board. In the restructuring, Grace Brothers, Ltd. and United Equities Company, both substantial stockholders of the Company, will be represented by Bradford T. Whitmore and Moses Marx, respectively, who were elected directors of the Corporation. Mr. Whitmore, 37 years old, is a General Partner of Grace Brothers, Ltd., an investment firm located in Chicago. He holds an MBA MBA abbr. Master of Business Administration Noun 1. MBA - a master's degree in business Master in Business, Master in Business Administration from Northwestern University Northwestern University, mainly at Evanston, Ill.; coeducational; chartered 1851, opened 1855 by Methodists. In 1873 it absorbed Evanston College for Ladies. . He is currently a director of Patten Corporation, a land and resort developer, and is also a Trustee of Aerospace Creditors Liquidating Trust. Mr. Marx, 59 years old, owns controlling interests controlling interest The ownership of a quantity of outstanding corporate stock sufficient to control the actions of the firm. Controlling interest often involves ownership of significantly less than 51% of a firm's outstanding stock because many owners fail in United Equities Company (member of the NASD NASD See: National Association of Securities Dealers NASD See National Association of Securities Dealers (NASD). ) and United Equities (Commodities) Co. (member of major commodity exchanges). He has been actively engaged in the securities and commodities fields for the past forty years. The Board of Directors now consists of 12 members. Dr. Marian Gorecki, Mr. Christopher D. Illick and Carl E. Kaplan, Esq. resigned as directors to facilitate the restructuring; Ms. Jane Cahill Pfeiffer resigned as a director in November 1994 for personal reasons. Commenting on the changes in the composition of the Board, Sim Fass, President and Chief Executive Officer of the Company, stated: "We look forward to benefiting from the contributions of Mr. Whitmore and Mr. Marx who bring to our Board of Directors substantial business experience. We also take this opportunity to thank the departing directors for their commitment and contributions to the Board." Bio-Technology General Corp. develops, manufactures and markets genetically engineered genetically engineered adjective Recombinant, see there and other products for human healthcare. CONTACT: Leah Berkovits
BIO-TECHNOLOGY GENERAL CORP.
908/632-8800
or
Investor Relations
Don Weinberger
STRATEGIC GROWTH INTERNATIONAL
212-826-9622
or
Press
Anthony Russo
NOONAN/RUSSO COMMUNICATIONS
212-696-4455
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