Bio-Plexus to Adjourn Special Meeting.Business Editors and Health/Medical Writers VERNON, Conn.--(BW HealthWire)--Feb. 24, 2000 Bio-Plexus today announced it will adjourn adjourn v. the final closing of a meeting, such as a convention, a meeting of the board of directors, or any official gathering. It should not be confused with a recess, meaning the meeting will break and then continue at a later time. (See: recess, session) the special meeting of shareholders that was scheduled for February 28 to approve, among other things, the $17.5 million financing commitment from Appaloosa Management L.P. The adjournment A putting off or postponing of proceedings; an ending or dismissal of further business by a court, legislature, or public official—either temporarily or permanently. will allow Bio-Plexus and Appaloosa additional time to align the financing terms to better reflect adjustments to the company's plans and direction. "Appaloosa and Bio-Plexus have agreed to work together to adjust the financing terms to better reflect the company's business and strategies. We expect the adjusted terms to allow both parties the flexibility to be successful," said Carl Sahi, Bio-Plexus president and chief executive officer. The new terms See suggestions for new terms. of the financing are expected to take into account Appaloosa's risk during the early phase of the relationship with Bio-Plexus and prior to making additions to the company's senior management team. Appaloosa will also extend the current bridge loans to the company without additional fees in order to provide additional time to close the final financing package. "We expect to announce the new date of the special meeting of shareholders soon, and, if necessary, establish a new record date to determine the shareholders entitled to vote at such meeting," Sahi added. Bio-Plexus, 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 : BPLX), designs, develops, manufactures and holds U.S. and international patents on safety medical needles and other products under the PUNCTUR-GUARD(R), DROP-IT(R), and PUNCTUR-GUARD REVOLUTION(TM) brand names. In studies by the Centers for Disease Control (January 1997) and ECRI ECRI European Commission against Racism and Intolerance ECRI Emergency Care Research Institute ECRI Economic Cycle Research Institute , (Health Devices, June 1998 and October 1999) Punctur-Guard needles ranked highest of all devices studied. Accidental needlesticks number about one million per year in the United States and can result in the transmission of deadly diseases including HIV HIV (Human Immunodeficiency Virus), either of two closely related retroviruses that invade T-helper lymphocytes and are responsible for AIDS. There are two types of HIV: HIV-1 and HIV-2. HIV-1 is responsible for the vast majority of AIDS in the United States. and Hepatitis B Hepatitis B Definition Hepatitis B is a potentially serious form of liver inflammation due to infection by the hepatitis B virus (HBV). It occurs in both rapidly developing (acute) and long-lasting (chronic) forms, and is one of the most common chronic and C. Note: This Press Release May Contain Forward-looking Statements Which are Subject to Risks and Uncertainties. the Actual Results May Differ Materially From Those Described From Time to Time in the Company's Periodic Reports Filed With the Securities and Exchange Commission or Discussed in Other Press Releases Issued by the Company. |
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