Biologix Sells Assets to TheHealthChannel.com, Inc.NEWPORT BEACH Newport Beach, residential and resort city (1990 pop. 66,643), Orange co., S Calif., on Newport Bay and the Pacific Ocean; inc. 1906. It is a popular seaside resort and yachting center. Manufactures include electrical and medical equipment, computers, boats, and adhesives. , Calif.--(BW HealthWire)--Aug. 4, 1999-- Biologix International, Ltd. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : BGIX) is pleased to announce that it has finalized an agreement to sell TheHealthChannel.com website and certain related technology to TheHealthChannel.com, Inc. (OTCBB: THCL formerly IVTX) formerly known as Innovative Tracking Solutions Corporation ("Innovative"). BioLogix is retaining all other assets other assets Assets of relatively small value. For financial reporting purposes, firms frequently combine small assets into a single category rather than listing each item separately. currently owned by BioLogix. THCL is a Delaware corporation A Delaware corporation is a corporation chartered in the U.S. state of Delaware. Delaware is well known as a corporate haven, and thus, over 50% of US publicly-traded corporations and 58% of the Fortune 500 companies are incorporated in the state. that is fully compliant with the reporting requirements of the Securities Exchange Act of 1934, as amended. Donald Shea, the former president of Clairol, Inc. and V.P. of Bristol Myers Squibb is the President of THCL and Tom Lonergan Tom Lonergan may refer to:
All other existing Board members of BioLogix shall constitute THCL's Board until the next annual meeting of shareholders, with the exception of Mr. Michael Grandon. Mr. Grandon is no longer an officer or director of either BioLogix or THCL. Shareholders of record of BioLogix International, Ltd. As of the end of trading on August 4, 1999 are being offered the opportunity to exchange their BGIX shares for post-split shares of THCL on a one-for-one basis. All free-trading shares of BGIX shall be exchanged for free-trading post-split THCL shares and all restricted shares of BGIX shall be exchangeable into restricted post-split THCL shares. BioLogix management recommends that all BGIX shareholders exchange their shares into THCL shares. All BioLogix shareholders of record as of August 4, 1999 shall receive a Letter of Transmittal Letter of Transmittal A document used by security holder to accompany certificates surrendered in an exchange or other corporate action. containing instructions to complete the exchange of their shares; if the shares are held in DTC DTC See: Depository Transfer Check DTC See: Depository Trust Company DTC See Depository Trust Company (DTC). electronic format the broker of record shall receive the Letter of Transmittal. All shareholders shall have 15 days from the date of mailing to return their Letter of Transmittal. All questions regarding this process should be directed to the following e-mail address: tomlonergan@hotmail.com BioLogix shareholders are also informed that BGIX will be delisted from the over-the counter bulletin board system ("Bulletin Board") on approximately September 1, 1999. BioLogix retains its point-of-care blood analysis technology and related assets. The BioLogix Board is currently considering the eventual disposition of these assets. Certain shareholders of record of IVTX are being offered the opportunity to exchange their former IVTX shares for shares of THCL on one pre-split IVTX for two post-split THCL share basis. If you are an IVTX shareholder then please call 1-888-437-4343 in order to secure details regarding the exchange of your shares. Please see the forthcoming press release from THCL/IVTX. Innovative is a Healthcare company that recently placed its operating assets Operating Assets Another term for working capital. into a privately owned company called Innovative Tracking Solutions, Inc. a Nevada corporation (ITSC ITSC Information Technology Support Center ITSC Information Technology Service Center ITSC International TOVS Study Conference ITSC Intelligent Transportation Systems Conference (IEEE) ITSC Information Technology Standards Committee ). ITSC produces the Private Practice(tm) Vibration Reminder Disk and Patient Adherence Programs. TheHealthChannel.com, Inc. will feature ITSC's products on its web site. "We are excited about offering another value-added feature through our rapidly growing Internet portal," said Tom Lonergan. "While our focus is on helping the public to have more information and control over their own healthcare, Innovative's focus is on products and programs that help patients have more control over their treatment outcome. THCL's management believes that this creates a perfect fit." "We are pleased to find a company that can enhance the marketplace exposure of our product line," said Dianna Cleveland, President 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 ITSC. "We look forward to working with TheHealthChannel.com over the next several months to reinforce the national exposure of our products." BioLogix paid $250,000 for the purchase of Innovative's management shares. Full details of the transaction will be filed with the SEC on a Form 8-K Form 8-K The form required by the SEC when a publicly held company incurs any event that might affect its financial situation or the share value of its stock. Form 8-K See 8-K. within 15 days. Please note: Included in this press release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Although the company believes that the expectations reflected in such forward-looking statements are reasonable; it can give no assurance that such expectations reflected in such forward-looking statements will prove to have been correct. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion