Biopharmaceutics Announces Corporate Restructuring.BELLPORT, N.Y.--(BUSINESS WIRE)--July 1, 1998--Biopharmaceutics Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :BOPM BOPM Blitzed Open Proxy Monitor BOPM Base of the Pyramid Market (economics) ) announced today that its Board of Directors has approved a corporate restructuring plan aimed at enhancing shareholder value by restructuring the corporation along divisional lines and effectuating management changes which it believes will streamline the company's operations, reduce overall costs and place individual subsidiary P&L responsibility with the appropriate Division Managers. As a major component of the restructuring, the company's Board, in conjunction with the company's President, will begin an immediate search for a Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. who will have overall responsibility for each of the company's separate divisions. In addition, Stuart Fine is no longer Director of Investor Relations Investor relations The process by which the corporation communicates with its investors. . The reorganization of the company will be along four divisional lines. The company will operate as separate divisions: Biopharmaceutics Inc. (New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of ), the pharmaceutical manufacturing company; Quality Health Products Inc., a feminine hygiene and family planning branded products company; Caribbean Medical Testing Center Inc., a multi-phase and reference testing lab based in San Juan, Puerto Rico San Juan (IPA: [saŋ hwaŋ]) (from the Spanish San Juan Bautista, "Saint John the Baptist") is the capital and largest municipality on Puerto Rico. and DBD DBD DNA binding Domain (nuclear receptors) DBD Database Design DBD Day-By-Day DBD Database Description dBd Decibels (dipole antenna) DBD Death Before Dishonor (gaming clan) Company, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , a company whose prime goal is to obtain approval of a New Drug Application for DBD, the company's brain cancer and cervical cancer drug. Each division will have a Divisional Manager, who will report to the new Chief Operating Officer, and who will be responsible for the profitability of that division. In addition, the company will be seeking Joint Venture partners who can further enhance aspects of one or several of the company's operating divisions. The company's Annual Meeting has been scheduled for July 29, 1998, 11:00 a.m. at the company's headquarters in Bellport, N.Y. The company is currently in discussions with several investment bankers, one of whom is expected to be engaged to provide a valuation of the company's operating divisions in order to determine whether the divisions should be retained, sold or spun off to shareholders. The company believes that this restructuring and reorganization will be a positive step toward increasing shareholder value. This press release contains forward looking statements within the meaning of Section 21A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbors created thereby. Actual results could differ materially from those projected in the forward looking statements.
CONTACT: Biopharmaceutics Inc., Bellport
Edward Fine, 516/286-5800
|
|
||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion