Biopharmaceutics Announces Sale of its Caribbean Medical Testing Center Subsidiary.BELLPORT, N.Y.--(BUSINESS WIRE)--Dec. 11, 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 it completed the sale of its Puerto Rico Puerto Rico (pwār`tō rē`kō), island (2005 est. pop. 3,917,000), 3,508 sq mi (9,086 sq km), West Indies, c.1,000 mi (1,610 km) SE of Miami, Fla. subsidiary Caribbean Medical Testing Center, Inc. (CMT CMT Certified Medical Transcriptionist. CMT abbr. Certified Medical Transcriptionist CMT California mastitis test. ), for $4.7 million, consisting of cash and forgiveness of debt. As a result of the sale of CMT, a total of $6 million of debt on Biopharmaceutics' books is now canceled with no further ongoing liabilities with respect to CMT. In addition, approximately $7.5 million of assets consisting of "good-will" will be written off. Acting 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. , Jonathan Rosen, stated: "The sale of CMT has relieved Biopharmaceutics of $6 million of obligations. As such, we can continue our focus on building our Quality Health Products division and further enhancement of 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. |
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