CITA Biomedical and Aviation Industries Sign Settlement Agreement; Purchases CITA Americas for Common Stock.Business Editors BEVERLY HILLS, Calif.--(BUSINESS WIRE)--Nov. 7, 2001 CITA CITA Committee for the Implementation of Textile Agreements CITA Canadian Institute for Theoretical Astrophysics CITA Center for Information Technology Accommodation (US; now the GSA IT Accommodation Division) Biomedical bi·o·med·i·cal adj. 1. Of or relating to biomedicine. 2. Of, relating to, or involving biological, medical, and physical sciences. , Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :DTOX), a growing leader in the treatment of dependency, today announced that it has finalized a purchase agreement for CITA Americas with Aviation Industries Corporation for 400,000 shares of Common Stock. The initial purchase agreement was consummated in August of 1998. This agreement settles a modification to payment in the initial agreement and serves to finalize the purchase. The settlement was that Aviation Industries Inc., which owned 1000 shares of the Series A Preferred Stock of CITA, agreed to surrender that for cancellation in exchange for the issuance to them of 400,000 shares of common stock. In addition, each side released any and all claims it might have against the other. The Series A Preferred Stock had the right to elect two CITA directors and was convertible into common stock. CITA had reserved 2.2 million shares of Common Stock against that conversion event. Thus, it issued some 1.8 Million shares less than it had previously reserved, which will be a factor in the future in computing fully diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of . "This agreement removes a roadblock in CITA's quest to gain the capital needed to continue to both aggressively grow current operations and expand into new substance dependence treatment markets," said Joseph Dunn, 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 CITA Biomedical. About CITA Biomedical CITA Biomedical, Inc., headquartered in Beverly Hills, Calif., focuses on the innovative treatment of addiction. The company holds the U.S. patent for its successful UROD UROD Ultra-Rapid Opiate Detoxification (R) (Ultra Rapid Opiate opiate /opi·ate/ (o´pe-it) 1. any drug derived from opium. 2. hypnotic (2). o·pi·ate n. 1. Detoxification Detoxification Definition Detoxification is one of the more widely used treatments and concepts in alternative medicine. It is based on the principle that illnesses can be caused by the accumulation of toxic substances (toxins) in the body. ) treatment method. UROD(R) is the only clinically tested and effective treatment method to rapidly detoxify de·tox·i·fy v. 1. To counteract or destroy the toxic properties of a substance. 2. To remove the effects of poison from something, such as the blood. 3. individuals addicted to opiate-based drugs, including heroin -- within four to six hours with few, if any, withdrawal symptoms. To date CITA has grown its business through internal expansion and now seeks compatible, competitive and complementing technologies and acquisitions to enhance its corporate portfolio. CITA Biomedical, Inc. has two operating divisions CITA Americas, Inc. and CubeCentral.com, Inc. For more information, please visit www.citabio.com. UROD is a registered trademark of CITA Biomedical, Inc. The information contained in this press release includes forward-looking statements. Forward-looking statements include declarations concerning plans, objectives, goals, strategies, future events and/or performance, and underlying assumptions and other statements which are other than statements of historical facts. Forward-looking statements usually contain the words "estimate", "anticipate", "believe", "expect" and other similar expressions that involve risks and uncertainties. These risks and uncertainties include, but are not limited to, the Company's status as a start-up enterprise with uncertain profitability, its need for significant capital, limited facilities, competition, uncertainty as to market acceptance of its services, and the protection of its intellectual property. The Company's actual results could differ materially from those expressed or implied in any forward-looking statements. |
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