ChemTrak Announces Shareholders Meeting.SUNNYVALE, Calif.--(BUSINESS WIRE)--June 3, 1998--ChemTrak Inc. (Nasdaq:CMTR CMTR Certified Material Test Report CMTR Combined Marginal Tax Rate ) Wednesday announced that it will hold its annual meeting of shareholders on July 9 at 3 p.m. Pacific Daylight Time. The meeting will be held at company headquarters at 929 East Arques Ave., Sunnyvale, Calif. 94086. Shareholders of record as of May 26 will be entitled to vote at the meeting. The purpose of the meeting is to consider and act upon five proposals: -- To elect two members to the board of directors. -- To approve the terms of a proposed equity financing Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. of up to $5 million pursuant to which the company will issue 6 percent cumulative convertible Series B preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. . -- To approve an amendment to the 1991 Employee Stock Purchase Plan to increase the aggregate number of shares available for issuance under the plan. -- To approve an amendment to the company's Restated Certificate of Incorporation certificate of incorporation n. some states issue a certificate to prove a corporation's existence upon the filing of Articles of Incorporation. In most states the Articles are sufficient proof. to effect a reverse stock split such that each three to five shares of the company's currently issued and outstanding common stock will be exchanged for one share of common stock, and to ratify the appointment of independent auditors Independent Auditor An external auditor with a certified public accounting designation that qualifies him or her to provide an auditor's report. Notes: These auditors aren't affiliated with the company being audited. . Separately, the company announced that it plans to continue to expand its participation in upcoming financial conferences and industry trade shows. ChemTrak will participate in the Equities Magazine Corporate Presentation Day IV Conference held at the Grand Hyatt Hotel in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. on June 25, and will also participate in meetings with retail stockbrokers on the East Coast the same week. ChemTrak has a wide range of products for home use, which are available at all major chain drug and mass merchant outlets. ChemTrak's most recent addition to its over-the-counter line is the Parent's Alert Home Drug Test Service, a counselor supported home drug test service committed to helping parents prevent and eliminate drug abuse by their children. The CholesTrak Home Cholesterol Test Cholesterol Test Definition The cholesterol test is a quantitative analysis of the cholesterol levels in a sample of the patient's blood. Total serum cholesterol (TC) is the measurement routinely taken. , and the ColoCARE Home Test to Detect the Early Warning Signs of Colorectal Disease are both designed to help consumers take a more proactive role in their personal health care. Located in Sunnyvale, ChemTrak is a medical diagnostics company offering reliable and easy-to-use medical testing systems for in-home use and use in doctors' offices. ChemTrak medical tests are designed to screen and diagnose health conditions with accuracy comparable to laboratory tests. -0- The statements in this release regarding products and revenues are forward-looking and subject to risk and uncertainty, and future results could differ materially from past performance. For a detailed discussion of factors that may affect the company's operating results, interested parties should review the company's Securities and Exchange Commission reports, including the ChemTrak Form 10-Q Form 10-Q See 10-Q. for the quarter ended March 31, 1998, as well as the Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended Dec. 31, 1997, filed with the SEC.
CONTACT: ChemTrak Inc., Sunnyvale
Donald V. Fluken, 408/773-8156
or
Self & Associates, Los Angeles
Trudy M. Self, 818/880-5437
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