Complete Wellness Centers, Inc. Directors Appoint Eric Kaplan President.WASHINGTON--(BUSINESS WIRE)--July 7, 1998--Complete Wellness Centers, Inc., a multi-disciplinary physician practice management company, announced today that its Board of Directors named Eric S. Kaplan, D.C., age 46, to the additional post of President. Dr. Kaplan, who has served as 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. of Complete Wellness Centers since November '97, is also President of Complete Wellness Medical Centers, Inc., a wholly-owned subsidiary of the Company. E. Eugene Sharer, who had been President, has been named to the newly created position of Vice Chairman of the Board. A graduate of the New York Chiropractic College New York Chiropractic College or NYCC is one of 17 Chiropractic Colleges in the United States. The school was founded in New York City as Columbia Institute of Chiropractic by Dr. Frank Dean in 1919. , Dr. Kaplan has owned and operated chiropractic chiropractic (kīrəprăk`tĭk) [Gr.,=doing by hand], medical practice based on the theory that all disease results from a disruption of the functions of the nerves. practices for 18 years. He has served on many industry councils and has been an officer of several chiropractic associations. Dr. Kaplan authored numerous articles, as well as the book "Dr. Kaplan's Lifestyles of the Fit and Famous - A Wellness Approach to Thinning and Winning." Separately, the Company corrected yesterday's announcement that Complete Wellness' shareholders will be asked to vote on a proposal to increase the number of authorized common shares to 50 million and to approve the convertibility of the new Convertible Preferred Stock Convertible Preferred Stock Preferred stock that includes an option for the holder to convert the preferred shares into a fixed number of common shares, usually anytime after a predetermined date. Also known as "convertible preferred shares". by means of a special shareholder election which is scheduled to take place on August 11, 1998. Previously it was incorrectly reported that if shareholder approval was not obtained by August 31, 1998, the conversion of the Senior 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. into Convertible Preferred Stock will be rescinded and the original equity investment would be reinstated. This is not the case, rather, if shareholder approval is not obtained, the conversion of the old Senior Preferred Stock into new Convertible Preferred Stock will proceed and the old Senior Preferred Stock and the attached warrants will be cancelled and exchanged for the new Convertible Preferred Stock. Complete Wellness Centers, Inc., a multi-disciplinary health services health services Managed care The benefits covered under a health contract company, develops traditional and alternative provider networks, integrated medical centers, and related products focused on patient wellness. Its common stock and warrants trade on the NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on Small Cap market under the symbols, CMWL and CMWLW, respectively. This release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. regarding the plans or objectives of the Company for future operations, including the development of the multi-disciplinary medical centers. The forward-looking statements included herein are based on current expectations that involve some uncertainties. Actual results may differ materially from those projected in such forward-looking statements.
CONTACT: C. Thomas McMillen, Chairman and CEO
Complete Wellness Centers, Inc.
202/639-9700
or
Linda Latman
The Equity Group Inc.
212/836-9609
|
|
|||||||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion