Complete Wellness Centers, Inc. to Add Eight New Directors to Board.WASHINGTON--(BUSINESS WIRE)--Dec. 23, 1998--Complete Wellness Centers, Inc. ("CWC CWC Chemical Weapons Convention CWC Cricket World Cup CWC Central Wyoming College CWC Ceylon Workers' Congress (trade union; Sri Lanka) CWC Ceylon Workers Congress (Sri Lanka) "), the largest nationwide organization of integrated medical centers, announced that its Board of Directors approved a resolution to increase the size of the Board from nine members to fifteen, currently there are seven members serving. In conjunction with the resolution, pursuant to certain rights in connection with the 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. investment in the Company of its institutional investors Institutional Investor A non-bank person or organization that trades securities in large enough share quantities or dollar amounts that they qualify for preferential treatment and lower commissions. , Wexford Management L.L.C., Wexford Spectrum Investors L.L.C., and Imprimis IMPRIMIS. In the first place; as, imprimis, I direct my just debts to be paid. See Item. Investors L.L.C. (collectively "Wexford"), the Board of Directors has voted to add eight new members effective January 4, 1999. The eight new directors, representing a majority of the Board, are affiliated with Wexford. The Company has filed a form Section 14(f) with the Securities and Exchange Commission pursuant to the aforementioned arrangement. Complete Wellness Centers, Inc., a multi-disciplinary physician practice management company, now manages 82 Complete Wellness Medical Centers, all of which provide both traditional and alternative healthcare services. The Company's 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. The Company, from time to time, may discuss forward-looking information. This press 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. which are estimates by the Company's management. Such statements are subject to various risks and uncertainties that may be beyond the Company's control, and may cause results to differ from management's current expectations and should not be relied upon by the investors in the Company. Prospective investors may contact Michael Brigante, Chief Financial Officer of the Company, to obtain copies of the prospectuses which include certain information about the offerings. |
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