Continental Choice Care, Inc. Announces Shareholders Approval of Asset Sale.FLORHAM PARK, N.J.--(BUSINESS WIRE)--May 30, 1997--Continental Choice Care, Inc. ("Continental") (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 National Stock Market:CCCI CCCI Campus Crusade for Christ International CCCI Cebu Chamber of Commerce and Industry (Philippines) CCCI Central Criminal Court of Iraq CCCI Crossroads Christian Communications Inc. ) today announced that, at a meeting of its shareholders held on May 27, 1997, the shareholders approved the sale of substantially all of the assets of Continental and certain of its subsidiaries to IHS IHS (I.H.S.) first three letters of Greek spelling of Jesus; also taken as acronym of Iesus Hominum Salvator ‘Jesus, Savior of Mankind.’ [Christian Symbolism: Brewer Dictionary, 480] See : Christ IHS of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , Inc., pursuant to the terms of an Asset Purchase Agreement dated February 12, 1997, as amended (the "Purchase Agreement"). In addition, the shareholders reelected Alvin S. Trenk, Steven L. Trenk, Martin G. Jacobs, M.D., Jeffrey B. Mendell and Jeffrey A. Claman to serve as directors of Continental, approved Continental's 1997 Equity Incentive Plan and ratified the reappointment reappointment Hospital practice The renewal of medical staff membership and privileges of a practitioner whose previous service on the medical staff has met the staff's standard of Pt care. See Appointment. of Arthur Andersen, LLP LLP - Lower Layer Protocol , as the Company's independent public accountants for the fiscal year ending December 31, 1997. On May 23, 1997, Continental and certain of its subsidiaries and consulting customers entered into an amendment to the Purchase Agreement. The amendment, which contained substantially the terms described in Continental's definitive proxy materials Proxy Materials Documents regulated by the Securities & Exchange Commission in which a public company outlines its methods and procedures. These documents are used to inform shareholders and solicit votes for corporate decisions, such as the election of directors and other dated April 28, 1997, provides for the sale to IHS of New York, Inc., of the assets of Continental and certain of its subsidiaries and consulting customers, separately from or without regard to the sale of Upper Manhattan Dialysis Center, Inc. to IHS of New York, Inc. Headquartered in Florham Park, New Jersey Florham Park is a borough in Morris County, New Jersey, United States. As of the United States 2000 Census, the borough population was 8,857. Florham Park was incorporated as a borough by an Act of the New Jersey Legislature on March 9, 1899, from portions of Chatham , Continental is primarily engaged in provided dialysis related equipment, services and supplies to individuals in their homes and other residential alternative sites in New Jersey, New York and Connecticut, including prisons and nursing homes. It also provides consulting and administrative services and supplies to New York healthcare entities, as well as acute care dialysis nursing services to hospitals. This press release contains forward looking statements which involve numerous risks and uncertainties. The Company's actual results could differ materially from those anticipated in such forward looking statements as a result of certain factors, including those set forth in the Company's filings with the Securities and Exchange Commission. Investors are specifically advised to review the Company's Annual Report on Form 10-KSB for the fiscal year ended December 31, 1996 and Form 10-QSB for the period ended March 31, 1997. CONTACT: Continental Choice Care, Inc. Steven L. Trenk, President 201/593-0500 ext. 130 or INVESTOR RELATIONS COUNSEL: The Equity Group, Inc. Devin Sullivan, 212/836-9608 Robert Goldstein, 212/371-8660 |
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