Continental Choice Care Inc. makes announcement.FLORHAM PARK, N.J.--(BUSINESS WIRE)--February 6, 1995-- Continental Choice Care, Inc. ("Continental") (trading as "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. " on the Nasdaq National Market) and International Nursing Services, Inc. ("INS INS abbr. 1. Immigration and Naturalization Service 2. International News Service Noun 1. INS ") (trading as "NURS NURS Norwich Union Risk Services (UK) NURS Non-UCIT Retail Schemes " on the Nasdaq Small Cap Market) announced on February 3, 1995 that they signed a letter of intent to enter into a merger transaction (the "Announcement"). The Announcement stated, in part, that it is "currently contemplated that holders of the outstanding 12% Cumulative 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". of INS and holders of INS 1994 Warrants would be entitled en·ti·tle tr.v. en·ti·tled, en·ti·tling, en·ti·tles 1. To give a name or title to. 2. To furnish with a right or claim to something: to receive rights to acquire common stock of Continental in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with the terms of their respective agreements." It is currently contemplated that holders of the outstanding 12% Cumulative Convertible Preferred Stock of INS (the "INS Preferred") would be entitled, upon the occurrence of a conversion event, to receive that number of shares of the common stock of Continental ("Continental Common") to which they would have been entitled had they converted the INS Preferred held by them into shares of the common stock of INS ("INS Common") immediately prior to the merger. INS Preferred may be subject to conversion into or exchanged for common stock, 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. , other securities and/or other consideration. Similarly, holders of INS Preferred may be entitled to receive securities which are subject to terms and conditions additional to those currently contained in their agreement. It is also currently contemplated that the rights of the holders of INS 1994 Warrants would be adjusted to reflect the transaction in accordance with the terms of the INS 1994 Warrants. The proposed terms of the letter of intent are subject to the negotiation and execution of definitive agreements. Although the letter of intent sets forth the current intentions of the parties, no assurance can be given that definitive agreements acceptable to the parties can be negotiated or executed. Further, no assurance can be given that executed definitive agreements, if any, will have terms identical or substantially similar to those set forth in the letter of intent. For information with respect INS, contact John Yeros, Chief Executive Officer, International Nursing Services, Inc. at 360 South Garfield, Suite 505, Denver, Colorado 80209 (303) 394-2900 and, with respect to Continental, contact Steven L. Trenk, President, Continental Choice Care, Inc., 25-B Vreeland Road, 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 07932 (201) 593-0500. CONTACT: John Yeros Chief Executive Officer International Nursing Services (303) 394-2900 or Steven L. Trenk President Continental Choice Care, Inc. (201) 593-0500 |
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