Current Status of Warrant Issue, Stock Structure, Operating Funds and Executive Contract.ST. GEORGE, Utah--(BUSINESS WIRE)--July 15, 1997--The directors of Emergency Filtration filtration: see sewerage; water supply. Filtration The separation of solid particles from a fluidsolids suspension of which they are a part by passage of most of the fluid through a septum or membrane that retains most of the solids Products Inc. (NASD-OTC:EMFP EMFP Ethnic/Racial Minority Fellowship Programs ) announced that as of April 30, 1997, the warrant issue which commenced April 2, 1997, had raised $107,802 (143,736 warrant shares). As of May 1, 1997, 6,892 warrant shares became unexercisable due to non-accreditation of the holder, and have lapsed LEGACY, LAPSED. A legacy is said to be lapsed or extinguished, when the legatee dies before the testator, or before the condition upon which the legacy is given has been performed, or before the time at which it is directed to vest in interest has arrived. Bac. Ab. Legacy, E; Com. Dig. . The company filed a Form D with an effective date of June 2, 1997. Also June 2, 1997, the directors resolved to extend to July 30, 1997, the exercise of warrant certificates held by accredited investors Accredited Investor A term used by the Securities and Exchange Commission (SEC) under Regulation D to refer to investors who are financially sophisticated and have a reduced need for the protection provided by certain government filings. Also known as "qualified purchaser". . If all remaining certificates were exercised, proceeds of $161,527 (215,370 shares at 75 cents) would be realized. As of July 1, 1997, the company had issued 4,801,738 shares, and of this total 1,104,179 are tradable. After Aug. 1, 1997, a non-restricted stockholder will be able to trade 90,000 shares acquired in July 1996. As of Aug. 1, 1997, the total shares of tradable stock will approximate 1,195,000. Some 200,000 of this number are restricted subject to Rule 144 "control group" selling restrictions. The release of 100,000 of these shares is expected before Aug. 31, 1997, and the remainder thereafter. Until Jan. 1, 1998, no restricted stock held prior to July 31, 1996, by founders of the company will be tradable. The funds received through warrant exercise were directed to administration, and to pre-production samples of the RcspAide CPR Cardiopulmonary Resuscitation (CPR) Definition Cardiopulmonary resuscitation (CPR) is a procedure to support and maintain breathing and circulation for a person who has stopped breathing (respiratory arrest) and/or whose heart has stopped (cardiac isolation mask. The product sample positively impacted interest in sales, but due to ongoing funding shortfall Shortfall The amount by which the capital required to fulfill a financial obligation exceeds available capital. Notes: Shortfall risk is often combated with an efficient hedging strategy created by a fund, group, institution, or individual. the company has not met the product shipment date projected in the announcement of April 11, 1997. As of the current date, management is not certain that the company will meet normal administrative and overhead commitments. The projected shortfall currently affecting the company amounts to less than $200,000. The company has reached agreement in principal relative to staged payment terms with the supplier of the critical valve component in the RespAide kit, and final agreement is expected by July 20, 1997. Management will continue to research additional interim funding avenues and creditor An individual to whom an obligation is owed because he or she has given something of value in exchange. One who may legally demand and receive money, either through the fulfillment of a contract or due to injury sustained as a result of another's Negligence arrangements, with a view to delivering product before Sept. 15, 1997. In sales presentations on Superstat hematostatic materials, for which the company maintains a probationary pro·ba·tion n. 1. A process or period in which a person's fitness, as for work or membership in a social group, is tested. 2. a. license for exclusive sales to the U.S. military, the response by buyers has been positive. The company is continuing with the installation of its catalogue number for this product in the DPSC DPSC Defense Personnel Support Center DPSC Dr. Pepper StarCenter (Frisco, TX) DPSC Dental Pulp Stem Cell DPSC Data Processing Service Center DPSC Dufferin-Peel Skating Club (Canada) (U.S. military) computer system, and with its application for a military stocking number. The employment contract of Bruce Batchelor, president of the company, lapsed as of July 1, 1997. In the opinion of the directors, and under the current operating stringencies faced by the company, it would be inappropriate for the company to commit to a new contract at this time. CONTACT: Emergency Filtration Products Inc. Bruce Batchelor/Mike Crnkovich, 801/656-3697 |
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