Judicate Inc. announces shareholder approval of name change to Questron Technology Inc. among other proposals.PHILADELPHIA--(BUSINESS WIRE)--April 3, 1996--Judicate Inc. (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:JUDG JUDG Judges (Old Testament) ) announced that at a special meeting held Tuesday, April 2, 1996, the shareholders gave their approval to change the name of the corporation to "Questron Technology Inc." Management of the company and its board of directors proposed the new "Questron Technology Inc." name to better reflect the change in focus and strategic direction of the company's business. The "Questron Technology Inc." name will officially take effect as soon as the required documents are filed and processed, all of which should be accomplished within the next week to 10 days. At the same time, the shareholders also elected Milton Adler, Robert Gubitosi, Mitchell Hymowitz, William McSherry, and Dominic Polimeni to its board of directors to hold office until the 1996 annual meeting of shareholders, which is intended to be held later this year. Adler has been employed by the company for four years and is the company's treasurer. Gubitosi is employed by the company's subsidiary, Quest Electronic Hardware Inc. as its director of operations. Hymowitz has been a director of the company for more than two years. McSherry is a partner of Battle Fowler, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , a law firm with offices in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. and Los Angeles. Polimeni is chairman, president and chief executive officer of the company. The shareholders also approved an increase in the number of common shares authorized Shares authorized The maximum number of shares of stock of a company allowed in the articles of incorporation, which may be changed only by a shareholder vote. See: Issued and outstanding. shares authorized See authorized capital stock. to be issued by the company from 20 million shares to 50 million shares, an increase in the number of preferred shares Preferred shares Preferred shares give investors a fixed dividend from the company's earnings and entitle them to be paid before common shareholders. See: Preferred stock. authorized to be issued by the company from 1 million shares to 10 million shares, and the adoption of a non-executive director non-qualified stock option Non-qualified stock options are stock options which do not qualify for the special treatment accorded to incentive stock options. Incentive stock options are only available for employees and other restrictions apply for them. plan. "Our new name better reflects the company's strategy to be a premier low-tech supplier to the high-tech industry," said Polimeni. "We view all the proposals adopted by the shareholders today as very positive moves for the company which will enable us to more effectively implement the company's strategy," he added. Judicate, headquartered in Philadelphia, is a specialized distributor of fasteners and electronic hardware sold to electronic equipment manufacturers through its subsidiary, Quest Electronic Hardware Inc., and a supplier of alternative dispute resolution Procedures for settling disputes by means other than litigation; e.g., by Arbitration, mediation, or minitrials. Such procedures, which are usually less costly and more expeditious than litigation, are increasingly being used in commercial and labor disputes, Divorce services through its subsidiary, Judicate of Philadelphia Inc. Judicate's common stock is listed on the NASDAQ Small Cap Market under the symbol JUDG. CONTACT: Judicate Inc., Philadelphia Milton M. Adler, 215/546-6200 |
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