Mattan Signs Letter of Intent for Divestiture of Operating Subsidiary.CALGARY, ALBERTA--(BUSINESS WIRE)--April 24, 1997-- Mattan (Alberta Stock Exchange Alberta Stock Exchange See Canadian Venture Exchange (CDNX). MTN MTN A short-form for Medium Term Note. MTN Medium term notes issued by corporations, much like shorter-term commercial paper. MTN See medium-term note (MTN). . ) Mr. Dan Anbar, acting President of Mattan Corporation ("Mattan" or the "Corporation") today announced the signing of a Letter of Intent with Premier Laser Systems, Inc. ("Premier") and certain other existing shareholders of Mattan, under which these shareholders, pursuant to a plan of arrangement, will exchange not less than 4 million common shares of Mattan for all of the issued and outstanding shares of Mattan's operating subsidiary. The Medical Laser Institute of America, Inc., ("MLIA MLIA Machine Learning in Information Access MLIA Montana Land Information Act MLIA Member of the Life Assurance Association "). The Mattan common shares, which will be exchanged under this plan, will be cancelled thereby reducing the total issued and outstanding shares of the Corporation to approximately 8 million. The Letter of Intent is subject to the preparation and execution of a definitive legal agreement, which should be finalized within two weeks, satisfactory completion of due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. by Premier, the necessary approval of the regulatory authorities and the special approval of the shareholders of Mattan. In the meantime Adv. 1. in the meantime - during the intervening time; "meanwhile I will not think about the problem"; "meantime he was attentive to his other interests"; "in the meantime the police were notified" meantime, meanwhile , the Board of Directors of Mattan is actively negotiating with other parties to vend into Mattan, a suitable operating business. The Board anticipates being in a position to file a plan for the reactivation reactivation to become active after a period of quiescence or, as in bacterial and viral infections, latency. cross reactivation of Mattan, with the regulatory authorities before the end of May l, 1997. Trading in securities of the Corporation are likely to remain suspended until approval the reactivation proposal, which must involve the acquisition of a new business capable of meeting the minimum listing requirements Listing requirements Requirements, including minimum shares outstanding, market value, and income, that are laid down by an exchange for any stock to be listed for trading. of The Alberta Stock Exchange, is obtained from both the Exchange and the shareholders of Mattan. -0- The Alberta Stock Exchange has neither approved nor disapproved of the information contained herein. CONTACT: Mattan Corporation Dan Anbar, 847/ 298-0719 or Mattan Corporation Ian Mills, 403/ 237-8336 or Mattan Corporation Gary Perkins, 905/ 479-2800 (800) 225-2471 |
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