Medical Industries of America and Westmark Group Holdings Inc. Settle All Stock, Debt and Legal Issues.BOCA RATON Boca Raton (bō`kə rətōn`), city (1990 pop. 61,492), Palm Beach co., SE Fla., on the Atlantic; inc. 1925. Boca Raton is a popular resort and retirement community that experienced significant industrial development in the 1970s and 80s. , Fla.--(BW HealthWire)--Oct. 22, 1998--Medical Industries of America Inc. (Nasdaq:MIOA MIOA Michigan Institute of Aeronautics (Belleville, MI) ) and Westmark Group Holdings Inc. (Nasdaq:WGHI) announced Thursday they have entered into a comprehensive agreement to settle pending litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. and resolve all outstanding issues relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the stock and debt of Westmark held by Medical Industries. The seMark D. Schaftlein, president and chief executiversion of $700,000 worth of Series C Convertib,000 shares of WGHI common stock at $3.25 per share. As a result, Medical Industries -- which owned 333,458 shares of WGHI's common stock prior to this agreement -ical Industries if certain earnings projections e years, Medical Industries, past and present management, has worked diligently to resolve all outstanding issues with Westmark. It is a relief that after all this time was able to redeem the majority of its Series stock held by Westmark, together with a cash payment of $112,500 paid at the closing. Westmark previously paid Medical Industries $165,000 in cash. As a result, Westmark has satisfied in full its debt obligation of approximately $1.85 million to Medical Industries. Westmark wiologies, products and services. The company provistorical facts contained in this press release are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that involve certain risks ans with the Securities and Exchange Commission. |
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