Neurotech Issues Clarification of Recap Procedures.Business Editors NEW YORK--(BUSINESS WIRE)--May 10, 2002 Neurotech Development Corporation (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :NURO NURO Nexusdomain Ufologic Research Organization ) announced today that it is clarifying the questions being asked by the general public and broker dealers with respect to the company's recapitalization Recapitalization Restructuring a company's debt and equity mixture often with the aim of making a company's capital structure more stable. Notes: Companies often want to diversify their debt-to-equity ratio to improve liquidity. plan as filed with the SEC on April 15, 2002. All Neurotech Common shares which are currently held, must be turned in to Neurotech's Transfer Agent, American Stock Transfer, no later than July 1, 2002. After July 1, 2002 all old shares of Neurotech will be considered null and void. American Stock Transfer shall issue replacement shares of Neurotech Common A and Neurotech Series 1 Common B, in the names of the beneficial owners only, and in accordance with the terms of the plan as filed on April 15, 2002. Trading is planned for Neurotech Common A under the new symbol NEKAV, and shares of Neurotech series 1 Common B under the symbol NEKBV. The Depository Trust and Clearing Corporation Depository Trust and Clearing Corporation (DTCC) The Depository Trust and Clearing Corporation (DTCC), through its subsidiaries, provides post-trade clearance, settlement, custody and information services for equities, corporate and municipal debt, money market instruments, (DTCC DTCC See: Depository Trust and Clearing Corporation ) has indicated that they will present shares to the transfer agent after May 29, 2002, which is the last settlement date for trades executed in the old shares. Shareholders may direct inquiries as follows: American Stock Transfer and Trust Co. Tel: 718/921-8200 6201 15th Brooklyn, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of 11219 Plan Administrator: M. Wagner Tel: 866/671-6404 All forms necessary for exchange and instructions are available on the company's website http://www.neurotechdevelopment.com Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement: Certain statements made herein that are not historical are forward-looking statements within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 and may contain forward looking statements, with words such as "anticipate', `believe,' `expect,' `future,' `may,' `will,' `should,' `plan,' `projected,' `intend' and similar expressions to identify forward-looking statements. These statements are based on the company's beliefs and the assumption it made using information currently available to it. Because these statements reflect the Company's current views concerning future events, these statements involve risks, uncertainties and assumptions. The actual results could differ materially from the results discussed in the forward-looking statements. In any event, undue reliance should not be placed on any forward looking statements, which apply only as of the date of this press release. Accordingly, reference should be made to the Company's periodic filings with the Securities and Exchange Commission. |
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