Power-Cell Inc. Completes Agreement with Park Pharmacy Corp.DALLAS--(BUSINESS WIRE)--March 10, 1999--Jim Rambin, president of Power-Cell Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:POCE POCE Pantone Open Color Environment ) and Thomas Baker Thomas Baker or Tom Baker is a name shared by several notable persons: British people
An exchange of assets between taxpayers in which any gain or loss is not recognized in the period during which the exchange takes place. Rather, taxpayers are required to adjust the basis of assets exchanged. of stock. As a result of the transaction, the Shareholders of Park Pharmacy Corp. will own an 80% controlling interest controlling interest The ownership of a quantity of outstanding corporate stock sufficient to control the actions of the firm. Controlling interest often involves ownership of significantly less than 51% of a firm's outstanding stock because many owners fail in Power-Cell Inc. Rambin further announced that the Board of Directors has approved the change of the corporate name from Power-Cell Inc. to Park Pharmacy Corp. and that the company stock will continue to trade with the symbol POCE until further notice. The Company further announced that the Board of Directors has approved a plan of capitalization which will reduce the amount of outstanding shares of common stock to approximately 4,500,000. The Board also voted to establish a new class of non-dividend earning series "A" preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. to be held by the major stockholders. James Rambin said that completion of the transaction is subject to approval of the Power-Cell Inc. Stockholders at a special-called meeting. The Shareholders will also be asked to vote for a new Board of Directors who will be designated by Park Pharmacy, he said. Tom Baker said that Park Pharmacy is now ready to initiate its acquisition program to purchase three independent pharmacies during the first year of operation resulting in the Company having annual sales of approximately $21,000,000 with earnings of approximately $785,000. The Company plans to acquire at least three pharmacies each year during the next five years, he said. Baker added that by carefully selecting our acquisition candidates, the Company intends to position itself in major metropolitan areas which will provide the largest population of customers that require a higher degree of technical pharmacy and therefore the greatest ability to achieve sales and profit growth for the Company. The Company's philosophy according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Baker is to capture market share through innovative product management that will increase the bottom line and produce earnings per share. Baker also said that Park Pharmacy Corp. plans to apply to 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 for full listing prior to the end of the year. Certain information included in this release contains statements that are forward-looking, such as statements relating to the future anticipated direction of the industry, plans for future funding sources, planned capital expenditures, anticipated sales growth and potential contracts. These forward statements are subject to a number of known and unknown risks and uncertainties that could cause actual operations or results to differ materially from those anticipated. |
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