Recovery Network, Inc. Approves Name Change at Annual Meeting; RnetHealth.com Inc. Reflects Company's Focus on the Internet and E-Commerce.SANTA MONICA, Calif.--(BUSINESS WIRE)--June 25, 1999-- Recovery Network, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:RNET RNET Reserva Natural do Estuário do Tejo (Tagues Estuary Nature Reserve, Portugal) ) announced today that during yesterday's annual meeting, shareholders approved a name change which keeps pace with the Company's Internet strategy and focus. RnetHealth.com Inc. intends to continue strategically expanding its services and visibility on the World Wide Web. In addition to the name change, the following proposals were also approved by the shareholders: -- an amendment to the Company's Certificate of Incorporation certificate of incorporation n. some states issue a certificate to prove a corporation's existence upon the filing of Articles of Incorporation. In most states the Articles are sufficient proof. to effect a reverse stock split, at the discretion of the Board in efforts to accommodate a possible re-listing on 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 ; -- the election of five directors: George H. Henry, William Moses, Jay Handline, Brad Parobek and Charlotte Schiff-Jones -- the appointment of Arthur Andersen LLP LLP - Lower Layer Protocol as the Company's independent public accountants for the fiscal year ending June 30, 1999 About Recovery Network Recovery Network, Inc. (the "Company") (OTC BB:RNET) is a digital media company drawing on the converging digital technologies of the Internet and cable television to deliver alternative and behavioral health programming, products and services to a national audience. The Recovery Network cable television programming service reaches approximately 5.0 million cable households. The Recovery Television Network will serve to market and drive traffic to the Company's web site, thereby enhancing e-commerce revenue generation opportunities including sales of books, tapes, herbs and vitamins, tele-counseling services, and other behavioral health programming, services and products ideally suited to its target audience. RnetHealth.com, the internet operation, will provide a branded, integrated, Web-based solution via a public platform for consumers, as well as, a business to business platform for the administrative, communications and information needs of managed care companies, insurance companies and employers. The Company's primary market is those impacted by social and behavioral health issues (i.e. substance abuse, domestic violence, depression, eating disorders eating disorders, in psychology, disorders in eating patterns that comprise four categories: anorexia nervosa, bulimia, rumination disorder, and pica. Anorexia nervosa is characterized by self-starvation to avoid obesity. , et al) that are interested in traditional and alternative solutions. This market represents over 100 million Americans at a cost to the economy in excess of five hundred billion dollars annually in increased health care expenses, crime and lost productivity. Recovery Network's National Partnership for Recovery and Prevention (NPRP NPRP Navy Professional Reading Program NPRP National Prion Research Program NPRP National Potato Research Program (Nepal) NPRP National Planning and Research Program NPRP Number Portability Routing Protocol ) consists of over 50 prominent national health, recovery and prevention organizations that represent over 40 million people throughout the United States. 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 under 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: The statements which are not historical facts contained in this press release are forward-looking statements that involve certain risks and uncertainties including but not limited to risks associated with the uncertainty of future financial results, additional financing requirements, development of new products, government approval processes, the impact of competitive products or pricing, technological changes, the effect of economic conditions, and other uncertainties detailed in the Company's filings with the Securities and Exchange Commission. |
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