Printer Friendly

TELECONCEPTS STOCKHOLDERS APPROVE MERGER WITH THERMASCAN; TERMS MAY CHANGE

 TELECONCEPTS STOCKHOLDERS APPROVE MERGER WITH THERMASCAN;
 TERMS MAY CHANGE
 HOUSTON, Aug. 25 /PRNewswire/ -- TeleConcepts Corporation (AMEX: TCC) today announced that at its special meeting in lieu of annual meeting of stockholders held on Aug. 21, 1992, stockholders voted (a) to approve an agreement and plan of reorganization among TeleConcepts and Thermascan, Inc. (OTC: THEM), which included the spin- off of the telephone business, the private placement of new equity in the minimum amount of $3,500,000, the merger of TeleConcepts and Thermascan, and the change of the name of the combined companies to Viral Testing Systems Corporation; (b) to elect directors of TeleConcepts; (c) to increase the authorized common stock from 15,000,000 shares to 30,000,000 shares; (d) to authorize the issuance of up to 5,000,000 shares of preferred stock from time to time in one or more series; and (e) to approve a new stock option plan.
 At the special meeting, Paul Montle, the chairman of the board, explained that TeleConcepts is considering retaining ownership of the telephone business in an effort to maintain its listing on the American Stock Exchange. As previously reported, TeleConcepts does not currently meet the requirements for continued listing on the American Stock Exchange, and there is no assurance that its listing will continue. Discussions with Thermascan regarding retention of the telephone business are ongoing, with any change in the structure of the transaction requiring the agreement of the boards of directors of both TeleConcepts and Thermascan. Management of TeleConcepts, however, does not at present believe that further stockholder approval will be necessary.
 Thermascan's stockholders will meet to vote on the merger on Sept. 4, 1992 (re-scheduled from Aug. 26, 1992), with the merger and the name change to occur shortly thereafter.
 TeleConcepts currently designs and markets telephones and telephone devices for residential and commercial use. Thermascan has exclusive North American rights to market and sell an FDA approved test for AIDS, called FLUOROGNOST HIV-1 IFA, and a panel of 14 all-human monoclonal antibody reagents which are directed against the HIV-1 virus.
 -0- 8/25/92
 /CONTACT: Holly Vaughan of TeleConcepts, 713-228-4633/
 (TCC THEM) CO: TeleConcepts Corporation; Thermascan, Inc. ST: Texas IN: TLS SU: TNM


KD -- NY092 -- 3259 08/25/92 19:20 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Aug 25, 1992
Words:376
Previous Article:GEORGIA REGIONAL STOCK REPORT FOR TUESDAY, SEPT. 15
Next Article:GREAT WESTERN TO MAKE $50,000 GRANT TO AMERICAN RED CROSS FOR DISASTER RELIEF IN SOUTH FLORIDA
Topics:


Related Articles
TELECONCEPTS CORPORATION ANNOUNCES RESULTS
TELECONCEPTS SETS NEW DATE FOR SPECIAL MEETING TO APPROVE MERGER
TELECONCEPTS SAYS AIDS TEST MAY IDENTIFY NEW HIV STRAIN
TELECONCEPTS SETS NEW DATE FOR SPECIAL MEETING TO APPROVE MERGER WITH THERMASCAN - PRIVATE PLACEMENT FULLY COMMITTED
THERMASCAN STOCKHOLDERS APPROVE MERGER WITH TELECONCEPTS
TELECONCEPTS ELECTS FREDERICK R. ADLER TO ITS BOARD
THERMASCAN STOCKHOLDERS APPROVE MERGER WITH TELECONCEPTS
TELECONCEPTS COMPLETES ACQUISITION OF RIGHTS TO MARKET FDA-APPROVED CONFIRMATION AND SCREENING TEST FOR AIDS
DeNOVO CORPORATION ANNOUNCES INTENT TO ACQUIRE TELECONCEPTS INTERNATIONAL INC.
DENOVO CORPORATION ANNOUNCES COMPLETION OF AGREEMENT TO ACQUIRE TELECONCEPTS INTERNATIONAL INC.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters