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VIROLOGY TESTING SCIENCES, INC. COMPLETES ACQUISITION OF THERMASCAN, INC

 HOUSTON, Dec. 30 /PRNewswire/ -- Virology Testing Sciences (AMEX: VTS) announced today that it has completed the acquisition of Thermascan, Inc. (OTC: THEM). An agreement in principle between VTS and Thermascan was previously announced on Nov. 12, 1992.
 Under the terms of the merger agreement, holders of Thermascan will receive, for each share of common stock: .15 shares of VTS common stock, .075 shares of Lone Star Casino Corp., a newly formed affiliate of VTS, and .05 shares of VTS 10 percent preference stock.
 Holders of Thermascan preferred stock will receive, based upon the liquidation preference of their preference stock, VTS 10 percent preference stock and warrants to purchase additional shares of VTS 10 percent preference stock.
 All of the shares being distributed to Thermascan shareholders will be registered with the Securities and Exchange Commission prior to being distributed. Thermascan shareholders, a required percentage of each class of which voted in favor of the merger, will have the right to reconsider and rescind their vote within three business days after receipt of the final prospectus.
 -0- 12/30/92
 /CONTACT: Holly G. Vaughan of Virology Testing Sciences, 713-228-4633, or Detlev Baurs-Krey of Thermascan, 516-287-3739/
 (VTS THEM)


CO: Virology Testing Sciences; Thermascan, Inc. ST: Texas, New York IN: SU: TNM

LR-AH -- NY031 -- 0654 12/30/92 14:41 EST
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Publication:PR Newswire
Date:Dec 30, 1992
Words:217
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