'QUANTECH LTD.' -- IT'S OFFICIAL!
ST. PAUL, Minn., April 14 /PRNewswire/ -- Joseph Shaw, chairman of Spectrum Diagnostics (NASDAQ: SPDIF) of St. Paul, is pleased to announce the medical diagnostics company's change of domicile from Italy to St. Paul and the change in name from Spectrum Diagnostics to Quantech Ltd. (NASDAQ: QQQQ). Today the Tribunal in Piacenza, Italy, accepted and approved the minutes of the March 18, 1993 shareholders meeting in which the shareholders approved the change in domicile to St. Paul and the change of name to Quantech Ltd. Spectrum Diagnostics was originally established in Italy in September 1991 when a group of Italian investors provided essential funds in exchange for equity and the conversion of the company to an Italian-based entity. After operating in Italy for over a year, it was determined that the cost of conducting business had become cost prohibitive, and that the political and economic difficulties of Italy made it difficult to conduct long-term business planning. With the change in domicile, the company will achieve significant cost savings, be able to conduct business in a more stable business environment and be better able to meet the needs of both its U.S. and foreign shareholders. Quantech Ltd. will maintain its commitment to the international market. In September 1992, the company completed a public offering in the United States. The change in domicile and name will in effect now make all of the company's common stock and warrants freely tradable. All outstanding shares of Spectrum Diagnostics common stock and A and B Warrants will be equally converted into shares of Quantech Ltd. common stock and A and B Warrants, NASD QQQQ, QQQA, and QQQB, respectively. -0- 4/14/93 /CONTACT: Jill Miller, company relations manager of Quantech Ltd., 612-647-6370/ (SPDIF QQQQ)
CO: Spectrum Diagnostics; Quantech Ltd. ST: Minnesota IN: MTC SU:
KH -- MN015 -- 5771 04/14/93 13:44 EDT
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|Date:||Apr 14, 1993|
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