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DRUG SCREENING SYSTEMS ADJOURNS SPECIAL MEETING OF SHAREHOLDERS

 BLACKWOOD, N.J., April 7 /PRNewswire/ -- Drug Screening Systems, Inc. (NASDAQ: DRUG), announced today that the special meeting of its shareholders initially scheduled for Thursday, April 8, 1993, at the Quality Inn in Thorofare, N.J., has been adjourned to Thursday, April 22, 1993, at 11 a.m. at the offices of Gold & Wachtel, 110 East 59th Street, 27th floor conference room, New York.
 The sole item to be voted upon at the meeting had been a proposed Amendment to the company's Articles of Incorporation to effect a one- for-five reverse stock split of its common stock. The company noted that, as a result of the decline in the market price of the common stock since the company mailed its proxy material for the special meeting, the board of directors, after consultation with the company's investment bankers, Royce Investment Group, Inc., had concluded that a one-for-five reverse stock split may not achieve the objectives set forth in the company's proxy statement.
 Accordingly, it was now seeking shareholder authority to effect a reverse stock split in an amount the board, after consultation, deems appropriate not to be less than one-for-five nor more than one-for-ten. The board also announced that, assuming shareholder approval of the proposed Amendment, the board would determine when to file the amendment in the Commonwealth of Pennsylvania, making the Amendment effective, but the date would not be more than 30 days after April 22, 1993.
 The company indicated that the record date for the Special Meeting remained as March 3, 1993, and that shareholders who had already submitted their proxies did not have to send in new proxies if they did not wish to change their prior vote, whether for, against or abstaining, only now the proposed Amendment to the Articles of Incorporation would be on the changed basis. The company also stated that new proxies were being mailed to shareholders in case they desired to change their vote.
 The company reiterated that approval of the reverse stock split was a condition precedent to the recently announced rights offering to shareholders, the offering of which would only be made pursuant to a registration statement effective under the Securities Act of 1933 and, to the extent applicable, pursuant to state securities laws.
 -0- 4/7/93
 /CONTACT: Gary Nacht of Drug Screening Systems, Inc., 609-228-8500/
 (DRUG)


CO: Drug Screening Systems, Inc. ST: New Jersey IN: MTC SU:

TM-KW -- NY066 -- 3927 04/07/93 16:51 EDT
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Publication:PR Newswire
Date:Apr 7, 1993
Words:407
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