INAV TRAVEL CORP. ACQUIRES TWO COMPANIES THROUGH SHARE EXCHANGE AGREEMENTS; INAV TO BE RENAMED MEDBANC DATA CORP.
ARLINGTON, Texas, Nov. 17 /PRNewswire/ -- INAV Travel Corporation (NASDAQ: INAV) announced today that it has finalized separate agreements with the shareholders of Personal Computer Card Corporation (PC3) followed by an agreement with the shareholders of MedBanc Data Corporation, whereby INAV has acquired both companies through an exchange of shares. MedBanc shareholders will eventually own approximately 52 percent of outstanding INAV shares and PC3 shareholders will own approximately 15 percent. According to INAV Chairman and CEO Henry T. Stanley, "MedBanc's vigorous medical funding business spearheaded by MedBanc President Scott Haire should enhance the company's earnings power and increase INAV's processing and collections activity, which should prove to be a synergistic fit. In addition, we are pleased to be able to explore the potential of utilizing PC3's smart card technology in the development of the company's data management and transactional businesses." INAV also announced that it will schedule a special shareholder meeting at which INAV shareholders will vote on such matters as changing the company's name to MedBanc Data Corporation, a one-for-six reverse stock split, election of directors, as well as other corporate business. Under the agreement, MedBanc shareholders received 18,283,491 shares of INAV stock, and following the proposed one-for-six reverse stock split, they will receive an additional 2,500,000 post-split shares for a total of approximately 52 percent of outstanding INAV shares. In addition, the agreement calls for MedBanc shareholders to receive warrants to purchase an additional 200,000 post-split shares priced at $2.50 per share. MedBanc's current primary business is the funding of medical receivables, both as an agent and with its own internal funds. Headquartered in Arlington, Texas, MedBanc also has various electronic transaction services, debit card plans, and software products under development. PC3 shareholders, under the agreement, received 9,600,000 INAV shares in return for all outstanding PC3 shares. The company designs and markets smart cards, smart card systems and computer security products. PC3 will continue to operate under local management at its Lakeland, Fla., headquarters as a wholly owned subsidiary of INAV. (A smart card is a plastic "credit card" with an embedded computer chip capable of processing transactions, storing information and securing data.) INAV, operating under its HCP Services division name, specializes in the verification, processing and collection of medical claims submitted to insurance companies and government agencies by doctors and other healthcare providers. In the future, this division of INAV will process all medical claims business generated by MedBanc. MedBanc also plans to utilize PC3's smart card technology in the development of its transaction systems and healthcare services businesses. -0- 11/17/93 /CONTACT: Henry T. Stanley, 817-861-8873, or Lucy Singleton, 817-861-8872, both of INAV Travel Corp/ (INAV)
CO: INAV Travel Corporation ST: Texas IN: LEI SU: TNM
MP -- NY054 -- 5456 11/17/93 11:50 EST
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|Date:||Nov 17, 1993|
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