TELECONCEPTS RECEIVES FIRM COMMITMENTS FOR EQUITY PLACEMENT IN EXCESS OF MINIMUM REQUIRED FOR MERGER WITH THERMASCAN, INC.
TELECONCEPTS RECEIVES FIRM COMMITMENTS FOR EQUITY PLACEMENT IN EXCESS OF MINIMUM REQUIRED FOR MERGER WITH THERMASCAN, INC. HOUSTON, July 6 /PRNewswire/ -- TeleConcepts Corporation (AMEX: TCC), today announced that it has received commitments to place new equity in excess of the $3,500,000 minimum required to complete its merger with Thermascan, Inc. (NASDAQ: THEM). During the first two weeks of July, TeleConcepts expects to complete the private placement of up to $5 million of its pre-merger shares with investors in Europe and the Middle East. Thermascan markets and sells an FDA approved confirmation and screening test for AIDS, called Fluorognost HIV-1 IFA, in the United States and Canada. Fluorognost, an immunofluorescence assay, is the only HIV-1 test approved by the FDA for both screening and confirmation purposes. Thermascan has also recently commenced marketing the first commercially-available panel of 14 all-human monoclonal antibody reagents which are directed against the HIV-1 virus. A U.S. patent is pending on these human anti-bodies. After the merger, expected in early August, the medical diagnostics and biotech business will continue in a separate company, Viral Testing Systems Corporation. TeleConcepts currently designs and markets telephones and telephone devices for residential and commercial use. The telephone business will be spun-off to stockholders, after which it will continue as TeleConcepts, Inc., also listed on the American Stock Exchange (new symbol: TCX). Investors in the private placement, or any other investor who purchases shares of TeleConcepts in the open market prior to the merger, will be entitled to receive one share of common stock of Viral Testing Systems, one half of one warrant to purchase one share of common stock of Viral Testing Systems and one share of common stock of the spun-off telephone business for each of their TeleConcepts shares on the effective date of the transaction. As previously announced, the special meeting in lieu of annual meeting of stockholders to approve the merger has been rescheduled from July 2, 1992, to July 30, 1992. The meeting, to take place in New York City, will be open to stockholders of record as of June 1, 1992. Proxy materials containing information regarding the meeting, including the merger and its administrative procedures, will be mailed during the week of July 13, 1992. The effective date of the merger is expected to be in early August. -0- 7/6/92 /CONTACT: Paul J. Montle of TeleConcepts, 713-228-4633/ (TCC) CO: TeleConcepts Corporation ST: Texas IN: TLS SU:
TQ-OT -- NY008 -- 6526 07/06/92 09:24 EDT
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|Date:||Jul 6, 1992|
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