UTI CHEMICALS INC. ANNOUNCES COMPANY NAME CHANGE
UTI CHEMICALS INC. ANNOUNCES COMPANY NAME CHANGE IRVINE, Calif., Nov. 15 /PRNewswire/ -- UTI Chemicals Inc. (OTC)
announced today that the company's name was changed to Urethane Technologies Incorporated yesterday at its shareholders' meeting. Other issues approved at the meeting were an increase in the authorized shares of common stock to 250 million and a 10-to-1 reverse split, which will become effective on Nov. 25, 1991 to shareholders of record on that date. The increase in authorized capitalization resulted in the automatic conversion of a $1 million loan from the company's chairman, Terren S. Peizer, into 16 million shares of common stock. As a consequence of this conversion, Peizer owns 22,033,340 shares of common stock or 50.7 percent of the 43,432,271 total shares outstanding.
-0- 11/15/91 /CONTACT: Jim Frakes of Urethane Technologies Incorporated, 714-837-0800/ CO: Urethane Technologies Incorporated ST: California IN: CHM SU: AL-KJ -- LA014 -- 1674 11/15/91 15:46 EST
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|Date:||Nov 15, 1991|
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