Printer Friendly

VIROLOGY TESTING SCIENCES AGREES TO ACQUIRE THERMASCAN

 VIROLOGY TESTING SCIENCES AGREES TO ACQUIRE THERMASCAN
 HOUSTON, Texas, Nov. 12 /PRNewswire/ -- Virology Testing Sciences


(AMEX: VTS), and Thermascan Inc. (OTC: THEM) announced today that they have signed an agreement in principle for the acquisition of Thermascan by Virology Testing Sciences ("VTS").
 Terms of the agreement call for each Thermascan common stockholder to receive .15 shares of VTS common stock and .05 shares of a new VTS preference stock as described below. Thermascan's preferred stockholders will receive shares of VTS preference stock with a liquidation value equal to the par value of their Thermascan preferred and all accrued dividends.
 As a result, Thermascan common stockholders will receive approximately 1.4 million shares of VTS common and 450,000 shares of VTS preferred stock. Thermascan preferred stockholders will receive approximately 200,000 shares of VTS preferred stock. The VTS preferred stock will have a liquidation preference of $10 per share and carry a mandatory 10 percent dividend rate to be paid semi-annually in cash or shares of VTS common stock at the company's option. The preferred stock will not be convertible into VTS common stock.
 Upon completion of the acquisition, which is expected to occur in December, the previously announced litigation by VTS against Thermascan as a result of the termination of the companies' merger agreement in September will be dismissed.
 Paul J. Montle, president and chief executive officer of VTS, said, "We are very pleased to reach a new agreement with Thermascan which will bring all of the marketing rights to the Waldheim HIV tests and the all- human monoclonal antibodies into one corporate entity."
 Prof. Detlev Baurs-Krey, chairman and chief executive officer, said that "Thermascan's management and board are very pleased with the outcome of our renewed discussions and we are confident that the result will enhance the combined stockholder value of the two companies."
 -0- 11/12/92
 /CONTACT: Holly G. Vaughan of Virology Testing Sciences, 713-228-4633/
 (VTS THEM) CO: Virology Testing Sciences; Thermascan ST: Texas IN: MTC SU:


KD-KW -- NY095 -- 0408 11/12/92 17:14 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 12, 1992
Words:340
Previous Article:INDRESCO INC. REPORTS EFFECT OF ADOPTION OF FAS 109 AND FAS 106
Next Article:U.S. EPA, MOBIL SETTLE LARGEST CALIFORNIA AIR POLLUTION CASE
Topics:


Related Articles
$50,000 ICN INTERNATIONAL PRIZE IN VIROLOGY AWARDED TO WOLFGANG K. JOKLIK, PH.D. OF DUKE UNIVERSITY
TELECONCEPTS TO MARKET THE FIRST ALL-HUMAN LINE OF MONOCLONAL ANTIBODY REAGENTS TO THE AIDS VIRUS
TELECONCEPTS SAYS AIDS TEST MAY IDENTIFY NEW HIV STRAIN
THERMASCAN STATEMENT ON UNRESOLVED HIV-1 ANTIBODY STATUS
TELECONCEPTS COMPLETES ACQUISITION OF RIGHTS TO MARKET FDA-APPROVED CONFIRMATION AND SCREENING TEST FOR AIDS
THERMASCAN STATEMENT ON MERGER PROCEEDINGS
THERMASCAN PREPARES TO FILE IND WITH FDA FOR FLUOROGNOST HIV-2 IFA
VIROLOGY TESTING SCIENCES, INC. COMPLETES ACQUISITION OF THERMASCAN, INC
ONCOGENE SCIENCE EXPANDS DRUG DISCOVERY CAPABILITY WITH ACQUISITION OF MYCOSEARCH, INC.
David Onions, Ph.D., appointed Chief Scientific Officer of BioReliance Corporation.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters