Yes there is news. And here it is.
EDITEK SHAREHOLDERS APPROVE INCREASE IN AUTHORIZED
COMMON SHARES; OTHER PROPOSALS
BURLINGTON, N.C., Dec. 20 /PRNewswire/ -- EDITEK, Inc. (AMEX: EDI),
announced today that its shareholders had approved an amendment to the
Company's certificate of incorporation increasing from 30 million to 60
million the number of authorized shares of common stock. At the Annual
Meeting, the Company's shareholders also elected all nominees for the
Board of Directors and approved an increase in the number of shares
authorized under the Company's Employee Stock Purchase Plan.
The newly authorized common stock is available for use by the Company to
satisfy previous conversions of EDITEK Series A Preferred Stock. An
inadequate number of shares of common stock had been available to
satisfy Preferred Stock conversions and other needs. Certain holders of
Preferred Stock had filed suit against the Company because of its
inability to issue conversion shares. The Company has requested holders
of Preferred Stock to provide information with respect to sales of
EDITEK common stock during the previous year to assist the Company in
its inquiry into possible improprieties by certain Preferred holders.
Dr. Harry G. McCoy, EDITEK's chairman, said, "We are gratified by
shareholder approval of the amendment. This action will enable the
Company to meet its obligations and enable management to intensify its
focus on increasing shareholder value."
EDITEK, Inc., has research and manufacturing facilities in North
Carolina which provide diagnostic kits for on-site analysis of drugs of
abuse and toxins in agricultural products. The Company also works with
the U.S. Department of Defense for the development and supply of on-site
test kits for detection of substances of a biological origin associated
with weapons of mass destruction. MEDTOX, a wholly owned subsidiary of
EDITEK, is a laboratory based in St. Paul, Minnesota that specializes in
drug and other toxin analysis and provides those services to hospitals
and laboratories nationwide, and also provides employment drug testing
and biological monitoring of occupational exposure to toxins to
companies nationwide.
SOURCE Editek, Inc.
-0- 12/20/96 /CONTACT: John Mackay of
Padilla Speer Beardsley for EDITEK, 612-871-8877 or Peter Heath of
EDITEK, 910-226-6311/
(EDI)
CO: EDITEK, Inc. ST: North Carolina IN: MTC SU:
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