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Equity Technologies and Resources, Inc. Announces Commitment to Preferred Stock Dividend Conversion
June 21, 2002 1:49:00 PM ET
LEXINGTON, Ky.--(BUSINESS WIRE)--June 21, 2002--Equity Technologies & Resources, Inc. ETCR Board of Directors announced today that it will reward its loyal stockholders by honoring its commitment to convert the preferred shares owned by shareholders of record July 16, 2001. "As promised, the preferred shares will be converted to Equity Technologies & Resources, Inc. common shares," said Frank Dickey, Jr., President.
"Even though there may be some immediate consequences in proceeding with the conversion of the preferred shares to common stock," Dickey said, "the long term results should prove to be beneficial to all of our shareholders. The tragedy of September 11, 2001 created a host of problems and resulted in a reversal of economic trends which impacted and interrupted the Company's progress and delayed projections, putting us at least six months behind schedule."
"The Company and Signature Stock Transfer, Inc. will announce the procedures to be followed by shareholders to facilitate the conversion process in ample time for the conversion to be completed," he added. Dickey also said, "We anticipate a series of announcements regarding significant future developments of the Company and its subsidiary, Verified Prescription Safeguards, Inc., during the next few weeks."
This press release contains forward-looking statements that reflect the Company's current expectations regarding future events. While these statements reflect the Company's best current judgment, they are subject to risks and uncertainties. Actual results may differ significantly from projected results due to a number of factors, including, but not limited to assumptions beliefs and opinions relating to the business, management and growth strategy of Equity Technologies & Resources, Inc., and implementation thereof, as well as that of its wholly owned subsidiary, Verified Prescription Safeguards, Inc., based upon the Company's interpretation and analysis of financial and market conditions, the decisions of businesses with whom the Company is either engaged in business with or negotiating, healthcare industry trends and management's ability to successfully develop, market, sell and implement its e-commerce and Internet solutions, clinical and financial e-transaction services, develop its prescription drug monitoring database, and web based applications to physicians, pharmacies, governmental agencies, laboratories, insurance companies, HMO's, and payers. These factors and other risk factors are more fully discussed in the Company's filings with the Securities and Exchange Commission. The Company expressly disclaims any intent or obligation to update any forward-looking statements.
Contact Information:
Equity Technologies & Resources, Inc.
Frank Dickey, 859/268-4446
© 2002 BusinessWire
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