ADVANCED MEDICAL PRODUCTS, INC. ANNOUNCES ONE SHARE FOR TEN REVERSE STOCK
SPLIT, NAME CHANGE TO ADVA INTERNATIONAL INC., AND STOCK SYMBOL Change to ADII
COLUMBIA, S.C., Mar 14, 2000 /PRNewswire via COMTEX/ -- Advanced
Medical Products today announced it has amended its Certificate of
Incorporation with the State of Delaware to change the name of the
Company to "ADVA International Inc." (OTC Bulletin Board: ADII); to
effectuate a 1 share for 10 shares reverse stock split of all
outstanding shares of Common Stock of the Company; to increase the
amount of authorized Common Stock, following the effectuation of the
Reverse Stock Split; and, to authorize a new class of Preferred Stock.
The new stock symbol for the Company's common stock, effective
immediately, is "ADII."
According to a Company spokesman, the name change, the reverse stock
split, and the authorization of additional common and preferred stock
were implemented in order to position the Company for a possible
reverse merger with a privately held company in an attempt to recover
some value for the Company's present shareholders. On March 23, 1999,
Advanced Medical Products, Inc. had filed a motion with the Federal
Bankruptcy Court, District of South Carolina, for an order authorizing
the sale of all assets, free and clear of all liens and encumbrances
and other interests, pursuant to 11 U.S.C. Section 363 of the
bankruptcy code. On May 11, 1999, the Company sold all of its assets.
The Final Decree closing the bankruptcy case was issued by the Court on
November 9, 1999.
A committee has been appointed by the board to review possible
candidates, but no merger agreement has been reached, and there can be
no assurances given that a suitable reverse merger partner will be
timely located, or that a suitable transaction will be successfully
negotiated or completed.
SOURCE ADVA International Inc.
(C) 2000 PR Newswire. All rights reserved.
prnewswire.com
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CONTACT: Ronald Moyer of ADVA International Inc., 803-407-3044
(ADII)
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