ANYONE REMEMBER NBMX? WENT PINK A WHILE BACK, NEWS OUT TODAY.
National Boston Medical, Inc. Announces Share Exchange <NBMX.OB>
National Boston Medical, Inc. Announces Share Exchange TAUNTON, Mass.--(BUSINESS WIRE)--May 4, 2000--National Boston Medical, Inc. (OTC Bulletin Board:NBMX) announced today that it exchanged 100% of its Infotopia Company stock to Dr. Abravanel's Formulas, Inc. for 7,949,999 shares of restricted common stock of Dr. Abravanel's Formulas, Inc. These shares represent approximately 55% of issued and outstanding of Dr. Abravanel's Formula Inc. Additionally NBM will retire approximately $2,500,000 of NBM's debt as a result of this share exchange. Dr. Abravanel's announced it would change its name to Infotopia, Inc. The Company also announced it has received a formal Letter of Intent and is preparing final closing documents to exchange shares of its Bontempi Instruments Plus Company with a fully reporting Company. This Company will be named after the official signing of documents. The Board of Directors of NBM, Inc. has voted to approve this transaction. The terms of the exchange are anticipated to be similar to the terms of the Infotopia transaction and will provide for the retirement of the remaining $2,500,000 in NBM's debt. In addition NBM, Inc. will receive approximately 55% of the issued and outstanding stock of the new Company. Daniel Hoyng, Chairman and CEO stated, "The proceeds from the share exchange of the two companies will be utilized for complete repayment of all NBM's debt and it is anticipated that the common stock acquired from each company in the share exchanges will be distributed in a property dividend on a pro-rata basis to shareholders of NBM, Inc. The Company will announce at a later date, when the shareholders of record of NBM, Inc. will receive their property dividend. Until the time of the property dividend NBM, Inc. will retain the shares of the new Company and function as a holding Company. The Company will continue to trade as NBMX pre and post dividend. The two new Companies will give our shareholders an opportunity to participate in the growth of two fully reporting Companies. The new Companies will be able to provide the infrastructure and finances needed to increase revenues and profit and therefore provide greater shareholder value, than could be recognized by remaining a single entity under NBM, Inc." National Boston Medical Inc. has operated two divisions: the Bontempi Instruments Plus and Infotopia. Bontempi Instruments Plus designs, manufactures and distributes a variety medical, health and hygienic products, including the Bontempi line of medical, dental and veterinary surgical instruments. Infotopia specializes in Direct Response infomercial marketing of a growing line of products, including the Backstroke(R) Back Massager, Cactus Jack's line of One Shot Products and Dean Tornabene's health, fitness and lifestyle enhancing products. This news release includes "forward-looking statements" that include risk and uncertainties. The forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially due to a variety of factors, including without limitation the Company's ability to produce and market products and/or services and other risks detailed from time to time in their Company's reports filed with the Securities Exchange Commission. --30--kms/bos* CONTACT: The Pinnacle Group Doug Dubrow (516) 773-2477 Today's News On The Net - Business Wire's full file on the Internet with Hyperlinks to your home page. URL: businesswire.com (c) 1998 Business Wire
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