IVTX - LAGUNA HILLS, Calif.--(BUSINESS WIRE)--July 30, 1999--Innovative
Tracking Solutions Corp. (OTC BB:IVTX-news) Friday announced that it
is finalizing an agreement with Biologix International, Ltd. (OTC
BB:BGIX-news) to acquire the assets of "thehealthchannel.com" and to
affect an exchange of shares and controlling interests of the Company.
The acquisition will entail the transfer of restricted common
shares representing the majority controlling interests of Innovative
Tracking Solutions Corporation, held by all of the Company's
directors, to the management team of Biologix. Innovative Tracking
Solutions Corporation is a Delaware corporation that is fully
compliant with its reporting requirements with the Securities and
Exchange Commission (SEC). Upon the completion of the acquisition and
exchange of shares, the thehealthchannel.com will continue to comply
with SEC reporting requirements.
As disclosed in Innovative Tracking Solutions Corporation's DEF
14(c) filing with the SEC, all assets and liabilities of the Company
have been removed and transferred to a newly formed private
corporation held by some or all of the Company's present Shareholders.
Based on a unanimous vote of shareholders at the April 12, 1999
shareholder meeting, the Board of Directors was authorized and
directed to evaluate and select candidate buyers for its public entity
and to execute a stock purchase agreement once a candidate was
selected and to re-select and execute an agreement with another
candidate should an agreement with Desert Sun Investments be executed
and then terminated.
"We are pleased to find a candidate that can also enhance the
exposure of our product line," said Dianna Cleveland, President and
CEO of Innovative Tracking Solutions Corporation. "We look forward to
working with thehealthchannel.com over the next several months to
reinforce the national exposure our products and programs will be
receiving on national public television and CNBC," said Cleveland.
"We are also very pleased with this arrangement as it allows
Biologix to become a fully reporting company thus allowing us to
accomplish our corporate and stock growth goals more expeditiously,"
said Tom Lonergan, Chief Operating Officer of Biologix.
In order to prepare for the exchange of shares, Innovative
Tracking Solutions Corporation has changed its name to
"thehealthchannel.com, Inc.," its stock symbol to THCL and will
conduct a 20 for 1 forward stock split to bring its current
outstanding shares to the same level as Biologix's outstanding shares.
The purpose of the split is solely to equalize the share count in both
Companies and won't affect the current trading price for IVTX/THCL
shares. After the split, the shares would be distributed to all
Biologix's stockholders on a 1 for 1 basis and on a 2 for 1 basis for
IVTX stockholders, resulting in 1% ownership of THCL by IVTX
shareholders and 99% ownership of THCL by Biologix (BGIX)
shareholders. The new symbol of THCL is expected to commence trading
on August 2, 1999.
More details as to how stockholders will be able to exchange
their BGIX shares for THCL shares will be announced as the acquisition
is finalized. For more information, stockholders can contact the
Shareholder Hot Line at Biologix at 888/663-8003.
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CONTACT: Biologix International Ltd.
Shareholder Hot Line, 888/663-8003 |
