ETCR Equity Technologies & Resources, Inc. Announces Board Approval of Preferred
Stock Dividend
LEXINGTON, Ky., Jul 2, 2001 (BUSINESS WIRE) -- Equity Technologies & Resources,
Inc. (OTCBB:ETCR) announced today that its Board of Directors approved a
preferred stock dividend for the benefit of its common stock shareholders at its
recent meeting on June 28, 2001. Frank Dickey, President, said, "Management is
pleased that the Board of Directors is rewarding those shareholders who
demonstrate their confidence in the future of the Company and its wholly owned
subsidiary, Verified Prescription Safeguards, Inc."
In describing the dividend plan, Dickey said, "One share of Class A, non-voting,
convertible preferred stock, with a face value of $500.00 will be issued for
every 500 shares of common stock to shareholders of record on July 16, 2001. To
be eligible to receive the preferred stock dividend, each holder of the required
shares of common stock must be the official owner of those shares, on the record
date of the dividend, according to the records for all common stock certificates
issued or according to the records of any brokers holding such shares in the
name of the owners of those shares. At the end of one year from the record date,
each share of preferred stock will be convertible into common stock with a value
of $500.00, provided the holder of each preferred share owns 500 shares of the
Company's common stock at the time notice of conversion is given by the
preferred shareholder to the Company. Holders of fewer than 500 shares, or
fraction thereof, are neither eligible for the preferred stock dividend or
conversion. The preferred stock may be converted to common stock during the
thirty-day period immediately following the one-year anniversary of the record
date, July 16, 2002." Dickey further explained, "Each share of preferred stock
will be convertible into common stock with a total value of $500.00. The
conversion rate will be 90% of the average of the closing bid and closing asked
price for the common stock of Equity Technologies & Resources, Inc. during the
20 trading days immediately preceding the specific date the preferred
shareholder gives notice to convert."
By way of further explanation Dickey said, "The preferred stock dividend will be
paid as soon as possible after the record date, subject to verification by the
transfer agent of each common stockholder eligible to receive the preferred
stock dividend. Following verification, each eligible shareholder will receive a
preferred stock certificate and instructions as to the holding period and method
of conversion. Any investor's questions concerning issues of stock ownership
should be directed to the Company's transfer agent, Signature Stock Transfer,
Inc., 14675 Midway Road, Suite 221, Addison, Texas 75001, 972/788-4193, which
will serve as the conversion agent," he said. Dickey also said, "Neither the
directors nor the officers of the Company are participants in this dividend."
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 and growth strategy of Equity Technologies
& Resources, Inc., and implementation thereof, 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 and software 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: Equity Technologies & Resources Inc., Lexington
Frank Dickey, 859/268-4446
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KEYWORD: KENTUCKY TEXAS
INDUSTRY KEYWORD: INSURANCE
PHARMACEUTICAL
MEDICAL
E-COMMERCE
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