Tuesday August 3, 8:17 am Eastern Time
Company Press Release
SOURCE: National Health & Safety Corporation
New National Health Board of Directors Meets to
Evaluate Asset Offer
WARMINSTER, Pa., Aug. 3 /PRNewswire/ -- National Health & Safety Corporation (OTC Bulletin Board: NHLT -
news) announced today that it has filled the two vacancies on its Board of Directors. A company spokesperson
said the new Board met on July 31 to evaluate the present offer to purchase the POWERx Division of the
Company and to finance the reorganized corporation.
Dr. R. Dennis Bowers, CEO, said that Mr. James Kennard and Mr. Eugene M. Rothchild were appointed to the
Board on an interim basis to represent the rights of creditors and shareholders pending the restructuring of the
company. Bowers said that a meeting of the shareholders to elect a new board will be held in the near future.
Kennard, former CEO of Transicoil Inc. and a former member of the American Management Associations
President's Association, is from Greentown, PA. He is a long-time shareholder and the first investor in National
Health before it went public in 1992. Eugene M. Rothchild, Esq. is a practicing civil attorney in Cincinnati, Ohio
and a shareholder since 1997.
National Health filed for reorganization under Chapter 11 on July 1. The company also reported that it would file
a detailed restructuring plan including financial details within the next 10 days.
''We are taking aggressive action to bring the company back to a strong financial footing,'' Bowers reported. He
said that plans for the company include a substantial reduction of company expenditures, a reorganization of
management, relocation of customer service to a new state-of-the-art database and call center in Texas, and a
''highly visible Internet presence.''
Safe Harbor Statement
Investors should carefully consider the preceding information as well as other information contained in this press
release before making an investment in the Common Stock. Information contained in this press release contains
''forward-looking statements'' which can be identified by the use of forward-looking terminology such as
''believes,'' ''expects,'' ''may,'' ''should,'' or ''anticipates'' or the negative thereof or given that the future
results covered by such forward-looking statements will be achieved. The preceding matters constitute
cautionary statements identifying important factors with respect to such forward-looking statements, including
certain risks and uncertainties that could cause actual results to vary materially from the future results covered
in such forward-looking statements. Other factors could also cause actual results to vary materially from the
future results covered in such forward-looking statements.
SOURCE: National Health & Safety Corporation |
