(BSNS WIRE) Biologix Corrects and Replaces Previous Announcement, BW0110
Biologix Corrects and Replaces Previous Announcement, BW0110, CA-BIOLOGIX
Business Editors/Health & Medical Writers
NOTE: The following news release replaces and corrects the
previous Biologix news release, which ran earlier
today on Business Wire, BW0110 (CA-BIOLOGIX).
NEWPORT BEACH, Calif.--(BW HealthWire)--Aug. 4, 1999--
Biologix Sells Assets to TheHealthChannel.com, Inc.
Biologix International, Ltd. (OTCBB: BGIX) is pleased to announce
that it has finalized an agreement to sell TheHealthChannel.com
website and certain related technology to TheHealthChannel.com, Inc.
(OTCBB: THCL formerly IVTX) formerly known as Innovative Tracking
Solutions Corporation ("Innovative"). BioLogix is retaining all other
assets currently owned by BioLogix. THCL is a Delaware corporation
that is fully compliant with the reporting requirements of the
Securities Exchange Act of 1934, as amended. Donald Shea, the former
president of Clairol, Inc. and V.P. of Bristol Myers Squibb is the
President of THCL and Tom Lonergan, with over 25 years of hospital
administration will continue in the position he held with BioLogix as
THCL's COO, Secretary, and CFO. Both Mr. Shea and Mr. Lonergan were
members of the BioLogix Board of Directors.
All other existing Board members of BioLogix shall constitute
THCL's Board until the next annual meeting of shareholders, with the
exception of Mr. Michael Grandon. Mr. Grandon is no longer an officer
or director of either BioLogix or THCL.
Shareholders of record of BioLogix International, Ltd. As of the
end of trading on August 4, 1999 are being offered the opportunity to
exchange their BGIX shares for post-split shares of THCL on a
one-for-one basis. All free-trading shares of BGIX shall be exchanged
for free-trading post-split THCL shares and all restricted shares of
BGIX shall be exchangeable into restricted post-split THCL shares.
BioLogix management recommends that all BGIX shareholders exchange
their shares into THCL shares. All BioLogix shareholders of record as
of August 4, 1999 shall receive a Letter of Transmittal containing
instructions to complete the exchange of their shares; if the shares
are held in DTC electronic format the broker of record shall receive
the Letter of Transmittal. All shareholders shall have 15 days from
the date of mailing to return their Letter of Transmittal. All
questions regarding this process should be directed to the following
e-mail address: tomlonergan@hotmail.com
BioLogix shareholders are also informed that BGIX will be
delisted from the over-the counter bulletin board system ("Bulletin
Board") on approximately September 1, 1999. BioLogix retains its
point-of-care blood analysis technology and related assets. The
BioLogix Board is currently considering the eventual disposition of
these assets.
Certain shareholders of record of IVTX are being offered the
opportunity to exchange their former IVTX shares for shares of THCL on
one pre-split IVTX for two post-split THCL share basis. If you are an
IVTX shareholder then please call 1-888-437-4343 in order to secure
details regarding the exchange of your shares. Please see the
forthcoming press release from THCL/IVTX.
Innovative is a Healthcare company that recently placed its
operating assets into a privately owned company called Innovative
Tracking Solutions, Inc. a Nevada corporation (ITSC). ITSC produces
the Private Practice(tm) Vibration Reminder Disk and Patient Adherence
Programs. TheHealthChannel.com, Inc. will feature ITSC's products on
its web site. "We are excited about offering another value-added
feature through our rapidly growing Internet portal," said Tom
Lonergan. "While our focus is on helping the public to have more
information and control over their own healthcare, Innovative's focus
is on products and programs that help patients have more control over
their treatment outcome. THCL's management believes that this creates
a perfect fit."
"We are pleased to find a company that can enhance the
marketplace exposure of our product line," said Dianna Cleveland,
President and CEO of ITSC. "We look forward to working with
TheHealthChannel.com over the next several months to reinforce the
national exposure of our products."
BioLogix paid $250,000 for the purchase of Innovative's
management shares. Full details of the transaction will be filed with
the SEC on a Form 8-K within 15 days.
Please note: Included in this press release are forward-looking
statements within the meaning of Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended. Although the company believes that the expectations
reflected in such forward-looking statements are reasonable; it can
give no assurance that such expectations reflected in such
forward-looking statements will prove to have been correct.
--30--lmm/sf*
CONTACT: BioLogix International, Ltd.
Tom Lonergan, 888/663-8003
KEYWORD: CALIFORNIA
INDUSTRY KEYWORD: MEDICINE COMPUTERS/ELECTRONICS COMED
INTERACTIVE/MULTIMEDIA/INTERNET
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