If you are looking for clean reporting shells, you might want to check out NHLT...going thru bankruptcy, but should be coming out around the end of this month from the research I've done. Looks Interesting.
Here is the latest news:
Monday November 8, 10:35 am Eastern Time
Company Press Release
SOURCE: National Health & Safety Corporation
National Health Files Plan of Reorganization; Positions POWERx For e-Commerce Launch
WARMINSTER, Pa., Nov. 8 /PRNewswire/ -- National Health & Safety Corporation (OTC Bulletin Board: NHLT - news) announced today that it has filed a joint corporate Plan of Reorganization with a consortium of United Realty Group, L.P. and KJE I, Ltd. National Health will receive $2.9 million to develop new business lines and to expand existing opportunities if the Plan of Reorganization is approved by the U.S. Bankruptcy Court.
Dr. R. Dennis Bowers, CEO of National Health, indicated that the company's reorganization plan, which was filed last Friday, expects to accomplish the following goals:
1. Elimination of National Health's debt of $2.5 million.
2. Reduction of corporate operating expenses by 90%.
3. Guaranteed revenue and royalties which will insure National Health's
short-term profitability.
4. Expansion financing to develop the company's health insurance products,
its medical technology division and other target acquisitions to allow
for long-term growth and profitability.
5. Full compensation to National Health's creditors, paid in corporate
stock.
The joint filing comes only one month after the October 1 sale by National Health of its POWERx Division to MedSmart Healthcare Network, which is also an affiliate of the Dallas-based consortium. MedSmart expects to generate significant royalty payments to National Health on its POWERx sales. In addition, the POWERx product under MedSmart will receive expansion financing and a significant array of financial processing technology and internet resources required to bring the POWERx Network to the e-commerce marketplace.
National Health filed for reorganization under Chapter 11 on July 1. Since that time the company has received approval from the Federal Bankruptcy Court to sell the POWERx division of the company, completed the sale of that division to MedSmart and filed a joint Plan of Reorganization.
National Health is the founder of the POWERx Medical Benefits Network, a comprehensive national medical network of more than 750,000 hospitals, doctors, surgeons, endodontists, pharmacies and other healthcare providers. Through the POWERx network, consumers are able to purchase most healthcare products and services at discounts of up to 60 percent, whether or not the person is insured.
``The filing of the plan places us exactly on schedule for achieving the total reorganization and financing of the company,' said Bowers. He also noted that National Health has successfully reduced corporate expenses in October, 1999, by 85 percent compared to October, 1998, a reduction of $108,000 for the month.
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
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