The news sounds Great! At least we know all parties are working on completing this restructuring by MedSmart and reorganization of NHLT.
WEDNESDAY FEBRUARY 16, 2000
MANAGEMENT COMMUNICATION
SOURCE: National Health & Safety Corporation
POWERx CUSTOMER SERVICE OPERATIONS MOVE TO NEW MEDSMART FACILITY IN DALLAS, TEXAS
As part of the overall restructuring by MedSmart, the POWERx Customer Service Center has been relocated to Dallas, Texas into a state-of-the-art center that will allow significant growth as well as enhanced on-line capabilities for servicing the members. The new POWERx web site and data base management system is now operational and continues to be developed and enhanced to meet the growing needs of our members. Be sure to check out the new web site at powerx.net where you can find specific provider data, program information, on-line enrollment capability, etc.
The national sales/marketing office has also been relocated to Horsham, PA and will continue to provide all the marketing and sales activities including servicing of the broker network, corporate/association/client sales and servicing plus generating all marketing materials
NATIONAL HEALTH BANKRUPTCY ACTIVITY
FEBRUARY 8, 2000 A hearing was held in US Bankruptcy Court, Eastern District of PA. For the purpose of seeking approval of the First Amended Disclosure Statement with respect to the First Amended Joint Plan of Reorganization for the Company.
At this hearing the Judge asked the Company and our co-Plan Proponents to further simplify this statement and resolve potential objections with key creditors represented at the hearing. We were also asked to incorporate suggestions from the U.S. Trustee.
These changes will be included in the Second Amended Disclosure Statement scheduled for limited distribution by February 18th, with a ten day cycle for written comments, and a final submission to the Court on March 10th when the Judge will take the Amended Disclosure Statement under advisement and hopefully approve the document.
The purpose of the Disclosure Statement is to provide sufficient information about the Debtor and the proposed Plan Of Reorganization to enable the holders of impaired claims and interest against the Debtor to make an informed decision with respect to acceptance or rejection of the Plan.
Once we have received the Courts approval of the Disclosure Statement we will be able to proceed with the voting process and evaluation of the creditors claims.
NATIONAL HEALTH & SAFETY CORPORATION- plans to continue to use this web site to help shareholders and others interested in our progress towards reorganization.
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.
National Health & Safety Corporation (O.T.C. BB: NHLT) a publicly traded corporation, headquartered in Horsham, PA, is a national health benefits and managed care company, primarily engaged in the business of offering discounted medical and healthcare services to corporations, unions, associations, individuals and credit card issuers. Founded in 1989 as a national distributor of medical supplies and equipment, the company expanded its scope in 1991 to provide healthcare benefits and services. Its POWERx Medical Benefits Network, including more that 70% of all U.S. healthcare providers, is now strategically positioned to play a decisive and leading role in the $1 trillion national benefits market. |
