NAHC, Inc. Announces Appointment of David Burt as Chief Executive Officer And Establishes Restructure Committee
KING OF PRUSSIA, Pa., June 2 /PRNewswire/ -- NAHC, Inc. (OTC Bulletin Board: NAHC), formerly NovaCare, Inc., announced today the appointment of David R. Burt as chief executive officer and secretary, and, as of June 30, 2000, president. In addition to his role with the company, Mr. Burt is and continues to be president, chief executive officer and a member of the board of directors of Ergo Science Corporation (Ergo), a publicly traded biotechnology company. Mr. Burt has held these positions with Ergo since March 1999.
Mr. Burt was also appointed to the company's restructure committee, which includes John H. Foster, chairman of the company's board of directors, and Stuyvesant P. Comfort, a member of the company's board of directors.
The establishment of the restructure committee is consistent with the company's plan of restructuring approved by the company's stockholders on September 21, 1999. The purpose of the restructure committee is to consider alternatives set forth in the plan of restructuring, which include the possible liquidation of the company.
In the event of a liquidation, due to numerous uncertainties beyond the company's control and contingent liabilities that may materialize, the distribution to stockholders could be minimal or zero. |
