National Health & Safety - Update to Shareholders on Confirmation Hearing
HORSHAM, Pa., Nov. 8 /PRNewswire/ -- National Health & Safety Corporation (OTC Bulletin Board: NHLT - news) is pleased to announce that the Confirmation Hearing concerning the Joint Plan of Reorganization was held on November 6, 2000 in the United States Bankruptcy Court. The purpose of the Confirmation Hearing was to present the Court with the Vote Tally and to demonstrate how the Plan successfully meets the standard criteria for Confirmation.
The initial Vote Tally indicated that 70% of the Voting creditors and 99% of the shareholders voted to accept the Plan. After a series of discussions, the Company is pleased to announce that the Creditors and Shareholders have agreed to unanimously support the plan. All of the components of the Joint Plan have been deemed confirmable. The Court requested that some non-material modifications be implemented into the Joint Plan. These non-material changes are being completed and Confirmation of the Joint Plan is expected shortly. Once the Plan of Reorganization is implemented, MedSmart Healthcare Network, Inc. (including POWERx) will become a wholly owned subsidiary of National Health & Safety Corp.
ABOUT POWERx:
POWERx is the most comprehensive medical discount program on the Web. POWERx achieves savings by negotiating discounts with health care providers on its members' behalf. The POWERx network of over 400,000 providers includes physicians, pharmacies, hospitals, clinics and laboratories, vision and hearing care specialists, dentists, chiropractors, home care, assisted living facilities, and holistic centers. With savings on average of 37%, you may use POWERx as a stand-alone benefit, a low-cost alternative to health insurance, or an enhancement to an existing health insurance policy. It can also be used to earn savings on a variety of non-medical goods and services.
For more information please visit the Company's web sites at nhlt.com and powerx.net.
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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