ETCR news with impact date in 14 days.
Tuesday May 15, 11:40 am Eastern Time
Press Release
Equity Technologies and Resources, Inc. Announces Letter of Intent for Investment In Company
LEXINGTON, Ky.--(BUSINESS WIRE)--May 15, 2001--Equity Technologies & Resources, Inc. (OTCBB: ETCR - news) has announced that it has entered into a Letter of Intent with a multi-billion dollar asset-based holding company. Verified Prescription Safeguards, Inc., the Company's wholly owned subsidiary, has agreed to sell its preferred shares for $15 million in common stock of the privately owned holding company. Frank Dickey, CEO of Equity Technologies, said, ``Under the terms of the Agreement the transaction is scheduled to close within the next fourteen days.'' He further said, ``This transaction is expected to do two things for the Company. First, we expect to use the assets to anchor a substantial credit facility, which is based upon discussions with potential lenders. Second, we believe the assets will assist the Company in meeting the requirements for listing on the NASDAQ Exchange in the future.''
This press release contains forward-looking statements that reflect the Company's current expectations regarding future events. While these statements reflect the Company's best current judgment, they are subject to risks and uncertainties. Actual results may differ significantly from projected results due to a number of factors, including, but not limited to assumptions, beliefs and opinions relating to the business and growth strategy of Equity Technologies & Resources, Inc., based upon the Company's interpretation and analysis of financial and market conditions, healthcare industry trends and management's ability to successfully develop, market, sell and implement its e-commerce and internet solutions, clinical and financial e-transaction services and software applications to physicians, pharmacies, governmental agencies, laboratories, insurance companies, HMO's, and payers. These factors and other risk factors are more fully discussed in the Company's filings with the Securities and Exchange Commission. The Company expressly disclaims any intent or obligation to update any forward-looking statements.
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Contact:
Equity Technologies & Resources Inc., Lexington
Frank Dickey, 859/268-4446 |
