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Advanced NMR Systems, Inc. And Raytel Medical Corp. Lawsuits Dismissed
BusinessWire, Wednesday, October 15, 1997 at 09:03
WILMINGTON, Mass.--(BUSINESS WIRE)--Oct. 15, 1997--
- Secured Account and Escrowed Shares to be Released -
Advanced NMR Systems, Inc. (NASDAQ:ANMR) announced that it has
entered into a Settlement Agreement whereby all lawsuits between
affiliates of Raytel Medical Corporation and Medical Diagnostics,
Inc. have been dismissed. Medical Diagnostics, Inc. was a former
wholly owned subsidiary of Advanced NMR Systems, Inc. As a result of
the settlement, all funds in an escrow account totaling approximately
$550,000 are to be equally divided between ANMR and Raytel. ANMR
will have released from escrow its 1,250,000 shares of common stock
of Advanced Mammography Systems, Inc. (NASDAQ: MAMO) and $1,000,000
in cash which had been held in a blocked account to secure the
company's indemnification obligation for these proceedings, pursuant
to the sale of Medical Diagnostics, Inc. to US Diagnostic Inc. in
February 1997.
Jack Nelson, Chairman and CEO of ANMR stated: "This settlement
represents yet another significant item that we have unburdened
ourselves of without expense. ANMR is now poised to merge with
Advanced Mammography Systems, Inc. without this litigation
obligation in its path. In the past few months General Electric has
acquired a significant stake in our Company, we have eliminated
nearly all our debt and we have settled this case without future
expense. All of this, together with the planned merger between ANMR
and Advanced Mammography Systems, Inc., will allow the Company to
focus greater attention on the Aurora(TM) system, the opening of
breast imaging centers, and our other activities."
Advanced NMR Systems, Inc. and Advanced Mammography Systems,
Inc. recently began circulating a Joint Proxy Statement/Prospectus
in connection with the proposed merger of the two companies for
shareholders' meetings of both companies scheduled for Monday,
November, 10, 1997.
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Regards,
Warren |
