NEW YORK (March 27) BUSINESS WIRE -March 27, 1998--Firamada Inc. (OTC BB:FAMH) today announced they have submitted a Mutual Letter of intent with Atrix International, Inc., Listed company on the NASDAQ Stock Exchange. Firamada will gain 100% control of Atrix International, Inc., subsequent to an agreement now being negotiated.
Industry analysts are calling this action, orchestrated by Firamada President Ira Monas, brilliant and aggressive. This agreement would greatly enhance Firamada's share value and provide strength and stability of Atrix International, Inc.
The Mutual Letter of Intent, agreed to and signed March 26th, includes the following provisions which shall be present in an agreement now being negotiated by the principals of Atrix and Firamada: 1. Atrix International, Inc. shall acquire 100% of Firamada's outstanding stock (non-dilutable). Firamada Inc., completing the total transfer of ownership back to Firamada, Incorporated. 2. Upon signing of Acquisition Agreement, the Board of Directors of Atrix International, Inc. shall resign. Concurrent with said resignation, a new Board of
Directors will be appointed by Firamada, Inc., completing the total transfer of ownership back to Firamada, Incorporated. 3. Firamada management will transfer all staffing service company assets (including the Myriad Employment Services acquisition, tentatively scheduled to close Friday, April 3rd) to Atrix International, Inc. 4. The "new company" will retain the name Atrix, International, and
will continue to be traded on the NASDAQ exchange under the symbol ATXI. Transaction Summary: Firamada Inc.'s intent is to attain NASDAQ status as quickly as possible. By first allowing Atrix International, Inc. to acquire Firamada's outstanding stock, Atrix is the acquiring company of record (and continues to trade in the same manner under
the symbol ATXI). Per terms of the Agreement, Firamada, Inc. then places its own Board of Directors in Atrix and assumes full control of Atrix International. This two-step process allows Firamada to trade immediately as ATXI, a NASDAQ Listed company.
Firamada, Inc. President Ira Monas, directly stated the impact this Agreement would have on the future of Firamada. "The completion of this Agreement would be the single most significant step taken in the 20-year history of Firamada. By allowing Atrix to first acquire
Firamada's stock, followed by a transfer of ownership back to Firamada, we immediately achieve the stature of a NASDAQ company.
"We are in an extremely unique position laden with potential. I want the shareholders to realize that this Agreement would result in out Company (Firamada) assuming 100% control of Atrix International, Inc., and that we would be up and trading as a NASDAQ Listed stock from day one.
"Our staffing sector of the business market is red hot, and industry multiples are still climbing. A NASDAQ Listing will help share holders to realize full value of our company's stock, and future growth should be reflected in the Company's stock price much more quickly. This move will bring increased respect and opportunity, and will generate real
excitement for our Company in the market."
Firamada, Inc. has set a preliminary Agreement completion date of April 15th, subject to negotiations and conditions necessary to finalize said Agreement.
CONTACT: Ira Monas, President of Firamada
Irafm@aol.com
or
Preferred Financial Marketing
tel: 310/789-1132
fax: 310/789-1134
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