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Eutro Group Holding Makes Announcement
Business Wire - May 28, 1998 12:26
%EUTRO-GROUP-HOLDING EUTO %FLORIDA %UTAH %BANKING %ENMED %ENVIRONMENTAL
%MERGERS %ACQ V%BW P%BW
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JUPITER, Fla.--(BUSINESS WIRE)--May 28, 1998--Eutro Group Holding Inc.
(EBB:EUTO) is pleased to announce that on May 6, 1998, its wholly owned
subsidiary, Bio-Analytic Laboratories Inc. (Bio) was merged with Cypro
Environmental Group Inc. (Cypro).
Eutro will receive for this transaction 500,000 shares of Cypro common
stock valued at $1,000,000.
Eutro shareholders will share in the benefit of this transaction in the
form of a distribution of assets. Shareholders of record on June 12,
1998 will receive two (2) shares of Cypro for each 1,000 shares of Eutro
they own. Fractional shares to holders of less than 1,000 shares of
Eutro will be paid in cash. Eutro has received assurance that Cypro will
become a publicly listed company as soon as it is practical to do so.
This merger will allow Eutro to focus on its primary business of
investment banking. Along with its other holdings and clients, its
tangible assets will be increased by approximately $2,000,000. This will
pace Eutro closer to the minimum asset base required for listing on the
NASDAQ Small Cap Board.
When asked about this merger, Eutro President Dan Birbilis replied: "Our
belief has always been that combining several companies could create a
viable company with acceptable profits and a bright future. We have been
posturing Bio for quite some time and are very pleased to see this
merger transpire. Now we can become a substantial contributor in the
investment banking industry on into the 21st century."
Mack L. Hunter is the chief executive officer of Cypro and will continue
to be a director of Eutro.
Eutro will also have the right to name one director to Cypro's board of
directors.
CONTACT: Eutro Group Holding Inc.
Investor Relations Department, 561/575-3520 |
