Wednesday July 1, 1:56 pm Eastern Time
Company Press Release
SOURCE: Dawson Science Corporation
Dawson Science Corporation Announces Distribution of Shares of Integrated Transportation Network Group, Inc.
NEW YORK, July 1 /PRNewswire/ -- Dawson Science Corporation (OTC Bulletin Board: DWSC - news) today announced that Dawson Science Corporation is distributing to its shareholders of record, as of the close of business June 30, 1998, all the outstanding shares of its wholly-owned subsidiary, Integrated Transportation Network Group Inc. (ITN), which comprises Dawson's only material asset. Following the distribution, Dawson Science Corporation will be dissolved.
Each holder of record of shares of Dawson Science Corporation common stock is receiving, for each four shares of Dawson Science Corporation common stock, one share of ITN common stock. In lieu of issuing a fractional share to a holder, ITN will pay the holder an amount in cash equal to the product of that fraction and $10.16.
As promptly as practical, Dawson Science Corporation will mail to shareholders of record, at the close of business June 30, 1998, a letter of transmittal for such shareholders to use in order to exchange their Dawson Science Corporation stock certificates, for ITN stock certificates. Dawson Science Corporation is not recording any transfer of shares on its books after June 30, 1998.
All the Company's operations are based in China. Its businesses are comprised of three types of transportation services: automobile rental, taxi and automobile repair. The Company has automobile rental locations in five areas in China: Ganzhou, Guangzhou, Nanchang, Nanjuing and Xian, and has taxi operations in Shenzhen, Shimen and Ganzhou. The Company also is developing a hotel in a resort town in Hunan Province, scheduled for opening in early 1999.
Andrew Lee, President - Dawson Science; or Anthony J. DiMaio, Anthem Communications, 212-393-9360, or Anthcomm@aol.com
Except for historical information contained herein, this document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve known and unknown risks and uncertainties that may cause the company's actual results or outcomes to be materially different from those anticipated and discussed herein. Further, the company operates in an industry sector where securities' values may be volatile and may be influenced by regulatory and other factors beyond the company's control.
SOURCE: Dawson Science Corporation
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