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Monday July 20, 5:01 pm Eastern Time
Company Press Release
ChemTrak Board Announces Reverse Split
SUNNYVALE, Calif.--(BUSINESS WIRE)--July 20, 1998--The board of directors of
ChemTrak Inc. (OTC:CMTR - news) announced today it has approved a five-for-one reverse split
of the company's common stock effective July 31, 1998.
It is anticipated that once the split becomes effective, the company's stock will trade for 20 trading
days, under the symbol CMTRD before returning to trading as CMTR.
''This reverse split was recommended by our investment bankers. They are of the opinion that a
higher stock price will make it easier to complete the private placement financing currently
underway. More than 90 percent of ChemTrak's shareholders approved the reverse split at the
annual meeting of shareholders held on July 9, 1998,'' said Edward F. Covell, president and chief
executive officer.
ChemTrak has a range of products for home use, which are available at all major chain drug and
mass merchant outlets. ChemTrak's most recent addition to its over-the-counter line is the Parent's
Alert(R) Home Drug Test Service, a counselor supported home drug test service committed to
helping parents prevent and eliminate drug abuse by their children. The CholesTrak(R) Home
Cholesterol Test, and the ColoCARE(R) Home Test to Detect the Early Warning Signs of
Colorectal Disease are both designed to help consumers take a more proactive role in their personal
healthcare.
Located in Sunnyvale, ChemTrak is a medical diagnostics company offering reliable and
easy-to-use medical testing systems for in-home use and use in doctors' offices. ChemTrak medical
tests are designed to screen and diagnose health conditions with accuracy comparable to laboratory
tests.
The statements in this release regarding products and revenues are forward-looking and subject to
risk and uncertainty, and future results could differ materially from past performance. For a detailed
discussion of factors that may affect the company's operating results, interested parties should
review the company's SEC reports, including the ChemTrak Inc. Form 10-Q for the quarter ended
March 31, 1998, as well as the Annual Report on Form 10-K for the year ended Dec. 31, 1997,
filed with the SEC.
Contact:
ChemTrak Inc., Sunnyvale
Donald V. Fluken, 408/773-8156
or
Self & Associates
Trudy M. Self, 818/880-5437 |
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