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May 28, 1998 Eutro Press Release (Bio-Analytic merges w/ Cypro) - Laron
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Thursday May 28, 12:11 pm Eastern Time
Company Press Release
Eutro Group Holding Makes Announcement
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
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