More DD for those who want to know about the birth of this company .... This sounds neutral (not good news or bad - but I wonder of Mr. Rasussen is lurking on this thread??)
Business Wire
December 5, 1996, Thursday
DISTRIBUTION: Business Editors
LENGTH: 232 words
HEADLINE: Interactive Information Solutions announces 1:2 reverse stock split in
connection with letter of intent for acquisitions
DATELINE: NEW YORK
BODY:
Dec. 5, 1996--Interactive Information Solutions Inc. (NASDAQBB: IAIF)
announced today the board of directors had adopted a one-for-two (1:2) reverse
stock split, effective as of the close of trading, today, Dec. 5, 1996. The
stock split is in connection with the execution of a letter of intent to acquire
three Tennessee-based affiliated companies: Ultraphonics of North America
Inc., Microphonics Inc. and Soundlogic Inc. Daryl Rasmussen, managing
director of Interactive, announced the reverse stock split and the pending acquisitions, adding: "The prior IVR business of the company, although
performing, did not develop as rapidly as originally planned and it required
further financing which we could not provide. Accordingly, we sold that business
and we have negotiated for an acquisition of these ultrasound companies which
offer full value for the shareholders. Ultraphonics is operational and has a
steadily growing sales volume, while Microphonics and Soundlogic have been
more recently organized to support the total ultrasound diagnostic products and
services." Closing of the acquisitions is scheduled for Dec. 31, 1996.
Rasmussen noted that an explanatory letter was being sent to shareholders
regarding the various events.
CONTACT: Caryn Carter
914/256-9120 |
