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Biotech / Medical : Medical Industries Of America, MIOA
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To: Larry Levine who wrote (50)2/25/1997 10:06:00 PM
From: Syd Deem   of 570
 
More news about the law suites:

Tuesday February 25 4:48 PM EDT

Investors in Medical Industries of America repudiate company's claims

NEW YORK--(BUSINESS WIRE)--Feb. 25, 1997--Holders of Series C and Series D Convertible Preferred Shares of Medical Industries of
America Inc , through a representative, deny categorically certain statements made by the company that it issued 300,000 shares of common
stock to satisfy the conversion rights of holders of both classes of Preferred Stock.

These holders have filed a lawsuit against the company to compel issuance of approximately 1.2 million shares of common stock in
satisfaction of conversion rights related to Series C and Series D Preferred Shares. In addition, the investors note that on Feb. 7, 1997, four investors that are not party to the suit, filed a Schedule 13D statement indicating that they beneficially owned an aggregate in excess of 1.6 million shares.

The representative noted that, although the U.S. District Court for the Southern District of New York recently denied their order for a
preliminary injunction, the investors intend to vigorously pursue this action against the company, various individuals, as well as Whale
Securities and Knight Securities.

CONTACT: Wall & Broad Equities
Abe Gluck, 718/972-6802
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