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(PR NEWSWIRE) Oxford-Knight Completes Letter of Intent to Acquire 20% Inte
Oxford-Knight Completes Letter of Intent to Acquire 20% Interest in Medical
Technology Company
GRAND ISLAND, N.Y., May 5 /PRNewswire/ -- Oxford-Knight International,
Inc. (OTC Bulletin Board: OKTI) announced today that it has completed the
Letter of Intent to acquire 20% of Diagnostic Technology Corporation of
Jenkintown, Pa. The letter of intent was announced on April 20th and took
just 2 weeks to finalize the transaction. Diagnostic Technology is medical
technology company that is developing an innovative hand-held instrument which
in two minutes has the ability to perform blood chemistry analysis. The major
advantages of this particular instrument is its portability, speed, ease of
use, and its affordability to the medical community. It is the intent of this
acquistion, to spin off 20% of Diagnostic as a new publicly traded company and
have OKTI shareholders receive proceeds via stock in the new venture based
upon a record date disclosed in the future. It is estimated by OKTI
management that it will take roughly 4-5 months to have the new entity up and
trading. "This medical device has the capability once on the market to
produce sales in the $100 million area, but our ultimate goal is to enter into
a licensing agreement with a major manufacturer and marketer of medical
equipment to sell the instrument in the human medical market. For veterinary
use, the corporation will market the instrument through established
distributors of veterinary pharmaceuticals and equipment," stated Paul
Syracuse, Oxford Knight's President and CEO. The device in question, once
approved by the FDA via the 510K rule (approximately 90-120 days), would be a
highly valuable asset for the company and ultimately a major advance in the
clinical testing sector of the medical industry. Syracuse went on to say,
"This is an exciting time for us. We spent the majority of 1998 building our
infrastructure & business plan and we are now implementing it. There are
other partnerships/acquisitions in the works and the completion of a
previously announced LOI progressing nicely. Our shareholders will be the
ultimate beneficiaries as they will not only be shareholders in OKTI, but also
any company with which we complete a partnership/acquisition. We are very
pleased with our progress thus far. Lastly, we are preparing our Form 10-SB
to submit with the SEC to become a reporting company, and should have it filed
in the next 4-6 weeks."
Oxford-Knight International, Inc. plans to specialize in mergers &
acquistions, leveraged buy-outs, business consulting, real estate development,
construction (residential and commercial), assisted living facilities (new),
and retail & wholesale distribution of auto accessories. The company has
2.282 million shares outstanding. For more information on Oxford-Knight,
contact Jeff Brommer, Investor Relations at 630-761-8062.
This release contains forward looking statements with respect to the
results of operations and business of Oxford-Knight International, Inc. that
involves risks and uncertainties. The Company's actual future results could
materially differ from those discussed. Risks and uncertainties of the
Company will be detailed from time to time in the Company's periodic reports.
The company intends that such statements about the Company's future
expectations, including future revenues and earnings, and all other forward
looking statements be subject to the "safe harbors" provision of the Private
Securities Litigation Reform Act of 1995.
Investments 101, Ltd. has been retained by Oxford-Knight to provide
investor relations services for a period of three months beginning April 8,
1999. Investments 101, Ltd. is being compensated for services rendered with
150,000 shares of free-trading common stock. Jeff Brommer, his family,
friends, and associates may from time to time buy and sell the above mentioned
security in the open market.
SOURCE Oxford-Knight International, Inc.
-0- 05/05/99
/CONTACT: Jeff Brommer of Investments 101, Ltd., 630-761-8062, for
Oxford-Knight/
(OKTI)
CO: Oxford-Knight International, Inc.; Diagnostic Technology Corporation
ST: New York, Pennsylvania
IN: MTC
SU: TNM
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