To: LANCE B who wrote (3827 ) 2/11/2000 9:21:00 PM From: wayne Respond to of 4792
lance what is the read on this? you still holding after the big E? February 11, 2000 18:07 National Boston Medical Issues Statement to Shareholders Jump to first matched term Company Announces Protective Measures on Shareholders Behalf TAUNTON, Mass., Feb. 11 /PRNewswire/ -- National Boston Medical, Inc. (OTC Bulletin Board: NMBXE) announced today that it is finalizing plans to ensure the Company's future in the public stock markets. Because of comments on its Form 10-SB, the filing has been delayed as a result of accounting issues that arose before the current management gained control of the Company. These issues appear to deprive the Company of its ability to comply with SEC financial reporting requirements. As a result of not clearing comments, National Boston Medical, Inc. received the "E" at the end of their stock symbol in accordance with recent filing guidelines issued by the OTC: BB. "While the Company and its independent auditors have been involved in continuing discussions with the SEC, we have been simultaneously reviewing alternate courses of action. We believe that we now have a plan in place that will benefit the shareholders," said Daniel Hoyng, Chairman and CEO of National Boston Medical, Inc. National Boston Medical, Inc. currently consists of two distinct operating subsidiaries. Infotopia focuses on producing infomercials and marketing unique products to the public. Bontempi is NBM's medical supply division, devoted to supplying high-end surgical and dental instruments to dentists, doctors and hospitals worldwide. Mr. Hoyng stated, "Our discussion of future plans for National Boston Medical, Inc. have included the consideration of the separation into two distinct operating companies. By accelerating this process, we have a unique opportunity to turn our current situation into something very positive. We plan to spin each subsidiary into its own fully reporting, publicly trading entity. Under our current plans, each entity will have it's own share structure, Board of Directors and management teams. Final plans are being formulated at this time by the Company's management, attorneys and accountants to implement this plan. The primary objective is to address the best interest of the shareholders, which management believes is to keep Infotopia and Bontempi in fully separate reporting and trading companies. To provide the Company time to implement this plan, the Company filed a Form 15 with the SEC today to suspend its reporting status. It is anticipated that the revised structure would provide for two reporting entities each quoted on the appropriate national reporting system. Management is committed to implementation of this plan as quickly as possible and throughout the process will provide shareholder updates. The Company will apply for continued quotation on the "pink sheets" once its eligibility on the OTC: BB ceases. National Boston Medical, Inc. operates two divisions: the Bontempi Instruments Plus and Infotopia. Bontempi Instruments Plus designs, manufactures and distributes a variety of medical, health and hygienic products, including the Bontempi line of medical, dental and veterinary surgical instruments. Infotopia specializes in Direct Response infomercials marketing a growing line of products, including the Backstroke(R) Back Massager, Cactus Jack's line of One Shot Products and Dean Torabene's health, fitness and lifestyle enhancing products. The statements in this release regarding future results of operations are forward-looking statements within the meaning of the Private Securities Litigation Act of 1995. Although the Company believes the expectation reflected in such forward-looking statements are based on reliable assumptions, it can give no assurance that its expectations will be obtained. The Company disclaims any intent or obligation to update these forward- looking statements. SOURCE National Boston Medical, Inc. /CONTACT: Mark Cohen or Doug Dubrow of The Pinnacle Group, 516-773-2477/ /Web site: nbmedical.com (NBMXE)