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Microcap & Penny Stocks : Liteglow (LTGL) -- Ignore unavailable to you. Want to Upgrade?

To: rjm2 who wrote (4705)	10/5/2000 5:25:50 AM
From: Mr. Jens Tingleff	Read Replies (1) \| Respond to of 4715

Spencer is indeed going private - The 1MM preferred goes in, in exchange for the inventory. So float is the immediate starting point !! of course together with what is issued to cover new owners ownership. GERMANTOWN, Md., Oct 5, 2000 (BUSINESS WIRE) -- BioElectronics Corp. announced today that it has entered into a letter of intent to be acquired by Liteglow Industries, Inc. ("BB/LTGL"). BioElectronics Corporation is the developer of a product pipeline of portable and disposable electromedical devices that are designed to use the body's own bioelectrical energy to accelerate healing. These devices include several billion-dollar product opportunities. BioElectronics' Portic Electronic Bandage for the medical provider market and the HealFast BioBand for the OTC (over-the-counter) market have been completed. Both are inexpensive disposable and self-contained radio frequency emitting devices that hastens the healing of soft tissue wounds. Pre-market approval has been obtained in Canada and management believes that the FDA premarket approval for the medical provider market is imminent. BioElectronics is ready to market and sell its medical devices. The expanding use of Transcutaneous Nerve Stimulation (TENS) for pain mitigation, the effective use of electricity in non-union bone fusion, and the growing body of research establishing the body's own use of electrical circuits has driven the advancement of electromedicine and Bioelectronics is at the vanguard. BioElectronics has advised Liteglow that the U.S. market for BioElectronics' devices exceeds $5 billion annually, $10 billion worldwide. At closing of its acquisition of BioElectronics, Liteglow will redeem the 1 million shares of Series A Preferred Stock owned by Spencer Krumholtz, Liteglow's President, in exchange for the existing LiteGlow assets and liabilities. LiteGlow is a manufacturer, designer and importer of products for the automotive and electronic aftermarket. LiteGlow's product line includes an assortment of neon automobile accessories such as license plate frames, undercar neon light kits, gear shift knobs, signs and stereo lights and other items such as strobe lights, light dancers, lighted dice and black light. At Closing, Liteglow's existing officers and Directors will resign and be replaced with the Board of Directors of BioElectronics Corporation, which include Andrew J. Whelan, William Lyons and Thomas O'Connor. Andrew J. Whelan, President, CEO and Chairman of BioElectronics, is a seasoned business executive with a strong financial, consulting and management background. He was a founder, Chairman and President of Physicians' Pharmaceutical Services, Inc., a public company and a charter member of the Maryland Chapter of "Inc's Fastest Growing Companies in America." Mr. Whelan was also a founder, President and C.E.O. of Drug Counters; a chain of managed care retail pharmacies, which was sold to Diagnostek, Inc. William J. Lyons is Vice President of Sales and Marketing and a Director of BioElectronics. Mr. Lyons earned his undergraduate degree on a basketball scholarship at St. Michael's College and an MBA at Pace University. He is an accomplished business executive with an extensive background leading start-up, turnaround and high growth companies through strategic development, rapid expansion and accelerated profitability. Mr. Lyons is an expert in multiple healthcare provider markets with a thorough understanding of managed care, capitation and reimbursement. Mr. Lyons was a director and consultant to Medix Resources, Inc., has been President of CyBear, Inc., the healthcare communications subsidiary of Andrx Pharmaceuticals; was Vice President and General Manager of Allscripts Pharmaceuticals mail order operations; and the Vice President of Sales for Everest & Jennings, Inc. a $500 million dollar home healthcare manufacturer. Thomas J. O'Connor is the Vice President of Operations and a Director of BioElectronics. He received his Bachelor of Arts and Masters of Business Administration - Finance from Arizona State University. Mr. O' Connor was the key systems management member of the start-up team recruited in 1994 to develop CVS Corp's prescription benefits management subsidiary and bring it to its current $1.5 billion revenue status. Before joining CVS, Mr. O'Connor held progressive positions in finance, systems development and marketing at PCS Health Systems. Prior to joining the Company, he was an independent consultant providing his e-health/internet, product development and marketing expertise to such clients as CareInsite, Healtheon, CommCoTec, and Pharmaceutical Care Network. CONTACT: BioElectronics Corporation, Germantown Andrew J. Whelan, 301/926-6984 President ajwhelan@msn.com