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Microcap & Penny Stocks : Universal Medical Sytems (UMSI) -- Ignore unavailable to you. Want to Upgrade?

To: GeneM who wrote (1293)	3/12/1998 10:51:00 PM
From: Wizard	Read Replies (1) \| Respond to of 1672

Here is another article I just found, and supposedly the debenture notes have been subordinated, and will be converted to common stock. This could help with the financing package. Will be interesting to see how this plays out over the next week or two. Article follows: Universal Medical okays reverse stock split CLEARWATER, Fla., March 12 (Reuters) - Universal Medical Systems Inc (UMSI - news) said Thursday that its board approved a one for twenty-five reverse split of its common stock, one of several measures the company is taking to secure $1.0 million in financing from New York-based Global Emerging Markets Group, an investment banking firm. The company said the effective date of the reverse split has yet to be determined. Among the other measures, Universal said it authorized the subordination to Global of two secured debenture holders, and it also said it would convert the debentures to common shares after the reverse split if requested by the debenture holders to do so. The company further stated that it will delay issuing fiscal 1997 earnings because it believes the significant subsequent events experienced after the fiscal year end require disclosure in its audited financial statements.