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Biotech / Medical : Medical Industries Of America, MIOA -- Ignore unavailable to you. Want to Upgrade?

To: myelin2 who wrote (458)	6/27/1998 7:52:00 PM
From: Mike	Read Replies (1) \| Respond to of 570

I'm new to this thread and have a minimum holding in MIOA. Does anyone know anything about this lawsuit or its implications? Company Press Release SOURCE: Westmark Group Holdings, Inc. Westmark Files Declaratory Judgment Action DELRAY BEACH, Fla., June 25 /PRNewswire/ -- Westmark Group Holdings, Inc. (Nasdaq: WGHI - news) announced that it has filed a Declaratory Judgment action in Palm Beach County Circuit Court, Case No. 98 005545 AG, on Tuesday, June 23, 1998, seeking a declaration that Medical Industries of America, Inc. (Nasdaq: MIOA - news; ''MIOA'') is bound by a Settlement Agreement terminating an anti-dilution provision in a Stock Purchase Agreement between the Company and MIOA. The anti-dilution provision provided that MIOA's ownership of the Company would not be diluted below 49%. Westmark also indicated on Wednesday, June 24, 1998, it filed a Supplement to its 1998 Proxy Statement describing MIOA's assertions. Westmark announced it will convene and then adjourn the June 29, 1998 Annual Meeting before any vote is taken, in order to afford stockholders sufficient time to consider MIOA's assertions. The Anticipated Adjourned Annual Meeting will be held on August 10, 1998, at which time the matters described in the original 1998 Proxy Statement will be submitted to stockholders. Filing of the Declaratory Judgment action and the supplemental proxy materials was precipitated by MIOA's assertion that the Settlement Agreement was conditioned upon the Company securing additional financing, and that therefore, the anti-dilution provision is still in effect. In commenting on filing the Declaratory Judgment action, Mark D. Schaftlein, President of Westmark said, ''We have complete confidence that the anti-dilution provision was eliminated by the Settlement Agreement. Rather than drag this dispute out, we decided to submit it to the Court's judgment and get on with the business of running a mortgage company. We are submitting supplemental proxy material to our shareholders in order to let them know of MIOA's assertion and our response. We believe our shareholders will continue to support management's decisions based on our track record over the last 12 months.'' Note: This News Release contains forward-looking statements. For this purpose, any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the foregoing, the words ''believes,'' ''anticipates,'' ''plans,'' ''expects,'' and similar expressions are intended to identify forward-looking statements. There are a number of important factors that could cause the outcome of pending or threatened litigation to differ materially from those indicated by such forward-looking statements. CONTACT: Louis J. Resweber, 888-389-2266, lou@wghi.com, or Amy M. Varisco, 504-927-9330, both of Westmark Group Holdings; or Irene R. Sinow of I.W. Miller & Co. West, 415-751-0315; or Bruce T. Gmahle of I.W. Miller & Co. East, 800-597-8411. SOURCE: Westmark Group Holdings, Inc. More Quotes and News: Medical Industries of America Inc (Nasdaq:MIOA - news) Westmark Group Holdings Inc (Nasdaq:WGHI - news) Related News Categories: banking, health care