CABG Medical Revises Upward Range of Liquidation Proceeds to Shareholders
April 24 2006 - 8:30AM
PR Newswire (US)
MINNEAPOLIS, April 24 /PRNewswire-FirstCall/ -- CABG Medical, Inc.
(NASDAQ:CABG) today announced that it anticipates aggregate cash
payments to shareholders of between $1.47 and $1.51 per share
pending approval of the Company's Plan of Liquidation and
Dissolution (the "Plan"). A Special Meeting of the Shareholders at
which the Plan will be voted on by shareholders is scheduled for
2:00 P.M. Central Daylight Time (3:00 P.M. Eastern Daylight Time)
on Thursday, April 27, 2006. (Logo:
http://www.newscom.com/cgi-bin/prnh/20050114/CGF013LOGO ) "We have
taken swift measures to cut our costs and maximize cash available
to shareholders," commented Manny Villafana, the Company's Chairman
and Chief Executive Officer. "These efforts allow us to revise our
range of the potential distribution to shareholders upward. We
remain focused on the activities of winding down CABG Medical and
will work diligently to ensure financial resources are preserved
for distribution to shareholders." Upon approval of the Plan, the
Company will close its stock transfer books at the opening of
business on April 28, 2006, and its shares will no longer trade on
the Nasdaq Exchange. All shareholders of record at the time the
transfer books are closed will be eligible for liquidating
distributions. Assuming the Plan is approved at the Special
Meeting, the Company anticipates an initial distribution of $1.47
per share would be made during the month of May. After the Company
has completed the statutory shut-down procedures, a second
distribution of remaining funds, if any, will be distributed to
shareholders. The $1.47 to $1.51 per share amount represents the
Board of Directors' estimate of the aggregate amount that could be
distributed to the shareholders if: (i) the dissolution is approved
by shareholders on April 27, 2006, (ii) there are no significant
legal or auditing expenses and (iii) there are no other significant
contingent obligations arising prior to the effective date of the
dissolution. Patient or other legal claims, contingent obligations,
larger than anticipated impairments and discounts on the sale of
illiquid assets and larger than expected operational expenses could
reduce the amount of cash available for distribution to a
significantly greater extent than we currently anticipate.
http://www.newscom.com/cgi-bin/prnh/20050114/CGF013LOGO
http://photoarchive.ap.org/ DATASOURCE: CABG Medical, Inc. CONTACT:
Manny Villafana, Chairman & CEO, or John L. Babitt, President
& CFO, CABG Medical, Inc., PHONE +1-763-258-8005, FAX
+1-763-258-8008 Web site: http://www.cabgmedical.com/
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