CABG Medical Shareholders Approve Plan of Liquidation and Dissolution
April 27 2006 - 4:31PM
PR Newswire (US)
MINNEAPOLIS, April 27 /PRNewswire-FirstCall/ -- CABG Medical, Inc.
(NASDAQ:CABG) today announced that shareholders voted
overwhelmingly to approve the Company's Plan of Liquidation and
Dissolution (the "Plan") at the Company's special meeting held
today. (Logo:
http://www.newscom.com/cgi-bin/prnh/20050114/CGF013LOGO ) More than
98% percent of the shares represented at the meeting in person or
by proxy were voted in favor of the plan. This represents more than
66% percent of the outstanding shares of CABG Medical. As a result
of the approval of the Plan, the Company's common stock will cease
trading on the NASDAQ National Market effective April 28, 2006. As
previously disclosed, the Company anticipates an initial
distribution of $1.47 per share will be made during the month of
May 2006. After the Company has completed the statutory shut-down
procedures, a second distribution of remaining funds, if any, will
be distributed to shareholders and could range from $0.00 to $0.04.
The Company also announced that effective April 27, 2006, A. Jay
Graf, Archie C. Smith, Robert E. Munzenrider and John L. Babitt,
have resigned from the Company's Board of Directors. Additionally,
Mr. Babitt has resigned as an officer of the Company. Manny
Villafana, the Company's Chairman and Chief Executive Officer, will
continue as a director of the Company until the final cash
distribution and formal dissolution is completed. The aggregate
distribution of $1.47 to $1.51 per share amount represents the
Board of Directors' estimate of the total amount that could be
distributed to the shareholders if: (i) there are no significant
legal or auditing expenses and (ii) 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, of CABG Medical, +1-763-258-8005, fax, +1-763-258-8008
Web site: http://www.cabgmedical.com/
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