MONTGOMERY, Texas--(BUSINESS WIRE)--Endovasc, Inc. (OTCBB: EVSC),
a Business Development Company focused on acquiring and investing in
innovative drug development in the areas of cardiovascular and metabolic
medicine, today announced that its Annual Meeting of Stockholders will
be held on December 21, 2006 at 2:00 PM, CST in Montgomery, Texas.
The agenda for the meeting will address three main issues posed by the
Board of Directors. Holders of Endovasc, Inc.’s
Common stock will be voting on two of these issues. The first is the
election of two Directors to serve for a three-year term and until his
or her successor is elected and qualified and secondly, the Board seeks
to ratify the selection of McConnell and Jones LLP as the Company’s
independent auditors for the fiscal year ending June 30, 2007.
In addition to the above mentioned issues, holders of Endovasc’s
Series NDC stock will be addressing a third issue whereby the Board of
Directors wishes to amend the Certificate of Designation of Powers,
Preferences, Limitations, and Relative Rights for the Series NDC Stock
to permit the redemption thereof by the Company. As outlined in the
proxy materials, the Designation of Powers, Preferences, Limitations,
and Relative Rights was adopted before the election was made to become a
Business Development Company and is not consistent with accounting
concepts applicable to Business Development Companies.
The Securities and Exchange Commission has informed Endovasc that the
terms of the Series NDC Stock might be a violation of the Investment
Company Act of 1940. If the amendment to the Series NDC Stock fails, the
Company may be required to withdraw its election of Business Development
Company status. Each item is described in greater detail in the Company’s
proxy materials which have been distributed.
Shareholders that hold both the Endovasc, Inc. Common Stock and Series
NDC stock, will receive two proxy cards and are urged to make sure to
vote both proxy cards so that their votes will be counted. The record
date for the Annual Meeting is October 23, 2006. Holders of Common Stock
and holders of the Company’s Series NDC Common
Stock of record as of October 23, 2006 are entitled to notice of and to
vote at the annual meeting.
About Endovasc, Inc.
Endovasc, Inc. is focused on developing and commercializing drug
candidates in the areas of cardiovascular and metabolic medicine.
Endovasc is organized as a business development company, and owns
interests in three portfolio companies: Liprostin Inc., which holds the
intellectual property for a liposomal based treatment to increase
circulation and reduce leg pain in patients suffering from vascular
disease; Prostent, Inc., which is developing a stent coating technology;
and Nutraceutical Development Corporation.
For more information about Endovasc, please visit www.endovasc.com.
Safe Harbor Statement
The foregoing statements are made under the "Safe Harbor" Private
Securities Litigation Reform Act of 1995 and may contain forward-looking
statements that involve risks and uncertainties that may not be evident
at the time of this release.
