Message #35 From:
NewsBot Date: December 6, 2006 05:00:00 AM
EVSC News Endovasc Issues Clarification on Annual Meeting Agenda Item
MONTGOMERY, Texas--(BUSINESS WIRE)--Endovasc, Inc - (OTCBB: EVSC)
would like to issue a clarification regarding its previously announced
Annual Meeting of Stockholders on December 21, 2006 at 2:00 PM, CST due
to a number of inquires regarding the amendment to the Certificate of
Designation of Powers Preferences, Limitations, and Relative Rights for
the Series NDC Stock to permit the redemption thereof by the Company. To
clarify, only holders of the Series NDC stock will be addressing this
particular issue.
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 were adopted before the election was
made to become a Business Development Company and are not consistent
with accounting concepts applicable to Business Development Companies.
The staff of the Securities and Exchange Commission has informed the
Company 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, Endovasc may be required to withdraw its election of
Business Development Company status which may cause complications in the
Company’s development. 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 the Series NDC stock will receive two
proxy cards and the Company asks that investors make sure to vote both
proxy cards so that their votes will be counted.
Investors who have their stock certificates in their possession and have
not yet received their proxy materials can contact Mr. Rob Johnson at endovascbdc@yahoo.com
and are asked to provide their name, address and telephone number. For
those investors who have their stock with a brokerage house, they can
contact their broker who will then request the proxy materials.
About Endovasc, Inc.
Endovasc, Inc. is focused on investing in private companies and
developing and commercializing drug candidates in the areas of
cardiovascular and metabolic medicine. Endovasc is organized as a
business development company, and has invested in the following
subsidiaries: 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, which has developed marketed technology to increase muscle
mass.
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.
