Avalon Group Signs Merger Agreement with Appropriate Health Services.com,
(Business Wire; 01/29/99)
CEDAR RAPIDS, IOWA (Jan. 29) BUSINESS WIRE -Jan. 29, 1999--Following approval
by the Board of Directors, Avalon Group, Inc. has signed an Agreement and Plan
of Merger with Appropriate Health Services.com, Inc., a privately held
corporation with offices in Sierra Madre, Calif.
Although full details of the merger are not yet available, Appropriate Health
Services.com (AHS) has offered a combination of AHS common shares, the
provision of cash and the assumption of certain debts and liabilities, in
return for the purchase of all of the outstanding shares of Avalon.
To date, AHS has invested approximately $500,000 in Avalon Group, Inc. and will
continue to provide funds as necessary in the forthcoming weeks until the
merger is completed.
The merger will be concluded after a Fairness Hearing before the State of
California Commissioner of Corporations, due in February or March, 1999. The
merger also will require approval by majority vote. Shareholders will soon
receive further details, including a proxy statement regarding the merger
Ron Green, president and chief executive officer of Avalon Group, Inc. said
"This announcement represents the culmination of many years of hard work and
careful planning. The team at Avalon is very proud of its successes. Successes
that include a burgeoning Internet site at www.stayhealthy.com, a state-of-the-
art X-po!(TM) Internet terminal that was completely designed in-house, and new
biosensor technologies that have been developed for introduction in 1999.
"As a result of its efforts, Avalon has attracted the attention of AHS and its
investment banking partners, who are expected to provide the major investments
and additional resources that are required to bring these and other related
products to market and to profitable returns. I am grateful for the support of
our past and current shareholders and am pleased to recommend this merger as
representing the best interests of all of the shareholders of Avalon. I look
forward to continuing to build shareholder value for those who will become AHS
shareholders as I join the management team at AHS, once this acquisition is
completed. There are some very exciting and aggressive plans for 1999 and
beyond. The new arrangements will help us to achieve the demanding goals and
objectives we have set for ourselves in these plans."
Appropriate Health Services.com, Inc. is in the business of acquiring health
and health care-related businesses.
This release contains forward-looking statements that involve risks and
uncertainties and actual results may be materially different. Investors are
encouraged to perform comprehensive due diligence before making investment
Avalon Group, Inc. stock symbol: OTC Bulletin Board(R): AVAL.