MIAMI, Oct. 10, 2008 (GLOBE NEWSWIRE) -- Mark Solomon, President of ER Urgent Care Holdings, Inc. (Pink Sheets:ERUC) announced today that the Company has finalized certain terms of the Preferred Stock Exchange Program. The deadline to participate in the Exchange has been extended to November 15, 2008.
Shareholders who tender at least 1,000,000 shares or more of Common Stock will receive, in exchange for each 1,000 shares of Common Stock, one share of Series B Preferred Stock and an equal number of Warrants to purchase 1,000 shares of the Company's Common Stock for $.10 per share, exercisable for three (3) years. Each share of Preferred Stock shall entitle the holder to vote as if the Preferred Share Holder owned 1,000 shares of Common Stock. The Preferred Stock is also convertible into Common Stock after three months into 1,000 shares of Common Stock. In order to participate in the Exchange, Shareholders must tender at least 1,000,000 shares of Common Stock to the Company's Transfer Agent, Transfer Online, 317 SW Adler Street, Portland, Oregon 97204 on or before November 15, 2008. No fractional shares of Preferred Stock will be issued.
Shareholders that have lost or misplaced their certificates are also encouraged to participate and can do so by completing a lost certificate affidavit and submitting the same to Transfer Online. For more complete details, please see the following link: http://erucc.net/pdfs/Offer_to_Exchange_Common_Stock.pdf. Shareholder questions can also be directed to the Company's Transfer Agent, attention Marc Knight at 503-227-2950 or the Company's Corporate Counsel, Frohling Associates, LLC, attention John B. Frohling or Natalia Maddela, at 973-622-2800.
About ER Urgent Care Holdings Inc.:
ER Urgent Care Holdings Inc. operates ER Urgent Care Centers in South Florida. The "true, bona-fide, Urgent Care Center" is a one-stop shop where patients can receive premier health care and after-hours care at a fraction of the cost of emergency room visits. With the "Urgent Care Center" model emergency rooms will no longer lose money on ER patients with minor injuries and illnesses and the HMOs will no longer have to pay exorbitant claims for non-admitted patients. ER Urgent Care Centers create a win-win situation for everyone, filling the financial and service gap between primary care physicians (PCPs) and hospital emergency rooms.
Statements contained in this news release, other than those identifying historical facts, constitute "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934 and the Safe Harbor provisions as contained in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements relating to the Company's future expectations, including but not limited to revenues and earnings, technology efficacy, strategies and plans, are subject to safe harbors protection. Actual Company results and performance may be materially different from any future results, performance, strategies, plans, or achievements that may be expressed or implied by any such forward-looking statements. The Company disclaims any obligation to update or revise any forward-looking statements.