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EP Global Communications, Inc. Reaches Agreement With Major Debt Holders to Restructure and Become Medical Device Manufacturer and Marketing Company(March 28, 2012)
JOHNSTOWN, PA -- (Marketwire) -- 03/28/12 -- EP Global Communications, Inc. (the Company), (PINKSHEETS: EPGL), is pleased to announce that it has reached a restructuring agreement with the liquidator of AJW funds to convert 100% of the Company's debt into equity and restructure the Company into a medical device manufacturer, subject to shareholder approval. Under the terms of the proposed restructuring arrangement outlined in an executed Letter of Intent, the Company will be given exclusive rights to a promising new medical device which has successfully achieved FDA 510k clearance in the pain diagnosis and management arena. The Company plans to market the device to physicians, allied health care professionals and rehabilitation specialists worldwide. The potential market for this unique medical device is estimated to exceed $3.5 billion dollars annually.
As part of the restructuring plan, current Company management will resign amicably and new management with broad experience in the medical device industry will be assigned, including top researchers, physicians and scientists. The Company name will change to EP Global Health Sciences, Inc., and will retain the EPGL ticker symbol.
The Company believes this restructuring agreement is an extremely positive development and will offer shareholders and investors the opportunity for a significant potential return on investment. Shareholders will be asked to approve a proposed reverse split of the Company's common stock so as to provide sufficient common shares for increased trading value and to raise funding necessary to implement the marketing plans and programs necessary for successful implementation of the new medical device business. More details will be mailed to shareholders about a special shareholder meeting and proxy vote opportunity in coming days.
About EP Global Communications, Inc.
EP Global Communications, Inc., parent company of Exceptional Parent (EP) magazine, is a 40-year-old, award-winning, multi-media publishing and communications company, providing timely and indispensable resources and information to families and professionals caring for the needs of children and adults with disabilities and special health care needs, including families in the U.S. Military.
Safe Harbor Statement
Certain matters discussed in this press release are "forward-looking statements" intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995. In particular, the Company's statements regarding trends in the marketplace and potential future results are examples of such forward-looking statements. The forward-looking statements include risks and uncertainties, including, but not limited to, the timing of projects due to the variability in size, scope and duration of projects, estimates made by management with respect to the Company's critical accounting policies, regulatory delays, clinical study results which lead to reductions or cancellations of projects, and other factors, including general economic conditions and regulatory developments, not within the Company's control. The factors discussed herein and expressed from time to time in the Company's filings with the Securities and Exchange Commission could cause actual results and developments to be materially different from those expressed in or implied by such statements. The forward-looking statements are made only as of the date of this press release and the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
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