|
|
Article: LecTec adopts strategic restructuring plan; action enables LecTec to move forward toward achieving promising future opportunities.
- Article from:
- Business Wire
- Article date:
- March 31, 1997
CopyrightCOPYRIGHT 1997 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
MINNETONKA, Minn.--(BW HealthWire)--March 31, 1997--LecTec Corporation (NASDAQ/NMS:LECT) today announced that its Board of Directors has adopted a restructuring plan designed to result in the elimination of the company's Pharmadyne Corporation subsidiary.
As a result of the restructuring plan, the company will record a non-recurring charge of approximately $1,500,000 or 39 cents per share, in the third quarter of fiscal 1997 which ends March 31. The restructuring charge includes approximately $700,000 for the acquisition of the minority interests in Pharmadyne in exchange for newly issued shares of LecTec common stock, and approximately $500,000 representing ...