VANCOUVER, B.C., Canada, July 27, 2004 (PRIMEZONE) --
-- Shareholders, Board Authorize Management To Delist
From Canadian Exchange
-- Company Expects Greater Benefits To Shareholders From
U.S. Listing
-- Shareholders Also Elect Board-Recommended Slate of Directors,
Approve Stock Option Plan
AMS Homecare Inc. (TSX Venture Exchange:AHC) (OTCBB:AHCKF) today announced that it plans to delist from the TSX Venture Exchange in Canada and focus on its U.S. Over-The-Counter Bulletin Board listing. Shareholders at Monday's Annual General Meeting overwhelmingly approved a resolution authorizing the move. The company's board of directors in a subsequent meeting also authorized the action.
"We plan to proceed with the delisting as soon as practical," said Harj Gill, chief executive officer. "Given the fact that we are now quoted on the OTC Bulletin Board, we don't believe a dual listing is in the best interests of our shareholders at this time. The Bulletin Board listing also facilitates access to financings in the United States, including those that have been previously announced."
Shareholders at Monday's meeting voted overwhelmingly in favor of the delisting authorization, 30,406,111 shares for and 44,120 against.
In other action at Monday's annual meeting, shareholders also approved other measures by similar margins, including electing the board-nominated slate of directors, approving the company's stock option plan and retaining the auditors. Nearly 30.5 million shares voted by proxy, with about 46.6 million shares outstanding.
About AMS Homecare
Founded in 1989, AMS Homecare (http://www.amshomecare.com) is a successful purveyor of mobility equipment, durable and disposable medical products and patient monitoring technology that is recognized for its innovation, quality and style. With a base of 300-plus dealer customers in Canada, the company is moving forward to strengthen its foundation and to build an organization capable of serving the independence needs of the aging populations in Canada and the United States.
Statements contained in this release relating to AMS Homecare Inc. that are not historical facts are "forward-looking" statements as contemplated by the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements are subject to risks and uncertainties, which are enumerated in the company's most current filed Annual and Interim Reports. These risks and uncertainties could cause actual results to differ materially from those projected or implied in the forward-looking statements. The TSX Venture securities market has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.