10/19/2005 5:12:36 PM
SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Feb. 1, 2005--Meditech Pharmaceuticals (OTCBB:MDPM) today announced that on January 31, 2005, Gerald N. Kern and Cynthia S. Kern sold 1,416,593 shares of common stock of Meditech Pharmaceuticals Inc. to Halter Capital Corporation. Such stock represents 78% of all shares outstanding, and as a result of the sale the Registrant experienced a change in control. Upon closing, Kevin Halter, Jr. was appointed to fill a vacancy on the Board of Directors. The existing directors will remain in office until 10 days following notification to stockholders of the change in control. Existing management will be transferred to the Registrant's new subsidiary, East-West Distributors, Inc., to continue their efforts toward receiving regulatory approvals for new pharmaceuticals, and the subsidiary will seek to diversify its business beyond the pharmaceutical industry.
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