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OnSource Corporation (OSCE.OB) Announces Extension of Merger Agreement With Osmotics Pharma, Inc. (OPI); Osmotics Pharma's Shareholder Meeting Scheduled For May 10, 2005
10/19/2005 5:10:41 PM
BOULDER, Colo.--(BUSINESS WIRE)--May 2, 2005--
OnSource Successfully Completes $2.2 Million Private Placement
OnSource Corporation ("OnSource") (OTCBB:OSCE) today announced that it has entered into an Amendment to the definitive agreement to merge (the "Merger Agreement") with Osmotics Pharma, Inc. ("OPI"), extending the closing date of the proposed Merger to May 10, 2005. The extension was required to permit the finalization of the disclosure documents needed to complete the transaction.
OPI has now scheduled its special meeting of shareholders to vote on the Merger for May 10, 2005. OPI's parent corporation, Osmotics Corporation, owns approximately 98% of the outstanding voting securities of OPI and has indicated its intention to vote in favor of the Merger. As a result, OPI shareholder approval of the Merger is assured.
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