PITTSBURGH, Oct. 18 /PRNewswire-FirstCall/ -- BICO Incorporated (Pink Sheets: BIKO) announced today that the Bankruptcy Court for the Western District of Pennsylvania has approved its Chapter 11 Reorganization Plan, which permits BICO to merge with cXc Services, Inc. The court order approving BICO's plan was consented to by the Securities and Exchange Commission as well as the Pennsylvania Department of Revenue.
BICO has entered into a letter of intent to merge with cXc Services, Inc. (website is http://www.cxcservices.com/ .) It is anticipated that the merger will be completed in the very near future.
Anthony Paterra, CEO and member of the Board of Directors stated that, "We are very excited about the future of the company. We believe that cXc has a very exciting product and an opportunistic and extremely well developed business model. We believe that this product could have significant potential. In addition, we are pleased that not only will the creditors receive stock in the new company, but also, all current common shareholders will retain their shares. The creditors have shown their support by overwhelmingly approving the plan."
BICO's corporate offices are located in Pittsburgh, Pennsylvania.
For further information contact:
Anthony Paterra, Chief Executive Officer
Phone: 412 279-1059
This news release may include comments that do not refer strictly to historical results or actions, and may be deemed to the forward-looking within the meaning of the safe harbor provisions of the U.S. federal securities laws. These include, among other things, statements about expectations of future events, revenues, cash flows and performance. Forward-looking statements are subject to risks and uncertainties that may cause the company's results to differ materially from expectations. These risks include the company's ability to consummate the merger, develop its new business, the company's ability to develop appropriate strategic alliances, raise working capital and successful development and implementation of technology, acceptance of the company's products and services, and other such risks as the company may identify and discuss from time to time, including those risks disclosed in the company's current and future filings with the Securities and Exchange Commission. Accordingly, there is no certainty that the company's plans will be achieved.
CONTACT: Anthony Paterra, Chief Executive Officer of BICO, Incorporated,+1-412-279-1059