CHATSWORTH, Calif.--(BUSINESS WIRE)--Following a special meeting of shareholders held today, CHAD Therapeutics, Inc. (AMEX:CTU) announced that its shareholders have approved the proposed sale for approximately $5.25 million in cash of the assets related to CHAD’s oxygen conserving business to Inovo, Inc., a privately held manufacturer of oxygen regulators and conservers based in Naples, Florida, pursuant to an asset purchase agreement dated November 16, 2007. The transaction, which is not subject to regulatory approvals, was approved by more than 70% of the issued and outstanding shares. Over 99% of the shares represented at the Special Meeting were voted in favor of the proposal. The transaction is expected to close February 15, 2008.
