BEAVERTON, Ore., April 24 /PRNewswire/ -- Epitope, Inc. (Nasdaq: EPTO) announced today that its 1997 annual meeting of shareholders, originally scheduled for Tuesday April 29, 1997, will be adjourned and rescheduled for Tuesday June 17, 1997. Shareholders of record as of March 7, 1997 will be eligible to vote at the meeting. At the meeting, shareholders will be asked to elect three Class I directors to serve until the year 2000 and to approve amendments to the company's stock award plan and employee stock purchase plan. A proposal to create a new class of common stock called Agritope common stock has been withdrawn. "The adjournment is necessary due to recent developments at Andrew and Williamson Sales, Co. (A&W) which Epitope acquired on December 12, 1997 in a merger transaction, and Epitope's resultant suit to rescind the A&W transactions," said Adolph J. Ferro, president and chief executive officer of Epitope. "We will be circulating additional proxy materials to assure that shareholders have all information necessary to make an informed decision on the measures to be acted upon." The company also announced that it has completed a $1,000,000 private placement of Vinifera, Inc. (Vinifera) common stock in exchange for a 10% equity interest in Vinifera. Purchasers of the common stock will be given an opportunity to convert their Vinifera holdings into shares of Agritope Common Stock if the proposal to create such stock is approved in the future. The proceeds from the placement will be used to expand production capacity of the Vinifera greenhouse facilities in California. Epitope, Inc. is a biotechnology company that develops and markets medical diagnostic products through its Epitope Medical Products group. Its Agritope group is focused on the development and commercialization of novel agricultural products using plant genetic engineering and other modern methods.
Source: EPITOPE Inc.
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