Replies to post #120337 on The Golden Lounge

[Jim Bishop]

Here's a link to filings, but it's pretty well all spelled out in the news anyway. Another 8K is to be filed by March 19th with more info.

http://www.sec.gov/cgi-bin/browse-edgar?company=pace+health&CIK=&filenum=&State=&SIC...


"Pursuant to the Plan of Recapitalization, Pace has effected and implemented the following:

a reverse split of 1 share for each 20 shares of common stock;
a change in its name to "Conmed Healthcare Management, Inc.";
conversion of Pace's existing Series A Preferred Stock into 4,584,196 shares of common stock (immediately after the 1 for 20 reverse stock split) in exchange for conversion and waiver of remaining accrued and unpaid dividends;
reincorporation in the state of Delaware via a merger into Pace's wholly owned subsidiary.
As a result of the Plan of Recapitalization, in addition to the Series A Preferred Stock, all of Conmed's outstanding Series B Preferred Stock and Series C Preferred Stock converted into shares of common stock. Additionally, at the special meeting, Conmed's shareholders approved a stock option plan and elected Richard Turner, John Pappajohn and Edward B. Berger as directors.

"We are pleased the shareholders have approved the Plan of Recapitalization," said Dr. Richard W. Turner, the President and CEO of Conmed. "We believe the simplified capitalization structure, our reincorporation in the State of Delaware and the name change are essential in positioning Conmed to compete effectively in the correctional health care market."

As a result of the reverse split and the conversion of all the outstanding preferred stock, the total number of Conmed common shares outstanding will be approximately 11,800,000. No preferred shares will be outstanding."