United American Healthcare Corporation Announces Dismissal Of All Lawsuits Brought By Strategic Turnaround Equity Partners
DETROIT, Sept. 24 /PRNewswire/ -- United American Healthcare Corporation (OTCQB: UAHC) today announced that the Circuit Court of Wayne County ( Michigan) has denied the preliminary injunction brought by Strategic Turnaround Equity Partners, LP (Cayman) and UAHC dissident director Bruce Galloway. In addition, the Court dismissed Strategic Turnaround Equity Partners' and Galloway's latest lawsuit in its entirety.
"We are delighted the Court has thrown out this case, which we always believed had no merit," said William C. Brooks, President and CEO of United American Healthcare. "We can now focus on the serious business of building the Company and creating shareholder value. The dissidents, led by Mr. Galloway, have cost the Company and its shareholders a large amount of money to defend against their three successive lawsuits. We believe this wasteful and distracting effort by Mr. Galloway has not been in the shareholders' best interests.
"We are excited about the business prospects of our Pulse Systems acquisition, a $9 million revenue business in medical device technology," added Brooks. "We believe Mr. Galloway has no real plan for the Company but is on the record as wanting to unwind the Pulse Systems transaction. Going down that road would be a great and costly error.
"We believe that shareholders have a clear choice – realizing the significant business potential that the Pulse Systems acquisition presents versus perpetuating the grudge-based controversy and eventual significant corporate loss brought by Mr. Galloway."Brooks concluded: "We urge shareholders to vote the WHITE proxy card today. If you have already voted for Mr. Galloway's slate, you can change your vote to vote the WHITE card. I encourage any shareholder who has questions to call me personally at 313-393-4571."
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV