FOR IMMEDIATE RELEASE
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CONTACTS:
Innovative Clinical Solutions, Ltd.
Michael Heffernan, President, CEO and Chairman
Gary Gillheeney, Chief Financial Officer and Treasurer
Tel: (401) 831-6755 Fax: (401) 831-6758
Innovative Clinical Solutions Restructuring Plan Confirmed
Providence, RI, August 25, 2000----Innovative Clinical Solutions, Ltd. (OTC
Bulletin Board: ICSL.OB) today announced that on August 25, 2000 the U.S.
Bankruptcy Court confirmed the Company's reorganization plan to convert its $100
million debt into common equity. The Company expects to implement the plan and
officially emerge from the Chapter 11 process within two weeks.
The Company intends to capitalize on its strengthened financial position to
expand and integrate its 3 core business lines; Clinical Studies, Network
Management and Healthcare Research.
"We are excited to have completed this process so quickly," stated Michael
Heffernan, President and CEO of ICSL. "This financial recapitalization was a key
step in the restructuring of our company, as we now have the financial
flexibility needed to aggressively implement our growth plan."
Innovative Clinical Solutions, Ltd., headquartered in Providence, Rhode Island,
provides services that support the needs of the pharmaceutical and managed care
industries. The Company integrates its pharmaceutical services division with its
provider network management division to create innovative solutions for its
customers. The Company's services include clinical and economic research and
disease management, as well as managed care functions for specialty and
multi-specialty provider networks including more than 5,000 providers and close
to 10 million patients nationwide. The Company's components include ICSL
Clinical Studies, ICSL Healthcare Research and ICSL Network Management.
This press release contains forward-looking statements regarding future events
and the future performance of the Company that involve risks and uncertainties
that could cause actual results to differ materially. These risks are described
in further detail in the Company's reports filed with the Securities and
Exchange Commission.
Editor's Note:This release is available on the Internet at http://www.ICSLtd.net
10 Dorrance Street, Suite 400, Providence, RI 02903 Phone:401-831-6755
Fax:401-831-6758
