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NEW DIRECTORS ELECTED AT BIOSPHERICS SHAREHOLDERS'
MEETING; AUTHORIZED SHARES INCREASED
Media Contact: Mark Hopkinson 561/ 750-9800
x14
Email: mhopkinson@TransMediagroup.com
Investor Relations: Richard Levin 301/ 419-3900
Email: rlevin@biospherics.com
FOR IMMEDIATE RELEASE:
BELTSVILLE, MD., May 23, 2000--Biospherics Incorporated
(NASDAQ/BINC) shareholders, at the Company's Annual Meeting
yesterday, elected a slate of seven Directors for the ensuing
year, approved increasing the Company's authorized shares
from 18 million to 50 million, and retained Grant Thornton
LLP as the Company's public accountant for the year 2000.
The formal business meeting, originally scheduled for May
15, had been postponed until May 22 because of the lack of
a quorum caused by a delay in receiving proxy returns.
Elected as Directors for the year 2000-2001 were:
- Lionel V. Baldwin, Ph.D., President, National Technological
University, Fort Collins, Colorado.
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- Thomas W. Gantt, President, TWG Associates.
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- Gilbert V. Levin, Ph.D., President, Chief Executive
Officer, and Chairman of the Board, Biospherics Incorporated.
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- M. Karen Levin, Vice President for Corporate Communications,
Biospherics Incorporated.
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- Anne S. MacLeod, Ph.D., Professor, College of Library
and Information Services, University of Maryland,
College Park.
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- Thomas G. Moore, President and Chief Executive
Officer, Community Bank of Maryland.
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- Deborah S. Streb, Chief Administrative Officer,
UnitedHealthcare.
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First quarter 2000 results for Biospherics were:
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Three Months Ended March 31,
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2000
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1999
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| Revenue |
$5,253,517
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$2,965,895
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| Operating expense |
4,232,507
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3,893,655
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| Income (loss) from operations |
1,021,010
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(927,760)
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| Net income (loss) |
$1,018,377
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$(993,814)
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| Net income (loss) per share, diluted |
$ 0.09
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$ (0.11)
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Certain statements contained herein are "forward looking"
statements as defined in the Private Securities Litigation
Reform Act of 1995. Because such statements include risks
and uncertainties, actual results may differ from those expressed
or implied. Factors that could cause actual results to differ
materially from those expressed or implied include, but are
not limited to, those discussed in filings by the Company
with the Securities and Exchange Commission, including the
filing on Form 8-K made on March 3, 1999.
Under its motto, "Technologies for Information and Health,"
Biospherics' mission is to provide guidance and products to
improve the quality of life. Biospherics offers biotechnology
innovations, information technology solutions, and information
center services.
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