In coming to these decisions, MZT Holdings' Board of Directors was particularly focused on maximizing the amount that MZT Holdings will ultimately have available for distribution to its stockholders, as well as the fact that neither an Annual Report on Form 10-K for the fiscal year ended December 31, 2007, nor future quarterly or annual report filings would provide meaningful information to MZT Holdings' stockholders or the investing public that could not be provided in other, less expensive ways.
To that end, MZT Holdings intends to continue to file Current Reports on Form 8-K upon the occurrence of any events that are material to MZT Holdings, including the making of any distribution payments or the final dissolution of MZT Holdings.
This press release may contain forward-looking statements within the meaning of the federal securities laws, including statements regarding the amounts available for distribution to holders of MZT Holdings' common stock and MZT Holdings' expected timing to make distributions to its stockholders, as well as statements related to MZT Holdings' intention to make and not to make certain filings with the Securities and Exchange Commission in the future.
Holdings announced today that the estimated range of the amount of cash that is expected to be available for distribution to MZT
Holdings' stockholders set forth in the proxy statement mailed to its stockholders in November 2007 (approximately $0.
As previously disclosed in connection with the Company's filing of a certificate of dissolution with the Secretary of the State of Delaware, effective as of the close of business on January 18, 2008, MZT Holdings closed its stock transfer books and discontinued recording transfers of shares of its common stock, except for transfers by will, intestate succession or operation of law.
At an appropriate time in the future, MZT Holdings intends to re-submit to the Securities and Exchange Commission its request for relief from the annual and quarterly report filing obligations.
Holdings announced today that it had submitted a letter to the Securities and Exchange Commission seeking to confirm that the Securities and Exchange Commission would not take enforcement action against MZT
Holdings if, effective as of January 1, 2008, MZT
Holdings ceased to file certain periodic reports required under Sections 13(a) and 15(d) of the Securities Exchange Act of 1934, as amended, and the rules promulgated thereunder.
MZT Holdings may receive up to $2 million of incremental consideration, payable in cash and/or Inverness common stock, if the revenue associated with the assets sold to Milano exceeds certain revenue targets during the next twelve-month period.
MZT Holdings also announced that its Board of Directors has accepted the resignations of all of its executive officers except its Secretary, Patricia Randall, effective December 12, 2007.