MW Medical bankruptcy update


#1

On August 19, 2002, microwave hair removal device manufacturer MW Medical (MWMD.OB) filed a quarterly SEC report with more details on their 2002 bankruptcy filing.

They have sold no machines this year.

As of June 30, 2002, the Company had $218 in cash.

CEO Jan Wallace has “funded all operations since November 2000. We have not yet identified new sources for financing and we are currently in default on our notes to Ms. Wallace.”

"Even with the protection afforded by the bankruptcy petition, we cannot provide investors with any assurance we will emerge from bankruptcy as a viable business… In the event of an inability to raise capital and the loss of its assets, we will still have the capacity to seek a reverse merger partner but we cannot assure investors a reverse merger partner will be found. "

The Petition was filed in United States Bankruptcy Court, District of Arizona, In Re: MW MEDICAL, INC., a Nevada Corporation, Case No. 02-0108-90-PHX-RTB, and In Re: MICROWAVE MEDICAL CORPORATION, a California Corporation, Case No. 02-01298-PHX-GBN.

The location of the United States Trustee is 2929 N. Central Avenue, Suite 700, P.O. Box 36170, Phoenix, Arizona 85067-6170, (602) 640-2100.

Source: Yahoo Finance: MWMD.OB 10-QSB filing

[ August 26, 2002, 06:51 PM: Message edited by: Andrea ]