Merger Between Golf Trust (GTA) and Pernix Announced
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Golf Trust of America, Inc. (Amex: GTA) today announced an Agreement and Plan of Merger with Pernix Therapeutics, Inc. The merger is to create a publicly-traded specialty pharmaceutical company positioned for continued profitable growth.
"This union begins with a strong combined cash position, debt-free balance sheet and established products in the marketplace. GTA is attracted to the execution-oriented Pernix business model, historical rate of growth and sound character of Pernix management." states Michael Pearce, CEO of GTA.
Under the terms of the agreement, Pernix's stockholders will receive 41.8 million shares of GTA common stock, representing approximately 84% of the combined company on a fully diluted basis. GTA shareholders will own approximately 16% of the new company.
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