May 31, 1996
Worldwide Medical Corp. has agreed to a reverse merger with Calabasas-based Newco-One Inc., under which Newco-One will issue 6.4 million shares for all Worldwide medical shares. Worldwide Medical said its shareholders will hold 80% of Newco-One shares after the merger. Worldwide Medical, which provides diagnostic tests, will maintain its headquarters in Irvine after the merger. Newco-One was formed after a reorganization of Weaver Arms, Worldwide said.