Introduction

Water-Jel Technologies, Inc., (the "Company") is a New York corporation established in September 1979 to develop, manufacture, and market products using its "Water-Jel" gel as an emergency first aid product for burn injuries. The Company also manufactures and markets a line of generic creams and ointments.

In July 1996, the Company acquired all of the outstanding stock of Journeycraft, Inc. ("Journeycraft"), a New York corporation, and TheraCom Integrated Medical Communications, Inc. ("TheraCom"), a New York corporation. These acquisitions have significantly expanded the scope of the Company's operations to...