Infectech, Inc. has received notification of an order granting fees and costs which the company incurred in obtaining a dismissal of an involuntary petition which had been brought by three insiders. The U.S. Bankruptcy Court for the Western District of Pennsylvania entered a judgment of $18,500 jointly and severally against the petitioners Paul Tanner, Carl Shardy and Robert A. Ollar. Infectech management contended that this was a bad faith filing with the sole intent of private gain by the insiders, and the company believes that this ruling further corroborates that contention.
Infectech, Inc., a biotechnology/genomics company, became a publicly traded company in April 1999. The company specializes in the research, development and production of laboratory kits used in the rapid identification and antibiotic testing of disease-causing pathogens. The company's patents span the identification and antibiotic sensitivity testing of 34 disease- causing bacteria, including Tuberculosis, Pseudomonas, M. avium and Nocardia. These bacteria are cited as a prominent cause of death in patients with cancer, cystic fibrosis, and AIDS, as well as in patients undergoing surgery. Infectech, Inc. is majority-owned by Nutra Pharma Corp. (OTC Bulletin Board: NPHC - News)
The company's web site is www.infectech.com.
This press release contains forward-looking statements. The words or phrases "would be," "will allow," "intends to," "will likely result," "are expected to," "will continue," "is anticipated," "estimate," "project," or similar expressions are intended to identify "forward-looking statements." Actual results could differ materially from those projected in Nutra Pharma's ("the Company") business plan. The Company's business is subject to various risks, which are discussed in the Company's filings with the Securities and Exchange Commission ("SEC"). The award of attorney fees and costs to Infectech should not be construed as an indication in any way whatsoever of the value of the Company or its common stock. The Company's filings may be accessed at the SEC's Edgar system at www.sec.gov. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date. The Company cautions readers not to place reliance on such statements. Unless otherwise required by applicable law, we do not undertake, and we specifically disclaim any obligation, to update any forward-looking statements to reflect occurrences, developments, unanticipated events or circumstances after the date of such statement.