Nutra Pharma Corp. announced today that it has signed a letter of intent to acquire 100 percent of the capital stock of Infectech Inc. in a cash and stock transaction. The acquisition adds a complete line of patented and patent-pending products and applications.
Infectech specializes in the development and production of diagnostic kits used in the rapid identification of disease-causing pathogens. Infectech's patented and proprietary biotechnology identifies some of the deadliest pathogens known, including those causing tuberculosis, AIDS and cancer. Some of these bacteria are considered potential weapons in bioterrorism. Infectech's technology could allow for the rapid identification of these microbes and also provide good information on antibiotic treatment options.
"The threat of Bioterrorism is a very real one," said David C. McClelland, Infectech's President. "Infectech has technology that would allow us to identify and treat some of the leading pathogens being used as bioweapons."
Infectech is also focused on bioremediation. This is a process by which live microorganisms can remove toxic chemicals from the soil and groundwater. The unique process of bioremediation uses a naturally occurring microorganism in soil, called Pseudomonas, to degrade TCE (Trichloroethylene) into a non-toxic, non-carcinogenic form. The Infectech process of bioremediation has been designed to resolve TCE problems at a relatively low cost and with great efficiency.
"Infectech brings over 20 years of R&D and product development that has yielded 32 patents," said Rik J. Deitsch, Chief Executive Officer of Nutra Pharma. "Nutra Pharma will aggressively commercialize these patents. The ability to remediate currently unusable land may provide an almost immediate revenue stream that could lead to substantial profits for the company. This technology could be used in over 700 Superfund sites currently listed in the National Priorities List (NPL) scheduled for long-term Federal clean-up."
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 acquisition of 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.