Nutra Pharma Corp. announced today that it has signed a definitive agreement to acquire up to 100% of the common stock of Infectech Corporation by exchange of one share of Nutra Pharma common stock for every two shares of Infectech common stock. The mechanics of the acquisition will be announced this week in Nutra Pharma's current report on Form 8K. The acquisition is expected to close by mid-October.
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 to man, including those associated with Pseudomonas, the major cause of death in intensive care and burn units, Mycobacterium avium intracellulare (MAI), a bacterial infection most associated with AIDS patients, and Mycrobacterium tuberculosis, the bacteria responsible for the tuberculosis infection, termed one of the deadliest infections in the world. Some of these bacteria are considered to be 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.
Infectech has also developed patented technology for bioremediation of hazardous substances which have contaminated soil and groundwater. This unique process of bioremediation uses a naturally occurring microorganism in soil to degrade tricholoroethylene into a non-toxic, non-carcinogenic form. This process has been designed to resolve TCE problems, such as those which occur in abandoned service stations and military bases, at a relatively low cost and with great efficiency.
"Nutra Pharma is actively seeking and acquiring valuable biotech and biopharma intellectual property, " said Rik Deitsch, Chief Executive Officer of Nutra Pharma. "We look forward to developing product lines from Infectech's patents and monetizing their potential value," he added.
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"). Nutra Pharma's agreement to acquire 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.