Acrongenomics Inc. Signs Letter of Intent to Acquire 100% of Molecular Vision Limited.GENEVA -- Acrongenomics Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :AGNM) announced today that it has signed a letter of intent for the acquisition of 100% of Molecular Vision Limited, ("Molecular Vision") a private U.K. company that specializes in the development of miniaturized Point-of-Care (POC (Proof Of Concept) See PoC exploit. POC - Point Of Contact ) medical diagnostic devices. The devices integrate proprietary microfluidic chips with patented organic-semiconductor technology and photodetectors to provide portable lab-quality diagnostic tests in an easy-to-use, low-cost, disposable application. These devices have the potential for multiple simultaneous testing of diagnostic markers in a wide range of applications. Under the terms of the letter of intent, Acrongenomics will acquire, upon certain considerations to be made upon closing of a definitive agreement, all of the Intellectual property and assets of Molecular Vision and will retain the services of the founders, Professor Donal Bradley, Professor Andrew De Mello and Professor John De Mello, and their technical team to continue to lead the development of the POC devices and technology at the Molecular Vision laboratory at Imperial College London History Imperial College was founded in 1907, with the merger of the City and Guilds College, the Royal School of Mines and the Royal College of Science (all of which had been founded between 1845 and 1878) with these entities continuing to exist as "constituent colleges". . Closing of the transactions contemplated in the Letter of Intent is subject to certain terms and conditions as well as satisfactory completion of the parties due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. . Acrongenomics previously entered into a Joint Development Agreement with Molecular Vision on May 22, 2006 to acquire the exclusive rights to develop and commercialize existing intellectual properties relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc Molecular Visions' patented "BioLED" Technology. The original Agreement was subsequently amended on February 13, 2007 and again on May 23, 2007. "By acquiring Molecular Vision we can capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. the tremendous progress achieved since our collaboration began, such as our recent demonstration of the detection of creatinine creatinine /cre·at·i·nine/ (kre-at´i-nin) an anhydride of creatine, the end product of phosphocreatine metabolism; measurements of its rate of urinary excretion are used as diagnostic indicators of kidney function and muscle mass. in urine using the POC device with detection levels and accuracy comparable to lab-based equipment. We see the potential of the technology beyond the fields covered in the original agreement, such as industrial and environmental sectors, and have decided to acquire Molecular Vision," said Dr. Dimitri Goundis, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Acrongenomics. He continued, "It provides our shareholders with increasing value and a unique opportunity to continue to invest in a technology that has seemingly seem·ing adj. Apparent; ostensible. n. Outward appearance; semblance. seem  ing·ly adv. endless
application potential in diagnostics."
"The acquisition is a natural step forward and should greatly accelerate our commercialisation efforts and bring the technology to the market place as soon as possible," commented Dr. Ian Campbell Ian Campbell is a name shared by several people:
About Acrongenomics Inc. Acrongenomics Inc. is a publicly traded company publicly traded company A company whose shares of common stock are held by the public and are available for purchase by investors. The shares of publicly traded firms are bought and sold on the organized exchanges or in the over-the-counter market. that focuses on investing in and commercializing novel technology platforms concerning the Life Sciences sector. Acrongenomics brings novel and realistic concepts to market by transforming scientific innovations into tangible, consumer-orientated applications. About Molecular Vision Limited Molecular Vision Limited is a spin-out company of Imperial college, London UK. The company was founded by three Imperial College London researchers - Prof. Donal Bradley, Prof. Andrew De Mello and Dr. John De Mello - in 2002 in order to meet a clearly defined demand in the medical diagnostics, biosensors and analytical analytical, analytic pertaining to or emanating from analysis. analytical control control of confounding by analysis of the results of a trial or test. instrumentations markets and the need for miniaturized chemical and biological detectors offering high sensitivity and functionality at low cost. The company has directly addressed this market demand by inventing a novel method for optical detection based on recent advances in organic electronics and light emitting diodes See LED. combined with microfluidics technology. The company has mainly focused on applying its technology to the medical diagnostics markets. Important Information About Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. All statements in this news release that are other than statements of historical facts are forward-looking statements which contain our current expectations about our future results. Forward-looking statements involve numerous risks and uncertainties. We have attempted to identify any forward-looking statements by using words such as "anticipates", "believes", "could", "expects", "intends", "may", "should" and other similar expressions. Although we believe that the expectations reflected in all of our forward looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. Forward-looking statements in this news release include: that the Company will acquire all of the Intellectual property and assets of Molecular Vision and will retain the founders, Professor Donal Bradley, Professor Andrew De Mello and Professor John De Mello, and their technical team to continue to lead the development of the POC devices and technology at the Molecular Vision laboratory at Imperial College London; that the Company will complete the acquisition of Molecular Vision; and will provide our shareholders with a unique opportunity to continue to invest in technology that has seemingly endless application potential. A number of factors may affect our future results and may cause those results to differ materially from those indicated in any forward-looking statements made by us or on our behalf. Such factors include our limited operating history; our need for significant capital to finance internal growth as well as strategic acquisitions; our ability to attract and retain key employees and strategic partners; our ability to achieve and maintain profitability; fluctuations in the trading price Trading price The price at which a security is currently selling. and volume of our stock; competition from other providers of similar products and services; and other unanticipated future events and conditions. For further information concerning risks and uncertainties that may affect our future results, please review the disclosures contained in our latest filings with the SEC, including our most recent annual report on Form 10-KSB, and subsequent quarterly reports on Form 10-QSB. Other than as required by federal securities laws, we undertake no obligation to publicly update or revise any of our forward-looking statements, whether as a result of changed circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or , new information, future events, or for any other reason occurring after the date of this news release. |
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