Allied and Bio-Preserve Announce Letter of Intent for the Development and Marketing of Bio-Preserve Perfusion Devices.VANCOUVER, British Columbia British Columbia, province (2001 pop. 3,907,738), 366,255 sq mi (948,600 sq km), including 6,976 sq mi (18,068 sq km) of water surface, W Canada. Geography and REDMOND, Wash.--(BUSINESS WIRE)-- June 28, 1999-- Allied Resources, Inc. (VSE See DOS/VSE. VSE - Virtual Storage Extended : ALO) and Bio-Preserve International Corporation (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). : BIPN) jointly announced a letter of intent to form a strategic alliance for the development and global distribution of Bio-Preserve's LifeSustainer(TM) 1000 and 2000 organ perfusion devices. Bio-Preserve International Corporation is engaged in the manufacture and sale of the LifeSustainer(TM) 1000, an advanced organ perfusion workstation. The Company is also developing the LifeSustainer(TM) 2000, an advanced human organ transporter to be used in clinical transplant applications. The LifeSustainer(TM) series bring together the diverse components used for isolated organ perfusion into compact, effective user-friendly devices. Such devices are used in biomedical research Biomedical research (or experimental medicine), in general simply known as medical research, is the basic research or applied research conducted to aid the body of knowledge in the field of medicine. , to preserve human organs for transplant, and for therapeutic treatment of isolated organs. The company also provides organ preservation and perfusion research services on a contact basis to pharmaceutical and biotechnology companies Top 100 Biotechnology Companies The following is a list of the top 100 biotechnology companies ranked by revenue. The first nine companies qualify for the list of the top 50 pharmaceutical companies. interested in using isolated organs for drug discovery and other types of biomedical research. The non-binding letter of intent will lead to an exclusive distributorship/sub-licensing agreement granted to Allied for Europe, the Middle East and Africa Europe, the Middle East and Africa, usually abbreviated to EMEA, is a regional designation used for government, marketing and business purposes. It is particularly common amongst North American based companies, who often divide their international operations into the with a non-exclusive worldwide distribution/sub-licensing agreement, excluding the United States, for the development, manufacture and sale of the LifeSustainer(TM) 1000 and LifeSustainer(TM) 2000 devices. Allied in turn will be responsible for funding regulatory compliance with the United States Food and Drug Administration United States Food and Drug Administration (FDA), n.pr a unit of the Public Health Service created to protect the health of the nation against impure and unsafe foods, drugs, and cosmetics. (FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. ) and European regulatory bodies responsible for granting the CE Mark. Allied has also agreed to fund BIPN in the amount of US$500,000 as convertible debt. The parties anticipate that the overall expenditure by Allied in furtherance of development and regulatory approvals will be approximately US$5,000,000. The distributorship agreement will provide for the payment of royalties to Bio-Preserve in the amount of 10% of gross sales Gross Sales A measure of overall sales that isn't adjusted for customer discounts or returns, calculated simply by adding all sales invoices, and not including operating expenses, cost of goods sold, payment of taxes, or any other charge. , subject to reimbursement to Allied of expended development funds and loan amounts. The parties anticipate that Allied will form a subsidiary in Germany in order to implement European regulatory compliance and to build a research, development and manufacturing facility for the production of LifeSustainer(TM) perfusion devices in Germany for international markets. In addition, BIPN consultants will be retained by Allied to formulate a business plan that will present the perfusion technology for further consideration under government guaranteed loan programs. "Ruairidh Campbell" "Nicolas G. Loebel, PhD." Ruairidh Campbell Nicolas G. Loebel President, Allied Resources Inc. President, Bio-Preserve International Corporation Forward-Looking Statements The information set forth herein includes "forward-looking statements" as defined by Section 21B of the Securities Exchange Act of 1934, as amended, and is subject to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions contained within that section. Certain factors could realistically cause results to differ materially from those projected herein, including but not limited to final acceptance by both parties to the sub-licensing agreements and all associated terms and conditions, the provision of required approvals by the United States Food & Drug Administration and other foreign regulatory and financial factors. |
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