Asdar Group Announces Agreement With Biotechnology Company, ACGT Corporation.Business Editors/Health & Medical Writers BELLINGHAM, Wash.--(BW HealthWire)--Jan. 14, 2002 Asdar Group: (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :XBET) announces that it has acquired the right to purchase 31.6% of Toronto-based Biotechnology Company, ACGT ACGT Alliance for Cancer Gene Therapy ACGT Advisory Committee on Genetic Testing ACGT Advanced Center for Genome Technology ACGT Arts Commission of Greater Toledo ACGT A Comparative Genomics Tool (comparison viewer and analyzer) Corporation, with the ability to acquire a further interest as warranted by the developments of ACGT. Asdar has purchased the rights, title and interest in this transaction from third parties in exchange for the issuance of 8 Million restricted shares of Asdar. Asdar has committed to provide ACGT with US$5,000,000 over the next 8 months for corporate development and working capital within ACGT's three divisions as outlined below. The first advance of funds to ACGT is scheduled for February 18, 2002, following satisfactory completion of a 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. review of the company. ACGT, founded in 1995 by Dr. Hai Shiene Chen, M.D., M.S., and Dr. Qi Jia
DNA or deoxyribonucleic acid One of two types of nucleic acid (the other is RNA); a complex organic compound found in all living cells and many viruses. It is the chemical substance of genes. Technology Services, DNA Diagnostic Systems and Gene Therapy. ACGT has been providing DNA Synthesis as well as DNA Sequencing Services in its DNA Technology Services Division since its inception in 1995, and has grown to become a leader in the DNA service industry in Canada. The Company's DNA Services segment currently has revenues of approximately $750,000 and has experienced annual growth in excess of 30%. Rapid DNA technology development continues to drive strong demand for ACGT's DNA Services business. In ACGT's DNA Diagnostic Products Division, the Company is developing a multifunctional diagnostic instrument system known as MFD (MultiFunction Device) Hardware that combines several functions in one unit. See all-in-one. System Ware (TM). This system utilizes ACGT's patented DNA/RNA analysis methods to detect disease-causing microorganisms at a molecular level. MFD System Ware (TM) consists of proprietary equipment and supporting software, test columns and test kits. The system provides detection sensitivity, accuracy, cost-effective price and operational simplicity. In ACGT's Gene Therapy Division, products include Gene Therapy Methodology, Gene Therapy Kits (for each disease) as well as Gene Therapy clinical treatment. The Company is currently developing its proprietary gene therapy technology. This patent pending technology provides a unique method of in vivo in vivo /in vi·vo/ (ve´vo) [L.] within the living body. in vi·vo adj. Within a living organism. in vivo adv. protein production and delivery. According to the Company, ACGT has the potential to lead to a scientific and commercial breakthrough in overcoming the major obstacles faced by current gene therapy technologies: delivering therapeutic genes to their target sites and delivering their protein products to the functional sites. ACGT has two U.S. patents for its Diagnostic Services diagnostic services, n.pl the imaging and laboratory capabilities available for determining the cause of an illness. as well as three other patents pending for Diagnostic Services and Gene Therapy. Independent, third party evaluations of ACGT's business indicate a value of US$30 Million for the Diagnostic Services Division alone. Asdar intends to retain one of the top-eight International accounting/business consulting firms to conduct an up-to-date evaluation of ACGT's three biomedical bi·o·med·i·cal adj. 1. Of or relating to biomedicine. 2. Of, relating to, or involving biological, medical, and physical sciences. divisions. [pilcrow (paragraph sign)] In order to focus its resources in the biomedical field, Asdar will be negotiating to divest itself of its oil and gas holdings. "This acquisition will position Asdar strongly into the ever progressive DNA/Stem Cell arena. In addition, Asdar intends to establish an Advisory Board which will include renowned individuals in the field of Biotechnology. Announcements regarding new Board members to enhance the new business direction will be forthcoming" stated Robert Waters, President of Asdar Group. /s/ Robert Waters Robert Waters M.B.A., President For further information please contact Joseph Beyrouti Investor Relations Investor relations The process by which the corporation communicates with its investors. at: 888/488-6882 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. Statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995: The statements contained herein which are not historical fact are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements, including, but no limited to, certain delays in testing and evaluation of products and other risks detailed from time to time in Asdar's filings with the Securities & Exchange Commission. ASDAR Group Corporate Office 1225 E Sunset Drive, Suite 145 Bellingham, WA 98226 - 3529 Administration Office 1239 West Georgia Street, Suite 3004 Vancouver, BC V6E 4R8 Tel: 888/488-6882 Fax: 604/664-0498 Website: www.asdargroup.com |
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