Bio Fluorescent Technologies Inc. announces agreement with Immune Network Research Ltd.SCOTTSDALE, Ariz.--(BW HealthWire)--Feb. 26, 1997--Bio Fluorescent Technologies Inc. (BFTI BFTI Brownfields Tax Incentive ) (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:BFTK) Wednesday announced that it entered into a determinative assets acquisition agreement ("agreement") with Immune Network Research Ltd. ("INR INR In currencies, this is the abbreviation for the Indian Rupee. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. ") of 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 , Canada, whereby BFTI has agreed to acquire all of the assets of INR and concurrently, to contract the services of key members of INR's scientific and management team in exchange for approximately 9 million BFTI common shares and stock options for up to 717,000 shares of BFTI's common stock. INR, through its highly qualified scientific team, has concentrated its efforts over the past four years in the research and development of immunological products for the diagnosis, prevention and treatment of AIDS and other human immune systems disorders. INR is engaged in research for the prevention and treatment of diseases of the immune system and is moving ahead with the development of novel approaches using monoclonal antibodies, such as CTB-1. BFTI is in the process of performing its 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 and plans to confirm the status of INR's technology and other assets other assets Assets of relatively small value. For financial reporting purposes, firms frequently combine small assets into a single category rather than listing each item separately. within the next few weeks. INR and BFTI believe that the combination of BFTI's access to the large capital markets for biotechnology companies in the United States with the joint participation by both companies' management in the continuing development of INR's assets should benefit shareholders of both companies. INR and BFTI have commenced respective due diligence review efforts and are addressing other major conditions requisite to closing the agreement. CONTACT: Bio Fluorescent Technologies Inc., Scottsdale George, 800/870-1233 |
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