Bionutrics Completes Strategic Acquisition of InCon Technologies, Inc. to Further Its Development as a Biopharmaceutical Company.PHOENIX--(BW HealthWire)--Nov. 3, 1997--Bionutrics, Inc. (BNRX) today announced that the acquisition by merger of InCon Technologies, Inc. into a wholly-owned subsidiary was completed on October 31, 1997. The merger involved the issuance of 1.4 million shares of Bionutrics, Inc. common stock, which closed at $7.75 per share on October 31, in exchange for all of the issued and outstanding stock of InCon Technologies, Inc. The merger will be accounted for by using the purchase method of accounting. After the merger, Bionutrics has approximately 17.7 million shares outstanding. This transaction provides Bionutrics with an opportunity to acquire technology and expertise critical to its growth as a biopharmaceutical company. InCon is an expert in the field of high vacuum distillation Vacuum distillation is a method of distillation whereby the pressure above the liquid mixture to be distilled is reduced to less than its vapor pressure (usually less than atmospheric) causing evaporation of the least volatile liquid(s) (those with the highest boiling points). and other molecular separation technology. It also derives revenues from contract processing of high value constituents in edible oils for clients, including Bionutrics, as well as from process design, lab testing and the international sales of related equipment. InCon will continue to serve its other clients, which include Dupont, Monsanto, Cargill and Ciba Geigy. John Palmer John Palmer is the name of several notable individuals, including:
Bionutrics Chairman and 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. , Ronald H. Lane, characterized the merger as "an important step in furthering the development of Bionutrics. Molecular distillation capabilities are critical to developing drugs, `functional foods' additives and dietary supplements from natural sources. "Now that evolvE(TM), our patented all natural advanced cardiovascular dietary supplement, has been successfully launched, we are focusing heavily on further product development. Dietary supplements and `functional foods', as well as natural by-products, are important to generating early profits and managing risk. Also, because InCon is a successful operating company operating company A business that engages in transactions with outsiders. , its profits will help defray de·fray tr.v. de·frayed, de·fray·ing, de·frays To undertake the payment of (costs or expenses); pay. [French défrayer, from Old French desfrayer : des-, our ongoing development costs." John Palmer, CEO and founder of InCon Technologies, Inc. commented: "We have been excited about the technology and the organization at Bionutrics since our joint development relationship started two years ago. The synergy of our core technology of molecular distillation and Bionutrics' clinical and marketing capabilities makes the merger an ideal fit for strong growth." Bionutrics is an emerging biopharmaceutical company that discovers compounds from natural raw materials, patents them and then targets markets with significant profit potential. The first compound discovered, developed, and patented is P25 (didesmethyl- tocotrienol) tocotrienol from rice bran which addresses elements associated with heart disease and stroke; the cause of death of 50% of adults who live a western lifestyle. Patented P25 (didesmethyl-tocotrienol) is being marketed as an ingredient called Clearesterol(TM) for dietary supplements and as a functional food additive. The first brand that has been introduced is evolvE(TM), an all natural dietary supplement that helps maintain cardiovascular health in three ways: 1.) helps to lower cholesterol; 2.) powerful antioxidant antioxidant, substance that prevents or slows the breakdown of another substance by oxygen. Synthetic and natural antioxidants are used to slow the deterioration of gasoline and rubber, and such antioxidants as vitamin C (ascorbic acid), butylated hydroxytoluene that provides protection against free radicals and the oxidization of LDL LDL - ["LDL: A Logic-Based Data-Language", S. Tsur et al, Proc VLDB 1986, Kyoto Japan, Aug 1986, pp.33-41]. ; and 3.) helps promote normal circulation. evolvE(TM), is available in every major drugstore chain, in most major mass merchandise and food chains and in GNC GNC General Nutrition Centers GNC Gas Natural Comprimido (Argentina) GNC Guidance, Navigation, and Control GNC Grand National Championship (ATV racing) GNC Global Navigation Chart health stores. Bionutrics has assembled a distinguished board of directors, comprised of C. Everett Koop Charles Everett Koop, (born October 14 1916 in Brooklyn, New York) is an American physician. He served as the Surgeon General of the United States from 1982 to 1989, under Ronald Reagan's presidency. , M.D., Ph.D., ScD., former Surgeon General The U.S. Surgeon General is charged with the protection and advancement of health in the United States. Since the 1960s the surgeon general has become a highly visible federal public health official, speaking out against known health risks such as tobacco use, and promoting disease of the United States; Ronald Howard Lane, Ph.D., Chairman and CEO of Bionutrics, Inc.; Winston Salser, Ph.D., Professor of Molecular Biology molecular biology, scientific study of the molecular basis of life processes, including cellular respiration, excretion, and reproduction. The term molecular biology was coined in 1938 by Warren Weaver, then director of the natural sciences program at the Rockefeller at UCLA UCLA University of California at Los Angeles UCLA University Center for Learning Assistance (Illinois State University) UCLA University of Carrollton, TX and Lower Addison, TX and founding President of Amgen, Inc.; Frederick B. Rentschler, Chairman of Salk Institute and former President and CEO of Beatrice Foods; D. Michael Wells, President of Bionutrics' manufacturing subsidiary, Nutrition Technology Corporation and former General Manager of Zapata Protein (USA); Ian R. Ferrier, M.D., Ph.D., founder of Bogart Delafield Ferrier, Inc.; William M. McCormick, Vice Chairman of Bionutrics, Inc., former President of American Express Travel Related Services Company and former CEO of Fireman's Fund and Penn Corp.; Steve Henig, Ph.D., Senior Vice President of Technology and Marketing Services for Hunt-Wesson, Inc.; Milton Okin, creator of Weight Watchers Foods; and Richard M. Feldheim, President of Abby's Restaurants and former President of Norcap Financial Corporation. CONTACT: Bionutrics Health Products Sandra Gotham Meehan, 212/628-6810 Sr. VP, Corp. Communications or The Investor Relations Investor relations The process by which the corporation communicates with its investors. Company Tom Laughran, 847/564-5610 |
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