Biozhem Announces Termination of License and Supply Agreement.GRASS VALLEY, Calif.--(BUSINESS WIRE)--Feb. 13, 2003 Biozhem Cosmeceuticals, Inc., ("Biozhem"), (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :BZHME), a developer and marketer of advanced skin care products, today announced that its License and Supply Agreement dated September 25, 2000 (together with the amendment dated January 1, 2002, the "Agreement") with Advanced Tissue Sciences, Inc., ("ATS"), (OTCBB:ATISQ) was terminated. On January 23, 2003 Biozhem received a letter notifying no·ti·fy tr.v. no·ti·fied, no·ti·fy·ing, no·ti·fies 1. To give notice to; inform: notified the citizens of the curfew by posting signs. 2. it of ATS's intent to terminate the Agreement due to Biozhem's failure to make license threshold and royalty payments. Thane thane n. 1. a. A freeman granted land by the king in return for military service in Anglo-Saxon England. b. A man ranking above an ordinary freeman and below a nobleman in Anglo-Saxon England. 2. International Inc. ("Thane"), (OTCBB:THAN), was contractually obligated ob·li·gate tr.v. ob·li·gat·ed, ob·li·gat·ing, ob·li·gates 1. To bind, compel, or constrain by a social, legal, or moral tie. See Synonyms at force. 2. To cause to be grateful or indebted; oblige. to make the payments to ATS on behalf of Biozhem pursuant to a Management Services Agreement dated April 10, 2002 between Thane and Biozhem whereby Thane had taken over financial, development and marketing responsibilities for the RevitalCel System of products. Biozhem filed for arbitration against Thane in September 2002, and Biozhem is currently pursuing its remedies through the arbitration process expected to occur in mid- March 2003. Biozhem's counsel made Thane aware of the ATS letter and its responsibility to cure the default within ten days. Thane failed to cure this breach in the allowed time period and, as a result, the Agreement has been terminated. Statements about the company's future expectations and all other statements in this news release other than historical facts are "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. " within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. Reform Act of 1995. The company intends that such forward-looking statements be 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. created thereby. Since these statements involve risks and uncertainties and are subject to change at any time, the company's actual results could differ materially from expected results. |
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