Bitterroot Acquires Advanced Process Technologies; Announces Results of Special Shareholder Meeting.Business Editors HILTON HEAD ISLAND Hilton Head Island An island off the southern coast of South Carolina in the Sea Islands of the Atlantic Ocean. It is a popular tourist resort. The town of Hilton Head Island, on the northeast coast, has a population of 35,200. , S.C.--(BUSINESS WIRE)--Sept. 7, 2000 Bitterroot Bitterroot, river, United States Bitterroot, river, c.120 mi (190 km) long, rising in SW Mont. and flowing north to join the Clark Fork River near Missoula. Mining Co. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). Pink Sheets: BTRT BTRT Begnas Tal and Rupa Tal (Nepal) ) of Hilton Head Island and Advanced Process Technologies Inc., a privately held pharmaceutical technology development company based in Boston, Thursday announced that they have completed a share exchanged between the two companies. Pursuant to the terms of the share exchange, Bitterroot has acquired 100 percent of the shares of Advanced Process Technologies in exchange for 24 million Bitterroot shares. Separately, Bitterroot also announced the results of a recent special shareholder meeting wherein the shareholders approved the acquisition and also authorized a one-for-four reverse split of the issued and outstanding shares of the company and name change to Advanced Process Technologies Inc. The board of directors of Bitterroot has set a record date of Sept. 19, 2000 for implementation of these changes. Following imposition of the reverse split, the company will have approximately 7,270,000 shares issued and outstanding, of which approximately 1,270,000 shares will be held by current Bitterroot shareholders. The new company will have its headquarter head·quar·ter v. head·quar·tered, head·quar·ter·ing, head·quar·ters Usage Problem v.tr. To provide with headquarters: in Boston and the current board and management of Advanced Process Technologies will assume key management positions of the company. Advanced Process Technologies Inc. is involved in pharmaceutical research with clinically active small molecules. The company is developing new applications using its proprietary manufacturing processes in combination with recombinant DNA technologies recombinant DNA technology Recombining of DNA molecules from two different species that are inserted into a host organism to produce new genetic combinations that are of value to science, medicine, agriculture, or industry. . The patent-pending small molecule derivatives have multiple applications in the pharmaceutical industries. These compounds have applications for the treatment of osteoporosis, cancer and malaria. 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 Certain statements contained herein that relate to future plans, events or performance are forward-looking statements that involve risks and uncertainties including, without limitations, risks of product non-approval or product development and market acceptance risks, the impact of competitive products and pricing, the results of current and future licensing and other collaborative relationships, the results of financing efforts, developments regarding intellectual property rights and 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. . Actual results, events or performance may differ materially from those projected or implied. As a result, these forward-looking statements represent the company's judgement as of the date of this news release. The company undertakes no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof of to reflect the occurrence of unanticipated events. |
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