CITA Biomedical to Acquire AltTPro; Acquisition will Provide Proven Treatments for Nicotine Dependence.Business Editors BEVERLY HILLS Beverly Hills, city (1990 pop. 31,971), Los Angeles co., S Calif., completely surrounded by the city of Los Angeles; inc. 1914. The largely residential city is home to many motion-picture and television personalities. , Calif.--(BUSINESS WIRE)--Nov. 13, 2001 CITA CITA Committee for the Implementation of Textile Agreements CITA Canadian Institute for Theoretical Astrophysics CITA Center for Information Technology Accommodation (US; now the GSA IT Accommodation Division) Biomedical bi·o·med·i·cal adj. 1. Of or relating to biomedicine. 2. Of, relating to, or involving biological, medical, and physical sciences. , Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :DTOX) a growing leader in the treatment of substance dependency, today announced that it has reached an agreement to acquire Alternative Tobacco Products, Inc. (AltTPro). The acquisition will expand CITA substance dependence treatments into treatment of nicotine dependence. The company anticipates the AltTPro's current nicotine treatments and tobacco alternatives will also have an immediate impact on revenues while opening up a potential $25 billion market for CITA. "We are elated at the prospect of expanding our innovative treatments for substance dependence," said Joseph V. Dunn, CITA Biomedical's chairman & 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. . "The addition of AltTPro will expand CITA's treatments from process-based into biopharmaceuticals, this fits well into both our current strategic direction as well as our plans for the future. Moreover, we have been hampered with limited operating capital and I strongly feel the addition of these new technologies will allow us to raise sufficient capital to move forward in these market places." Founded in 1985 and incorporated in 2000, AltTPro is a leading provider of innovative-patented proprietary treatment for nicotine dependence in the U.S. AltTPro currently offers CigArrest(R) and Smokers Choice(R) with over 3.5M users treated worldwide. The AltTPro products will continue to be sold through current channels as well as CubeCentral.com -- CITA's Web-based community portal. The portal was created to provide a host of products, support and services designed to aid addicts and recovering addicts, as well as family, friends and professionals, who may be affected by addiction and addiction recovery. "I believe that CITA will provide the best forum for continued development and delivery of new treatments for nicotine dependence," John Bancroft, AltTPro's president and CEO said. "I am very excited by the opportunity to join this successful, innovative provider of treatments for substance dependence. I think it is a marriage that will provide novel medications far into the future targeted to treat the most addictive substances, with AltTPro's initial focus on tobacco." Approximately one-third of the world's population over 15 years of age uses tobacco. According to the 1998 National Household Survey on Drug Abuse, an estimated 66 million Americans were current tobacco users. The treatment and medications market in the U.S. for nicotine dependence, including smoking and smokeless tobacco smokeless tobacco, n chewing tobacco (leaves) or tobacco powder (snuff) that allows the nicotine to be absorbed through the mucous membrane of the oral cavity or digestive tract. It is related to a high risk of oral cancer. , is estimated to be over a $5 Billion market. By factoring in the potential for products that can be used as alternatives to reduce tobacco's harm, the market could exceed $25 Billion. Subject to the satisfaction of certain conditions for the benefit of both companies, CITA and AltTPro expect the transaction to be concluded within 90 days. In the interim Bancroft will operate AltTPro as if the transaction has been completed. Both companies expect a quick and smooth transition. About AltTPro Alternative Tobacco Products, Inc. is a Biopharmaceutical Company founded to develop and market Over The Counter (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). ) and Prescription (Rx) medications and biohavioral therapies for the treatment of substance abuse, including nicotine and alcohol addictions and obsessive compulsive-disorders. AltTPro currently distributes its branded over the counter products via traditional retail distribution channels, consumer direct sales and e-commerce. For more information, visit www.alttpro.com. About CITA Biomedical CITA Biomedical, Inc., headquartered in Beverly Hills, Calif., focuses on the innovative treatment of addiction. The company holds the U.S. patent for its successful UROD UROD Ultra-Rapid Opiate Detoxification (R) (Ultra Rapid Opiate opiate /opi·ate/ (o´pe-it) 1. any drug derived from opium. 2. hypnotic (2). o·pi·ate n. 1. Detoxification Detoxification Definition Detoxification is one of the more widely used treatments and concepts in alternative medicine. It is based on the principle that illnesses can be caused by the accumulation of toxic substances (toxins) in the body. ) treatment method. UROD(R) is the only clinically tested and effective treatment method to rapidly detoxify de·tox·i·fy v. 1. To counteract or destroy the toxic properties of a substance. 2. To remove the effects of poison from something, such as the blood. 3. individuals addicted to opiate-based drugs, including heroin -- within four to six hours with few, if any, withdrawal symptoms Withdrawal symptoms A group of physical or mental symptoms that may occur when a person suddenly stops using a drug to which he or she has become dependent. . To date CITA has grown its business through internal expansion and now seeks compatible, competitive and complementing technologies and acquisitions to enhance its corporate portfolio. CITA Biomedical, Inc. has two operating divisions CITA Americas, Inc. and CubeCentral.com, Inc. For more information, visit www.citabio.com. This news release contains forward-looking statements regarding the company and its business. These forward-looking statements are based largely on the company's expectations and are subject to a number of risks and uncertainties, some of which are beyond the company's control. The company undertakes no obligation to publicly release the results of any revision to these forward-looking statements that may be made to reflect events or circumstances after the dates hereof or to reflect the occurrence of unanticipated events. |
|
||||||||||||

Printer friendly
Cite/link
Email
Feedback
Reader Opinion