Cell Tech International Incorporated Announces Settlement of Oregon Freeze Dry Litigation.Business Editors KLAMATH FALLS, Ore.--(BUSINESS WIRE)--Dec. 31, 2002 Cell Tech International Incorporated (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). :EFLI EFLI Earth Fault Loop Impedance ), a manufacturer and marketer of nutritional supplements Nutritional Supplements Definition Nutritional supplements include vitamins, minerals, herbs, meal supplements, sports nutrition products, natural food supplements, and other related products used to boost the nutritional content of the diet. and functional food products, today announced that it has entered into agreements with Oregon Freeze Dry, Inc. ("OFD OFD Orofaciodigital Syndrome OFD Orthogonal Frequency Division OFD Oregon Freeze Dry, Inc. OFD One Fine Day OFD Originally From Dorchester OFD Out For Delivery OFD Omurilik Felclileri Dernegi (Turkey) OFD Optimum Free Distance ") to settle all 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. between the parties. Cell Tech issued a note to OFD in the principal amount of $1,885,917, which is payable in equal installments of $50,000 for freeze drying freeze drying, n the freezing of heat-sensitive liquid materials in a vacuum to preserve the characteristics of the substrate and remove the volume of water or liquid by sublimation. services in 1996 and 1997. The parties also entered into a ten-year contract for OFD to be the sole provider of freeze drying services for Cell Tech's blue-green algae products. Marta C. Carpenter, Cell Tech's President 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. stated, "OFD has been very supportive in difficult circumstances and we are glad to get this behind us, and look forward to a continuing business relationship with them." Cell Tech International Incorporated is engaged in the development, production and distribution of food products made with blue-green algae harvested from Upper Klamath Lake Upper Klamath Lake A lake of south-central Oregon east of Medford. It is in a popular resort area. , Oregon. Cell Tech uses a multi-level distributor network throughout the United States and Canada to distribute its five categories of products that include daily health maintenance, digestive health, defensive health, powdered drinks and snacks and animal and plant food. Forward-looking statements in this release are made pursuant to the safe harbor provisions of the federal securities laws. Forward-looking statements are subject to certain risks, trends, and uncertainties that are difficult to predict. Many factors, including the following, could cause actual results to vary materially from anticipated results: market acceptance of our marketing and merchandising concepts, changes in market conditions, demand for and market acceptance of new and existing products, availability and development of raw materials and new products, increased competition, failure to attain satisfactory outside financing, adverse weather conditions at Upper Klamath Lake and other risks listed from time to time in Cell Tech's filings with the Securities and Exchange Commission or otherwise disclosed by Cell Tech, including those set forth in Cell Tech's Annual Report on Form 10-K for the year ended December 31, 2001. Although Cell Tech believes that the expectations reflected in the forward-looking statements are reasonable, neither future results, performance or achievement can be guaranteed. Cell Tech undertakes no obligation to revise or publicly release the results of any revisions to these forward-looking statements. |
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