Commercialization Pact Rescinded.Business Editors/Health & Medical Writers HOUSTON--(BUSINESS WIRE)--Dec. 20, 2000 CytoGenix Inc. (CYGX) reports that the Commercialization Agreement between the Company and Quantum Bit quantum bit n. The smallest unit of information in a computer designed to manipulate or store information through effects predicted by quantum physics. Induction Technologies Inc. (QBIT) has been rescinded by unanimous mutual consent of the directors of both Houston-based companies. The decision was made to better enable each company to concentrate on its own distinct platform technology. QBIT is involved in the development of technologies based on quantum physics quantum physics n. (used with a sing. verb) The branch of physics that uses quantum theory to describe and predict the properties of a physical system. quantum physics See quantum mechanics. . CYGX is involved in the research, development and commercialization of single-stranded DNA DNA: see nucleic acid. DNA or deoxyribonucleic acid One of two types of nucleic acid (the other is RNA); a complex organic compound found in all living cells and many viruses. It is the chemical substance of genes. expression system technology. Michael Skillern, one of the founders of CYGX, who was instrumental in the company's early growth and development, is also the founder and president of QBIT. Earlier in the year, Skillern resigned his position as director of research for CYGX (See April 19, 2000 Press Release) to concentrate on the development of practical applications of quantum bit induction technologies. At that time, Jonathan F. Elliston, Ph.D., J.D. was appointed VP of research for CYGX in addition to his role as director of intellectual property and strategic planning Strategic planning is an organization's process of defining its strategy, or direction, and making decisions on allocating its resources to pursue this strategy, including its capital and people. . Under a separate agreement, all intellectual property rights relating to single-stranded DNA expression technology developed by Michael Skillern up to the rescission The abrogation of a contract, effective from its inception, thereby restoring the parties to the positions they would have occupied if no contract had ever been formed. By Agreement date remain with CYGX and a pending consulting arrangement is anticipated next year. Additional information about CytoGenix Inc. and its technology can be found on www.cytogenix.com or by calling Dell Gibson, Investor Relations Investor relations The process by which the corporation communicates with its investors. , 281/988-6118. Additional information about QBIT and its technology can be found on www.quantumbit.com. |
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