NorStar Completes Due Diligence for Receptogen.Business Editors/Health & Medical Writers FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--Dec. 17, 2002 NorStar Group, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :NSTG NSTG Nuclear Science and Technology Group (University of Nevada - Las Vegas) ) announced today that it has completed its due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. for the acquisition of Receptogen. Upon the completion of the acquisition of Receptogen this will be the first step in NorStar's expansion from an Internet-based technology company to a company whose consortium will include a biotech company seeking to develop and market medicinal compounds for veterinary and human use. NorStar is positioning itself to be a diversified and well-managed holding company whose objective is to enhance and increase shareholder value by identifying and acquiring businesses, which have excellent potential for strong growth and high profitability. "NorStar is thrilled to be moving in the direction of the exciting field of biotechnological medicine," said C.E.O. Jay Sanet, "Receptogen has an exciting opportunity to optimize several drug candidates with their lead product being RPI-78. The drug has potent antiviral properties and it has been successful at inhibiting a wide range of significant viruses. The Company believes that RPI-78 will first receive approval from the FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. for the treatment of Rabies rabies (rā`bēz, ră`–) or hydrophobia (hī'drəfō`bēə), acute viral infection of the central nervous system in dogs, foxes, raccoons, skunks, bats, and other animals, and in ." According to NorStar's research, the World Health Organization has stated that 10 million people worldwide are treated for rabies exposure each year. Annually, over 50,000 people die from Rabies each year in India alone. In the United States, an estimated 40,000 people undergo treatment for rabies at an average cost of $1,650. Accordingly, it is calculated that as much as $40,000,000 and $92,000,000 is spent each year in the United States. With 10 million people globally being vaccinated following exposure to potentially rabid animals a global market estimate of over $1,000,000,000 is estimated. Sanet went on to say: "Receptogen's drug could prove to be useful in the treatment of family pets that may have been exposed to Rabies. Companion pets are like family members and the loss of any companion pet can be devastating dev·as·tate tr.v. dev·as·tat·ed, dev·as·tat·ing, dev·as·tates 1. To lay waste; destroy. 2. To overwhelm; confound; stun: was devastated by the rude remark. , especially to Rabies. I, for one, personally know the pain that is associated with losing a family companion pet, and I'm very hopeful that upon the completion of the acquisition the Company will evaluate the viability of drugs similar to RPI-78 in the treatment of pets that have been exposed to Rabies." According to the Pet Food Institute, (in 2001), more than 52% of the American population had companion dogs and cats, and according to the Center for Disease Control pet cats are the animal most likely to have Rabies in the United States. About Receptogen: RECEPTOGEN, a developmental stage, bio-pharmaceutical company established to develop proprietary therapeutic proteins for the treatment of several chronic, life-threatening viral, auto-immune and neuro-degenerative disorders, specifically including Rabies, HIV HIV (Human Immunodeficiency Virus), either of two closely related retroviruses that invade T-helper lymphocytes and are responsible for AIDS. There are two types of HIV: HIV-1 and HIV-2. HIV-1 is responsible for the vast majority of AIDS in the United States. , Post-Polio Syndrome post-po·li·o syndrome n. A condition occurring most often in individuals who contracted severe cases of polio before age 10 and characterized by fatigue, exhaustion, muscle weakness, painful joints, and occasionally difficult breathing. and Myasthenia gravis myasthenia gravis (mīəsthē`nēə grä`vĭs), chronic disorder of the muscles characterized by weakness and a tendency to tire easily. (MG). About NorStar: NorStar Group, Inc., (OTCBB:NSTG) is Ft. Lauderdale, Florida, based and is positioning itself to be a diversified and well-managed holding company whose objective is to enhance and increase shareholder value by identifying and acquiring businesses, which have excellent potential for strong growth and high profitability. 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. : Certain statements contained in this press release, including but not limited to information regarding the future economic performance and financial condition of the Company, the plans and objectives of the Company's management and the Company's assumptions regarding such performance and plans, are forward-looking in nature. Many factors and conditions could cause actual results to differ from the forward-looking information contained in this public announcement. |
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