Printer Friendly

REGENEX ANNOUNCES FORMATION OF STRATEGIC JOINT VENTURE, AGREEMENT TO DEVELOP PROPRIETARY TECHNOLOGY AND FINANCIAL INVESTMENT

 DES PLAINES, Ill., Feb. 8 /PRNewswire/ -- Regenex, Inc. (NASDAQ: RGNX) of Des Plaines, Ill. today announces that it has entered into a joint venture agreement with Embrace Systems Corp. (NASDAQ: EMBR) of Angola, N.Y. The new venture will develop the proprietary technology of Regenex enabling the manufacture and production of specialty polymer products.
 The new company, the Polypet Corp., will supply Embrace, a potential customer for polyethylene terephthalate (PET), with specially developed polymers. Regenex has developed proprietary processes for converting scrap and post consumer PET into usable resin that can be used to manufacture Embrace's new fibrous organic insulation product, PUFFIBRE.
 A spokesperson for Regenex also announced that the company has reached a preliminary agreement that calls for a cash investment by a group of private investors for up to $1,000,000 as required by the company. These funds will be used by Regenex to assist in the implementation of the company's second major proprietary technology, the reclamation of used motor oil to produce high quality base oils and finished lubricants. Curtis Appel, the president of Regenex, noted that, "Our entry into the rapidly growing oil recycling market makes sense from both a profit and environmental point of view. I fully expect that over the next several years, the reclaiming of spent lubricants will be a significant source of revenue for the company."
 The joint venture agreement with Embrace also provides for Embrace to acquire an exclusive license for the Regenex PET technology and an exchange of securities valued in excess of $1,000,000. The agreement further provides for the election of one director from each company to the board of directors of the other company. The entire agreement is subject to the approval of the respective boards of directors of Embrace and Regenex and proper regulatory notification.
 Regenex, Inc.'s common stock is traded in the national-over-the- counter market (small cap) under the NASDAQ symbol, RGNX.
 -0- 2/8/93
 /CONTACT: Curtis Appel, president of Regenex, 708-803-0794/
 (RGNX)


CO: Regenex, Inc. ST: Illinois IN: SU: JVN

WB -- NY065 -- 4063 02/08/93 11:30 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Feb 8, 1993
Words:349
Previous Article:BORG-WARNER SECURITY ANNOUNCES FINANCIAL RESULTS
Next Article:FEDERAL HOME LOAN BANK OF PITTSBURGH ANNOUNCES BOARD ELECTIONS AND APPOINTMENTS
Topics:


Related Articles
REGENEX SHARES TO TRADE PURSUANT TO 1-TO-4 REVERSE STOCK SPLIT
fonix(TM) Strengthens Strategic Alliance Focus
ECD Announces Third Quarter Operating Results
Delsys to Form Drug Delivery Collaboration With Elan; Elan to Make $3 Million Equity Investment in Delsys
/FROM PR NEWSWIRE SAN FRANCISCO 415-543-7800/ TO BUSINESS AND TECHNOLOGY EDITORS:.
Sheffield Pharmaceuticals and Elan to Enter Into New Licensing Agreement.
iDigi Announces Strategic Relationships With The Rothschild Group and Arthur D. Little, Inc.
Texaco and Energy Conversion Devices, Inc. Form Fuel Cell Joint Venture.
Strategic motives for international joint venture formation in Ghana (1).
Diversa Announces Updated Financial Guidance for the Second Quarter.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters