Sangui BioTech Inc. announces definitive agreement to acquire controlling shares from Citadel Investment Systems Inc. of Colorado.SANTA ANA, Calif.--(BW HealthWire)--March 19, 1997--Sangui BioTech Inc. Wednesday announced that there is a definitive agreement reached for its shareholders to acquire majority controlling shares from Citadel Investment Systems Inc. of Colorado (NASDAQ/OTCBB:CIIS CIIS California Institute of Integral Studies CIIS Center for Integrated Intelligence Systems CIIS Controlled Items Inventory System CIIS Client Integration Implementation Service CIIS Compatibility, Interoperability, Integration and C4 Supportability ). The name of Citadel will be changed to Sangui BioTech, Colorado, Inc. and the common stock will continue to trade with the same symbol on the Bulletin Board OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). . Sangui BioTech was incorporated in the State of Delaware, on Aug. 2, 1996. In January 1997, it acquired two German companies as its wholly-owned subsidiaries; Sangui BioTech AG and GlukoMediTech AG. Sangui BioTech AG has been engaged in the research and development of a novel hemoglobin based blood substitute and additive, consisting of hyper-polymers. This blood additive could be used to cure chronic oxygen deficiency, the substitute, in conjunction with a plasma expander, has applications in the treatment of acute blood loss. GlukoMediTech AG has been developing a unique glucose implant sensor for monitoring Type I Diabetes Type I diabetes Also called juvenile diabetes. Type I diabetes typically begins early in life. Affected individuals have a primary insulin deficiency and must take insulin injections. Mentioned in: Diabetic Ketoacidosis Mellitus patients. Sangui BioTech AG is also developing an oxygen sensor based on a new concept of photoluminescence quenching quenching Rapid cooling, as by immersion in oil or water, of a metal object from the high temperature at which it is shaped. Quenching is usually done to maintain mechanical properties that would be lost with slow cooling. , in lieu of polarographic po·lar·og·ra·phy n. An electrochemical method of quantitative or qualitative analysis based on the relationship between an increasing current passing through the solution being analyzed and the increasing voltage used to produce the current. measurement. Both German subsidiaries have headquarters in Mainz, Germany, under the direction of Professor Wolfgang Barnikol, M.D., Ph.D., Chairman of Physiology and Patho-Physiology Department at the University of Mainz Medical School. The Diagnostic Division of Sangui BioTech in the United States is the business of development, manufacturing and marketing, through international distributors, niche in vitro immunodiagnostic immunodiagnostic pertaining to diagnosis by immune reactions. test kits. It has completed the development of two products, microalbumin for screening diabetic patients for the prevention of kidney failure and C-Reactive Protein which is a sensitive indicator and differential diagnostic adjunct for infection or inflammation. Through strategic alliance, the Diagnostic Division intends to introduce approximately eight niche products in the next 12 months. It is anticipated that the acquisition will be completed no later than the close of business day (PST PST Paroxysmal supraventricular tachycardia, see there ) of March 19, 1997. After the acquisition the headquarters for both companies, Citadel and Sangui, will be located at 1508 Brookhollow Drive, Suite 354, Santa Ana, Calif. 92705, U.S.A. For further information, contact John J. Kiang kiang: see ass. , (president and chief executive officer), phone: 714/429-7807, Facsimile: 714/429-7808, or Axel J. Kutscher, (director), in Germany at phone: 49-208-530-11, Facsimile: 49-208-509-21. CONTACT: Sangui BioTech Inc. John J. Kiang 714/429-7807 Fax: 714/429-7808 |
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