Abviva, Inc. (f/k/a Genesis Bioventures: OTCBB:GBIW) today announced
that it has entered into a Letter of Intent with the Receiver for
Efoora, Inc. appointed by the United States District Court For The
Northern District of Illinois Eastern Division (the "Court”)
to acquire all Prion Developmental Laboratories, ("PDL”)
stock owned by Efoora, Inc., PDL’s current
majority owner. The acquisition is subject to Abviva’s
due diligence, final approval by Abviva’s
Board of Directors and entry of an order approving the sale by the Court.
Genesis Bioventures, Inc. originally announced on July 25, 2006 that it
signed a Letter of Intent with PDL to acquire the assets of PDL. At the
time the Letter of Intent was signed the Company was a minority
shareholder of PDL. Two days later on July 27, 2006 the United States
Securities And Exchange Commission (the "SEC”)
contacted the Company and informed it that the Court had issued a Freeze
Order (S.E.C. vs. Efoora, Inc, et. al., No. 06 C 3526 (N.D. Ill., June
29, 2006)) on certain of the assets of Efoora, Inc. in conjunction with
the SEC’s actions against Efoora, Inc. The
Freeze Order also extended to certain of the assets of PDL.
The Company’s management and corporate
counsel, Richardson & Patel, LLP, immediately contacted the SEC and
initiated a dialogue regarding the potential acquisition of PDL. The SEC
filed a motion on June 20, 2007 to appoint a receiver (the "Receiver”)
for Efoora, Inc. The motion was approved by the Court. The Company and
the Receiver began discussions to negotiate the acquisition of the PDL
stock by the Company. Those discussions resulted in the Letter of Intent
signed by the Receiver and the Company, effective November 27, 2007.
"We are very pleased that the Receiver has
agreed to allow us to continue with the acquisition of PDL under the
terms and conditions we agreed to in the Letter of Intent,”
said Douglas C. Lane, Abviva President and CEO. "During
the last seventeen months since we learned of the asset freeze of PDL
and Efoora we have worked diligently to preserve PDL and its BSE (Mad
Cow Disease) Rapid Assay product opportunity. Though we were a minority
shareholder it was obvious to us that if we did not take the senior
support and management responsibility for PDL the company and our
substantial investments in the company and the products would be lost.”
The Company announced at its 2007 Annual Shareholder Meeting that the
Company intends to focus its business on breast cancer diagnostics and
therapeutics. The Company also stated that it will continue its
commitment to add value to the Company’s
substantial investments in PDL. The Company believes it is in the best
interest of the Company and the Company’s
investors and shareholders that it continues with the acquisition. Once
PDL is a majority owned stand-alone company the Company will have
several strategic alternatives available to it that management can use
to facilitate the Company’s focus on breast
cancer diagnostics and therapeutics that the Company believes will
further increase the Company’s value.
About Abviva, Inc.
Abviva is a biomedical company focused on the commercialization of its
owned and licensed assets for breast cancer diagnostics and for breast
cancer therapeutic development.
About Prion Developmental Laboratories
PDL is a biotechnology company that researches, develops and produces
advanced diagnostic and food safety monitoring tests for human and
animal diseases caused by prions. Abviva, Inc. has a significant
investment in PDL.
Statements in this press release that are not strictly historical
facts are "forward-looking" statements (identified by the words
"believe", "estimate", "project", "expect" or similar expressions)
within the meaning of the Private Securities Litigation Reform Act of
1995. These statements inherently involve risks and uncertainties that
could cause actual results to differ materially from the forward-looking
statements. Factors that would cause or contribute to such differences
include, but are not limited to, continued acceptance of the Company's
products and services in the marketplace, competitive factors, changes
in the regulatory environment, and other risks detailed in the Company's
periodic report filings with the Securities and Exchange Commission. The
statements in this press release are made as of today, based upon
information currently known to management, and the Company does not
undertake any obligation to publicly update or revise any
forward-looking statements.
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