MDM Group, Inc. Advises of Legal Proceedings
DALLAS--(BUSINESS WIRE)--Jan. 4, 2000--MDM Group, Inc. (``company') (OTC BB:MDDME - news), today advises that the company has instructed its attorneys to commence legal proceedings to enforce its rights under certain agreements between Intermed Sciences, LLC., Incryss International, LLC. and Crystal Recovery Systems, Inc.
According to MDM Group, Crystal Recovery Systems, Inc. holds, on behalf of the company, a 50% interest in the world commercialization rights to certain cancer treatments developed by Dr. Richard Urban of Intermed Sciences, LLC. The company formally acquired these commercialization rights by agreement of Oct. 26, 1998, whereby the company was assigned the Crystal Recovery Systems' entitlement in Incryss International, LLC.
Following completion of a new laboratory facility in Colorado, funded by the company, and the equipping of that facility with the extensive company owned scientific equipment, Intermed Sciences and Incryss International have purported to cancel all agreements with the company, alleging default. The company vigorously denies this allegation and through its attorneys is in the process of issuing proceedings for re-instatement of the agreements together with a damages action against Dr. Richard Urban and Donald Green, both directors of Intermed Sciences and Incryss International.
The company also advises that it intends to be filing for full reporting status as soon as practically possible to achieve compliance with the current requirement of non-reporting Bulletin Board companies to remain listed on the OTC Bulletin Board.
NOTE: The information contained in this release, other than historical information, may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Projections and other forward-looking statements and management expectations regarding future events and/or financial performance of the company -- although given in good faith -- are inherently uncertain and actual events or results may differ materially.
For further inquiries, contact the Company at Tel: 972/633-8365. Fax: 972/633-2539 or see www.mddm.net. |
