NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS
FOR: INTERUNION FINANCIAL CORPORATIONOTC Bulletin Board SYMBOL: IUFC
JUNE 7, 1999InterUnion Sells Platform Technology
PALM BEACH, FLORIDA--Georges Benarroch, President of InterUnion
Financial Corporation (OTC BB:IUFC), which through its subsidiary
Marbury Trading Corp. holds as collateral security all the assets
of Receptagen Ltd. (OTC BB:RCEPF/RGFL-Z), announced today that
Receptagen Ltd. has completed the sale to B Twelve Inc., a private
company based in West Palm Beach, Fla., the Vitamin B12 platform
technology it has developed through its wholly owned subsidiary,
Receptagen Corp., based in Edmonds, Wash.
As consideration for a selling price of US$2 million Receptagen
Ltd. has received common shares in B Twelve Inc. representing
approximately 70 percent ownership. To date B Twelve Inc. has been
successful in raising its seed capital requirements and is in the
process of acquiring further financing to develop its research
platform over the next two years.
Under the direction of Dr. Uri Sagman, a medical oncologist from
Toronto, Canada, with experience in basic and clinical research, B
Twelve Inc. has assembled a scientific research network and an
Advisory Board, to develop its products in association with
academic centres of excellence in the United States and Canada. B
Twelve Inc. will pursue worldwide development of proprietary
biological and chemical entities to induce apoptosis in the
treatment of cancer and other proliferative and autoimmune
diseases, such as rheumatoid arthritis. The Vitamin B12 platform
technology includes Receptor Blockers composed of monoclonal
antibodies and receptor modulators including bioconjugated
analogues of Vitamin B12 in addition to Apoptotic Peptides. Proof
of concept studies and pre-clinical studies to date have
demonstrated the efficacy of the technology in cancer and autoimmune diseases.
"Receptagen is now negotiating the sale of its remaining
technology related to the Coenzyme Q10 research platform," said
Warren Wheeler, President of Receptagen, who added, "We should
also be able to finalize the necessary documentation which will
allow our Company to sell its third and largest asset, namely its
tax loss carried forward in order to repay our outstanding debts
which total US$2,500,000 of which US$1,100,000 million is owed to
Marbury Trading Corp. by July 1999, US$650,000 to research
partners, and the balance, US$750,000 to trade creditors and
professional advisors."
InterUnion is a "business bank" which concentrates on two main
activities: investment banking as agent and principal directly or
through its broker/dealer subsidiary Credifinance and investment
management through InterUnion Asset Management, which manages
about $1 billion for individuals and institutions.
The information contained in this release includes forward-looking
statements that are subject to risks and uncertainties that could
cause actual results to differ materially, including the
uncertainties associated with the conduct of clinical trials.
Certain statements contained herein constitute forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Such forward-looking statements involve known
and unknown risks, uncertainties and other factors, which may
cause the actual results, performance or achievements of the
Company to be materially different from those expressed or
implied. Forward-looking statements involve risks and
uncertainties, including but not limited to, such risks as are
described in the Company's annual report. |
