ALBUQUERQUE, N.M.--(BUSINESS WIRE)--Oct. 22, 1999--Advanced
Optics Electronics Inc. (OTC BB:ADOT) holding of BioModa Inc. has
received from BioLabs Inc. a letter of intent to purchase 100 percent
of BioModa Inc. from its stockholders, on a share for share exchange.
The total value of the transaction would be in excess of $22
million. ADOT's approximate 20 percent holding in BioModa Inc. would
be exchanged for approximately an 8.5 percent interest in BioLabs Inc.
BioLabs Inc. is a Vancouver based biotechnology company
specializing in biodiagnostics and biotherapies. The company is
actively engaged in breast cancer detection and will be developing a
"kit" which will allow antibody based detection of mammastatin
protein. Full clinical trials for mammastatin are currently taking
place at the MD Anderson Center in Houston.
Advanced Optics Electronics Inc. also announced that a firm
display delivery date of January has been agreed upon with its
customer. This is entirely consistent with the client's planned
installation of the display during the first quarter of next year.
The Taiwan earthquake had interrupted all production and
communications at Teka Ltd. of Taipei, the supplier of ADOT's large
multi-color VGS controller interface. Mr. Kao of Teka has committed to
delivery in late November. Clemson University is providing electro
ceramic elements which enhance optical clarity and the operational
characteristics of the light valve shutter in large-scale displays.
The University of Central Florida is fabricating high voltage
field effect transmitters that enhance the brightness of large-scale
displays. Final assembly of these components and exhaustive testing
will occur at ADOT's Albuquerque facility prior to shipment.
In commenting on these developments, Mr. Robins stated, "While
the new display delivery schedule moves anticipated 1999 revenues into
next year, our BioModa Inc. transaction represents a significant
positive effect on our assets.
"Next year's display revenue should be excellent and we look
forward to our investment in WIZARD Technologies Inc. to begin to have
a salutary effect on business results."
Advanced Optics Electronics Inc. is a developer of patented
electronic display technology, utilizing ADOT's proprietary SLM
(Spatial Light Modulator) light valve.
This industry-leading technology can be utilized in many diverse
fields including the production of "television quality" advertising
billboards, medical testing equipment, military displays, computer
monitors and high definition video transmission.
In addition to the core business of ADOT, the company has
identified and placed a strategic and high potential return investment
in BioModa Inc. BioModa Inc. is a company that holds patents and
patents pending domestically and internationally in the technology for
early detection of lung cancer. ADOT currently holds approximately 20
percent of BioModa Inc.
This news release contains forward-looking statements with
respect to the results of operations and business of the company that
involves risk and uncertainties. The company's actual future results
could materially differ from those discussed.
Risks and uncertainties of the company will be detailed from time
to time in the company's periodic reports to be filed with the
Securities and Exchange Commission.
Contact Advanced Optics Electronics Inc. at 505/797-7878 or visit
their Web site at www.adot.org.
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