(COMTEX) B: GenoMed, Inc. Finalizes Acquisition of Genomic Medicine, LLC
B: GenoMed, Inc. Finalizes Acquisition of Genomic Medicine, LLC
SARASOTA, Fla. & ST. LOUIS, Nov 29, 2001 (BUSINESS WIRE) -- GenoMed, Inc. ("the
Company" or "GenoMed") (Pink Sheets:GMED) today announced that the Company has
completed the acquisition of its wholly owned subsidiary, Genomic Medicine, LLC,
a St. Louis, Missouri based medical genomics biotechnology company.
Terms of the acquisition include a minimum investment of $2,000,000 up to a
maximum investment of $6,000,000 into Genomic Medicine during the initial 12
months, primarily based upon performance of the Company. The Company will
immediately issue 12.5 million shares of the Company's restricted common stock
to Genomic Medicine's sole shareholder. Additional terms include a multi-tiered
"earn-out" stock issuance provision where issuance of any of the "earn-out"
shares is contingent upon performance criteria by Genomic Medicine, such as: the
attainment of certain profit levels; acquisition of Genomic Medicine by a
biotech firm for a minimum of $100,000,000 in cash and/or stock; or listing of
the Company on the NASDAQ Small Cap or NASDAQ National Market Systems Exchange.
The Company anticipates that it will file a Form 10SB with the Securities and
Exchange Commission by January 2002. The acquisition agreement will be included
as an exhibit to the Form 10SB filing.
The Company's new President & Chief Executive Officer, Jerry E. White stated,
"We are very pleased for our shareholders to have completed this transaction
which we believe will be beneficial to existing and future stockholders of the
Company. We believe that we have acquired a company with exceptional scientific
skills and intellectual properties that hold great opportunities for our
Company's future."
For additional information please visit genomedics.com and/or contact
Craig Hall at (941) 366-6677 or email at chall@floridafunds.com.
CONTACT: GenoMed, Inc., Sarasota
Craig Hall, 941/366-6677
chall@floridafunds.com
genomedics.com
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