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Gold/Mining/Energy : Nuvo Research Inc

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From: axial2/7/2005 8:33:59 AM
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Dimethaid reaches agreements with creditors

Dimethaid Research Inc (TSX:DMX)
Shares Issued 97,821,092
Last Close 2/4/2005 $0.40
Monday February 07 2005 - News Release

Mr. John London reports

DIMETHAID SETTLES OUTSTANDING OBLIGATIONS OF SUBSIDIARY DIMETHAID INTERNATIONAL INC.

Dimethaid Research Inc. has settled outstanding obligations of its wholly owned subsidiary, Dimethaid International Inc., as part of its continuing corporate restructuring. Agreements have been reached with creditors of Dimethaid International to accept approximately $625,000 in full and final settlement of obligations totalling approximately $4.2-million. The claims that have been settled include those of the company's former United Kingdom sales and marketing partners, Provalis Healthcare Ltd. and In2Focus Sales Development Services Ltd.

"These arrangements are part of our ongoing restructuring to ensure we have the financial strength to take advantage of current market opportunities for Pennsaid and continue to develop new applications for our two drug technology platforms," said John London, Dimethaid's vice-chairman.

© 2005 Canjex Publishing Ltd.
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