Wednesday January 14, 1:23 pm Eastern Time
Company Press Release
ImmuDyne Inc. Announces Results of Annual Meeting, First Quarter Results, Resignation of Director, New
Marketing Agreement and Legal Action by Donzis/Carmel
HOUSTON--(BW HealthWire)--Jan. 14, 1997--ImmuDyne, Inc. (''ImmuDyne'' or the ''Company''), announced that the following five directors were elected by a
majority of shareholders at the recent annual shareholders meeting: Robert Nakamura, M.D., Linda Marshall, James D. Wood, John Joshua, and Leonid Ber, M.D. At a
Board meeting held subsequent to the annual meeting, Robert Nakamura, M.D. was elected Chairman of the Board and Leonid Ber, M.D. was elected Secretary to serve
for the ensuing year.
The Company also announced unaudited results for the first quarter ending November 30, 1997. Revenues for the quarter were $378,656, as compared to $873,379 for
the quarter ending November 30, 1996. During the quarter ended 11/30/97, the Company had an actual loss of $60,279, as compared to a net loss of $215,762 for the
same period of the prior year. Total operating expenses decreased to $309,116 for the quarter ended 11/30/97, down from $687,209 for the same period last year. A
settlement of past legal fees in connection with the San Antonio litigation, resulted in an extraordinary gain of $583,645. This resulted in net income of $530,446 or $.03
per share for the quarter. Management expects to continue the path of strong expense control.
James D. Wood has announced his resignation from the Board of Directors effective December 18, 1997. Wood cited his previously announced notice to retire and his
recent relocation to Spain as the basis for his resignation from the Board. His position on the Board of Directors will be left vacant until the current Board of Directors
appoints someone the stand until the next annual stockholders meeting.
In a separate matter, the Company announced that it has entered into a marketing agreement with McLaughlin International, Inc. (''McLaughlin''). McLaughlin
specializes in helping companies in marketing proprietary products and technologies. This new arrangement provides the Company with the necessary funds to embark
upon a marketing effort previously unattainable and places the Company in a stronger position to exploit its technology and products in the marketplace. Dr. Leonid Ber,
COO, of the Company stated ''The Company is very satisfied to have gotten such a strong vote of confidence from the McLaughlin organization and I believe this
strategic alliance places the Company on a more solid foundation going forward.''
In another separate matter, the Company announced that it had received notice that Mr. and Mrs. Byron Donzis (both former employees) and Carmel Research, Inc.
(an entity strongly associated with Mr. Donzis) have filed an involuntary petition against the Company under Chapter 7 of the Bankruptcy Code. Management believes
the involuntary petition to be frivolous and without merit. The Company does not believe the involuntary petition satisfies the requirements of 11 U.S.C. 303, and the
Company intends to vigorously oppose the filing. The Company will seek damages (including punitive damages) and any costs and fees incurred as a result of the filing.
Management believes the involuntary petition was filed in bad faith and is further evidence of an orchestrated continued harassment by Mr. Donzis and Carmel.
Management believes the involuntary petition is merely another attempt by Mr. Donzis and Carmel to collaterally attack and/or avoid the Summary Judgment entered by
the 37th District Court in San Antonio, Texas. Dr. Leonid Ber, COO, stated ''I feel that ImmuDyne's position is quite sound. I would encourage any current or potential
shareholder to take the time to read the court ordered Summary Judgment to come to a better understanding of the facts.''
''Safe Harbor'' Statement under the Private Securities Litigation Reform Act of 1995. The statements which are not facts contained in the release are forward-looking
statements that involve risks and uncertainties, some of which are outside the Company's control, and accordingly, actual results may differ materially. Factors that
might cause such a difference include, but are not limited to, implementation of the Company's strategies, the impact of competitive and industry developments, the
results of research and development efforts by the Company, product development by the Company and customer acceptance of the Company's products and services.
ImmuDyne is a Texas based company specializing in macrophage technology and immune systems stimulants for cosmetic, human nutritional and aquacultural use.
The common stock of ImmuDyne is traded on the OTC Bulletin Board under the symbol IMMD. For investment information, contact the Company at 713/783-7034.
Contact:
Immudyne, Inc.
713/783-7034 |
