All:
Here is news from Yahoo today!
This LOOKS LIKE good news, maybe, I think, kindof, etc..
Monday May 11, 8:23 am Eastern Time
Company Press Release
ImmuDyne Inc. Announces Dismissal of Involuntary
Bankruptcy Petition and Dismissal of Nevada Lawsuit
HOUSTON--(BW Healthwire)--May 11, 1998--ImmuDyne Inc. (''ImmuDyne'' or the ''Company'') announced that it has successfully defended against a further challenge to certain of its valuable license agreements in gaining the dismissal of an involuntary Chapter 7 bankruptcy petition filed against the Company by Mr. and Mrs. Byron Donzis and Carmel Research Inc.(Carmel). The petition, which was filed in the US Bankruptcy Court in Houston in the Southern District of Texas in December 1997, was dismissed by the Bankruptcy Court when it agreed with the Company's management that the petition was without merit. The Company believes that the petition was a further attempt by Carmel and Donzis to avoid the Summary Judgment Order entered by the 37th judicial Court in San Antonio reaffirming the enforceability of the Company's license agreements with Carmel. These license agreements provide the Company with the exclusive right to use important ingredients in several of the Company's products. As a result of the dismissal of the petition, the Company expects to seek recovery from Carmel and Donzis for the damages, cost, and expenses incurred by the Company as a result of the improper petition.
Dr. Leonid Ber, chief operating officer of the Company, stated, ''The management of ImmuDyne has always believed that ImmuDyne was never in a situation that merited the filing of an involuntary bankruptcy petition. This latest series of events further underscores the lengths to which Carmel and Donzis have gone to challenge the valuable rights of the Company. The Company is hopeful that Carmel and Donzis will comply with various court orders and allow the Company to refocus
management's efforts from defending meritless legal actions to improving the performance of the Company.''
In a separate matter, the Company announced that a lawsuit filed by Byron A. Donzis and Carmel Research Inc. on December 24, 1997 in the State of Nevada, attempting to circumvent the Summary Judgment Order and prevent ImmuDyne from benefiting from the results thereof, was dismissed on March 31, 1998.
Management pointed out that in a span of less than 12 months, Byron A. Donzis and/or Carmel has instituted 7 different legal actions or lawsuits against ImmuDyne. Dr. Leonid Ber, COO, stated ''In spite of all the legal actions filed by Mr. Donzis and related entities, ImmuDyne will remain focused on its number one priority of increasing revenues and profitability, thus enhancing shareholder value.''
''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., Houston
713/783-7034 |
