Here is the news release.
Friday June 4, 7:00 am Eastern Time
Company Press Release
SOURCE: Current Technology Corporation
Current Technology Corporation Announces U.S. Licensing Agreement with
Renaissance Hair Centers, Inc.
VANCOUVER, British Columbia, June 4 /PRNewswire/ -- Current Technology
Corporation (OTC Bulletin Board: CRTCF - news; ''the Company'') has
reached an agreement with Renaissance Hair Centers, Inc.
(''Renaissance'') of Thousand Oaks, CA which, if consummated, will
result in the granting by the Company of an exclusive license for the
marketing and distribution of ETG (Electrotrichogenesis) in the United
States. Financial terms provide for the payment of a license fee of
US$1,000,000, payable US$500,000 on or before closing and US$500,000
upon receipt of regulatory approval from the US Food and Drug
Administration to market ETG. In addition, upon receipt of FDA approval,
the Company will earn a fully diluted fifty percent (50%) ownership
position in Renaissance for no additional consideration. Financial
responsibility for obtaining FDA approval will rest with Renaissance.
Under terms of an Exclusive License and Use Agreement dated August 28,
1987 (the ''1987 Agreement'') the Company acquired from 314613 B.C. Ltd.
(a company related by way of common directors) an exclusive license to
manufacture, market and distribute ETG technology worldwide. A condition
of the Renaissance transaction is that the Company have direct ownership
of the technology. To facilitate this condition, 314613 B.C. Ltd. has
agreed to sell to the Company the ETG technology including all worldwide
issued and pending intellectual property protection for C$200,000. This
payment is to be made in common shares of the Company. The price for
such shares is to be calculated on the Canadian equivalent of the
average trading range of the Company's shares on the OTC Bulletin Board
over the last 90 days, namely C$0.08. When issued, the 2,500,000 shares
will be subject to a statutory hold period.
Closing is estimated to take place on or about June 30, 1999. The
parties to the transaction believe closing will take place as
contemplated, however, the Company can not guarantee either if or when
such closing will occur.
Current Technology Corporation, a Canadian-based company, holds the
worldwide marketing rights to ETG (Electrotrichogenesis), a patented
electrotherapeutic device that provides a clinically proven medical
treatment for common baldness, in suitable candidates both male and
female. The Company is engaged in continuing research to expand the
indications for ETG. ETG treatments are presently available in ten
countries throughout the world.
SOURCE: Current Technology Corporation
------------------------------------------------------------------------
More Quotes and News:Current Technology Corp (OTC BB:CRTCF - news) |
