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To: StandFast who wrote (8573)	8/31/1999 3:26:00 PM
From: SSP	Read Replies (1) \| Respond to of 150070

BIPNE - old news with forward events - Allied and Bio-Preserve Announce Letter of Intent for the Development and Marketing of Bio-Preserve Perfusion Devices MONDAY, JUNE 28, 1999 2:45 PM - BusinessWire VANCOUVER, British Columbia and REDMOND, Wash., Jun 28, 1999 (BUSINESS WIRE via COMTEX) -- Allied Resources, Inc. (VSE:ALO) and Bio-Preserve International Corporation (OTC:BIPN) jointly announced a letter of intent to form a strategic alliance for the development and global distribution of Bio-Preserve's LifeSustainer(TM) 1000 and 2000 organ perfusion devices. Bio-Preserve International Corporation is engaged in the manufacture and sale of the LifeSustainer(TM) 1000, an advanced organ perfusion workstation. The Company is also developing the LifeSustainer(TM) 2000, an advanced human organ transporter to be used in clinical transplant applications. The LifeSustainer(TM) series bring together the diverse components used for isolated organ perfusion into compact, effective user-friendly devices. Such devices are used in biomedical research, to preserve human organs for transplant, and for therapeutic treatment of isolated organs. The company also provides organ preservation and perfusion research services on a contact basis to pharmaceutical and biotechnology companies interested in using isolated organs for drug discovery and other types of biomedical research. The non-binding letter of intent will lead to an exclusive distributorship/sub-licensing agreement granted to Allied for Europe, the Middle East and Africa with a non-exclusive worldwide distribution/sub-licensing agreement, excluding the United States, for the development, manufacture and sale of the LifeSustainer(TM) 1000 and LifeSustainer(TM) 2000 devices. Allied in turn will be responsible for funding regulatory compliance with the United States Food and Drug Administration (FDA) and European regulatory bodies responsible for granting the CE Mark. Allied has also agreed to fund BIPN in the amount of US$500,000 as convertible debt. The parties anticipate that the overall expenditure by Allied in furtherance of development and regulatory approvals will be approximately US$5,000,000. The distributorship agreement will provide for the payment of royalties to Bio-Preserve in the amount of 10% of gross sales, subject to reimbursement to Allied of expended development funds and loan amounts. The parties anticipate that Allied will form a subsidiary in Germany in order to implement European regulatory compliance and to build a research, development and manufacturing facility for the production of LifeSustainer(TM) perfusion devices in Germany for international markets. In addition, BIPN consultants will be retained by Allied to formulate a business plan that will present the perfusion technology for further consideration under government guaranteed loan programs. "Ruairidh Campbell" "Nicolas G. Loebel, PhD." Ruairidh Campbell Nicolas G.Loebel President, Allied Resources Inc. President, Bio-Preserve International Corporation Forward-Looking Statements The information set forth herein includes "forward-looking statements" as defined by Section 21B of the Securities Exchange Act of 1934, as amended, and is subject to the safe harbor provisions contained within that section. Certain factors could realistically cause results to differ materially from those projected herein, including but not limited to final acceptance by both parties to the sub-licensing agreements and all associated terms and conditions, the provision of required approvals by the United States Food & Drug Administration and other foreign regulatory and financial factors. Copyright (C) 1999 Business Wire. All rights reserved. -0- CONTACT: Allied Resources, Inc. Corporate Contact Ruairidh Campbell, President 604/687-6188 or Bio-Preserve Corporate Contact Nicolas G. Loebel, Ph.D., President 425/895-8335