Steroidogenesis Files Suit Against Altachem Pharma
LAS VEGAS--(BW Healthwire)--Nov. 5, 1999--Steroidogenesis Inhibitors International, Inc. (OTCBB:STGI) announced that it has taken action against Altachem Pharma (ASE:AAF), the Canadian licensee, to block its interference in the business of STGI and its subsidary.
Steroidogenesis, Inc., the subsidiary, had an agreement with Altachem providing them with a license for the Canadian territory and the right to match any bona fide offer for the Commonwealth countries. Therefore, STGI, acting for its subsidary, gave notice to Altachem of the opportunity to match the Pashua Partners, Inc. ("Pashua") proposal to STGI, which had been previously announced.
The lawsuit alleges the following:
Altachem, in response, recognizing the tremendous value and potential of ANTICORT(TM), and their past failure to secure the world rights, acted in contrary to contract terms. Altachem then demanded they be given rights to the world wide license for ANTICORT(TM) and the right to match the entire Pashua proposal presented to STGI. However, in doing so Altachem counter-offered and presented their own deal terms, not matching terms, in fact acting totally in disregard for the terms and intent of the Pashua proposal.
Alfred T. Sapse, President of STGI commented, "STGI will take all appropriate action against any threats to protect its rights for which the STGI family has spent years of time and money to develop." At a meeting in Nevada at the Company headquarters, Altachem, confirmed their demands a second time. Sapse commented: "After review by three different law firms representing STGI, and the careful consideration of the facts, it is the attorney's opinion that Altachem's demands are without basis in law or fact, are contrary to any written document, and are intended to intimidate. Altachem, as a simple one territory licensee or distributor for STGI, has damaged the relationship and arrangements with Pashua." Thereupon, Altachem was served with a law suit filed by STGI against Altachem. The suit, filed in Las Vegas, Nevada, the hometown of STGI, is requesting declaratory relief, damages and the courts assistance against Altachem. Pashua has responded favorably to the action taken by STGI, for what is positioned as a potential funding of more than $10,000,000 for the benefit of ANTICORT(TM) and STGI. Follow-up news anticipated to be forthcoming this month.
NOTE: SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: THIS RELEASE CONTAINS FORWARD-LOOKING STATEMENTS THAT COULD DIFFER FROM ACTUAL RESULTS. THE STATEMENTS ARE SUBJECT TO RISK AND UNCERTAINTIES, INCLUDING, BUT NOT LIMITED TO, THE IMPACT OF COMPETITION, FLUCTUATIONS IN STOCK PRICE AND LIQUIDITY, FLUCTUATING OPERATING RESULTS AND OTHER RISKS DETAILED FROM TIME TO TIME IN THE COMPANY FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION.
STGI is pursuing the worldwide development and distribution of its drug, ANTICORT(TM), which is currently in the clinical trial process as an anticortisol, steroidogenesis inhibitor drug for the treatment of immune deficiency in AIDS/HIV+ and satellite open clinical trials are projected in the treatment of other diseases such as certain symptoms of Aging, Cancer and Depression.
CONTACT: STGI
Janet Greeson, Ph.D., 702/222-1988
or
Performance Strategies, Inc.
Messrs. Richard L. Brown/Chuck Jordan, 303/948-3601
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