Advanced Optics Electronics, Inc. Announces Advancements in Cancer Research Through 21% Stake and Investment in BioModa, Inc.
ALBUQUERQUE, N.M.--(BUSINESS WIRE)--Jan. 26, 2000--Advanced Optics Electronics (OTCBB:ADOT) announced today that BioModa Inc. has signed a mutual Letter of Intent to form a joint venture with the Cancer Center of Sun Yat Sen University of Medical Science in Guangzhou, China (SUMS/CC). Advanced Optics Electronics has identified and placed a strategic and high potential return investment in a privately held company, BioModa Inc. Advanced Optics Electronics is currently the largest shareholder, owning approximately 21 percent of BioModa Inc. BioModa is a privately held company which owns world wide exclusive rights to proprietary technologies for diagnosing and treating cancer. The biotech company presently holds patents pending domestically and internationally in the technology for early detection of lung cancer.
The joint venture will develop a China-wide cancer diagnostics business, consisting of multiple, full service diagnostic centers. These diagnostic centers will be wholly owned and operated by the joint venture. The business of the Centers will be to process patient specimens from "at risk" populations, utilizing BioModa*s patented, proprietary technology, for diagnosing cancer in several organs of the human body.
SUS/CC is the largest and most prestigious cancer center in China, which screens and treats nearly 300,000 patients per year. The Center is a World Health Organization, Research Affiliate and is also the Cancer Clinical Study Center for the Country of China.
The first test to be launched will be aimed at diagnosis of pre-cancerous and cancerous conditions of the lung. China has the highest level of smoking and lung cancer in the world. The test will target an "at risk" population of more than 500 million people Additional tests for cervix, bowel, bladder and prostrate will be introduced at rapid succession. The target population for these tests will be over 300 million people.
The parties have agreed to establish the structure to get the venture up and running as quickly as possible. Additionally, two separate Shanghai based investment firms have indicated their desire to provide seed capital for the Venture. All parties have agreed that BioModa will be the majority owner and managing partner of the joint venture.
ADOT is a developer of patented electronic display technology utilizing its proprietary SLM (Spatial Light Modulator) light valve. This industry-leading technology can be utilized in many diverse fields including the production of "television quality" advertising billboards, medical testing equipment, military displays, computer monitors and high definition video transmission. The Albuquerque, New Mexico based company maintains an R&D facility and manufacturing plant, where it is engaged in the development, production and sales of its novel and innovative flat panel displays utilizing ADOT's patented technology. Established in 1996, the Company's initial product, scheduled for delivery in mid 2000, is targeted at the outdoor advertising industry. Replacing static billboards, the cutting edge product will provide flat panel displays with crisp, flicker - free images. ADOT's turnkey package manages billboard graphics from a remote access terminal, enabling advertisers to sell billboard time, as they would radio or TV ads. The strategic investment in BioModa Inc. is a tremendous win for ADOT, and all those involved in ground breaking cancer research.
A complete corporate profile for Advanced Optics Electronics may be found at smallcapnewswire.com.
This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance and underlying assumptions, and all statements that are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, government regulation, and other risks defined in this document. These cautionary statements expressly qualify all such forward-looking statements made by or on behalf of Advanced Optics Electronics Inc. In addition, Advanced Optics Electronics and The Equitable Group, Inc. disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.
CONTACT: The Equitable Group Inc., Boca Raton, Fla.
B. Michael Friedman, 561/995-1482
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