Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Biotech / Medical : Paracelsian Inc (PRLN) -- Ignore unavailable to you. Want to Upgrade?

To: FreedomForAll who wrote (4326)	2/19/2001 1:14:08 PM
From: Jonathan Schonsheck	Read Replies (1) \| Respond to of 4342

Paracelsian Announces Decision Dismissing Suit ITHACA, N.Y., Feb. 19 /PRNewswire/ -- Paracelsian, Inc. (OTC Bulletin Board: PRLN - news) ITHACA, N.Y., announced today that the Hadyk, et al. V. John G. Babish, et a., case that was commenced in the New York State Supreme Court in June 1993 by certain persons against Paracelsian was dismissed. This case was commenced in New York State Supreme Court (Onondaga County) in June 1993 by certain persons, individually and doing business as In Vitro Bioanalytic Systems, against the Company, Dr. John G. Babish, a former officer and director of the Company, and Edward Heslop, a founding shareholder of the Company, primarily as an action for money damages and injunctive relief against the Company for alleged misappropriation of proprietary information and unfair competition. The plaintiffs alleged, among other things, that in 1990, prior to the Company's incorporation, a partnership had been formed with Messrs. Babish and Heslop to commercialize products that the Company was developing. By decision dated September 14, 1994, the Court dismissed certain of the plaintiffs' claims against the Company while permitting a claim alleging unfair competition to proceed. The Company had filed a motion for summary judgment, and a three-week trial had been scheduled to begin on March 26, 2001. ``The Company believed that the suit against it was without merit and was defending the case vigorously,'' said Dr. T. Colin Campbell, President & CEO of Paracelsian. ``We are pleased that the Court dismissed all claims against Paracelsian and its codefendants. We can now put this behind us, so that we can continue to focus our efforts on bringing our products and services to market in a timely manner,'' continued Dr. Campbell. Paracelsian's attorney Paul Wagner of Brown, Pinnisi & Michaels, stated this about the Court's dismissal of the case: ``We are very pleased that the Court not only exonerated Paracelsian of any wrongdoing, but also rejected the plaintiffs' fundamental premise that they had a property interest in the technology at issue in this case. Once that premise was properly removed, plaintiffs' entire case was without merit.'' Paracelsian is a unique biotechnology company with three primary areas of focus. Paracelsian develops technologies useful in the detection and monitoring of environmental contaminants such as dioxin. Second, Paracelsian develops functional bioassays, which are the basis of its BioFIT(TM) Quality Assurance program for herbs, botanicals and other dietary supplements. And finally, Paracelsian's Internet business leverages extensive relationships in China, along with expertise in nutritional science, to provide an exchange of unique health products and research services.