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Gold/Mining/Energy : Current Technology -- Ignore unavailable to you. Want to Upgrade?

To: IKE who wrote (74)	6/4/1999 10:29:00 AM
From: IKE	Read Replies (1) \| Respond to of 79

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)