ChromoCure Signs LOI With Genome Research Group to Merge and Acquire All IP Assets in Transaction Valued Over $25,000,000
April 15 2010 - 7:30AM
Marketwired
ChromoCure, Inc. (PINKSHEETS: KKUR) -- The Company signed a Letter
of Intent with Genome Research Group (GRG). Under the terms of the
Agreement, ChromoCure will acquire and merge with GRG and combine
the Company's operations and assets with all GRG Intellectual
Property (IP) assets and operations.
The merger transaction is valued in excess of $25,000,000 and
results in significant increases to shareholder equity and
reductions in long-term liabilities. GRG management will assume
control of the new entity. All current members of the ChromoCure
Board and executive management will step down as part of the
transaction. The Company intends to change its name to Genome
Research Group to properly reflect its new operations. The
ChromoCure brand will continue to be used to promote the Company's
collaborative research initiatives.
Operations and assets include GRG's proprietary advanced
therapeutic modeling protocols and algorithms utilizing hypothermic
modulation and resonance. Included also is GRG's therapeutic
results and findings, methodologies and proprietary knowledge in
the non-toxic and non-invasive treatment of cancer.
GRG's advanced Therapeutic Modeling Protocols, together with
ChromoCure's landmark Chromosomal Scanning Technology, further
strengthens the Company's leadership in Cancer Detection, Therapy
and Cure by providing on-demand, real-time cancer progression
analysis to monitor and determine treatment efficacy; and puts new
impetus to its groundbreaking Project Boveri: Finding the Cure.
The Company had recently announced a Technology Exchange and
Collaboration Agreement with GRG, and through the initial
integration phase, determined that joining forces and merging
technology and operations would be of mutual benefit in advancement
of their shared objective; as a focused Cancer Therapy and Cure
Research & Development organization. The Company recently
announced its accelerated Therapy and Cure initiatives through the
launch of Project Boveri: Find the Cure; properly reflecting its
pioneering role in cancer detection, therapy and cure; and its
increased research programs and collaborations.
The Company will be conducting its due diligence and will advise
in a timely fashion as to the progress of the completion of this
Letter of Intent and the details regarding the transaction.
About ChromoCure
ChromoCure develops and provides proprietary cancer detection
systems and related therapeutic technologies. The Company's
proprietary CS200 Chromosomal Scanner has been proven accurate and
efficient in the measurement of the unique genomic characteristic
found in 100% of all cancers and never found in normal cells. The
Company's detection technology has an effective accuracy of 100%
for all cancers at all stages. The Company believes its technology
will become the worldwide gold standard for cancer detection,
progression measurement, and research for both therapy and cure.
The Company also applies its technology and knowledge to cancer
cure and therapeutics research.
Safe-Harbor Statement
This release contains statements or projections regarding future
performance that is forward-looking statements as defined in the
Private Securities Litigation Reform Act of 1995. Actual results
may differ materially from those projected as a result of certain
risks and uncertainties. The company's filings contain various RISK
FACTORS (and are incorporated herein by reference) and should be
read before any investment decision.
ChromoCure, Inc. www.ChromoCure.com info@chromocure.com Tel
1.775.636.6548
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