MDM Group Reports Progress
December 31 2007 - 9:43AM
Marketwired
VANCOUVER, BC advises that following a difficult year in which
the Company's interests were specifically and deliberately excluded
from participating in a Rights Issue in Sun Biomedical Limited
(formerly Harrington Group) the Company has re-aligned its business
interests.
Following the divesting of its interest in Sun Biomedical, MDM
Group is continuing with its core business interest in the ongoing
development opportunities with certain bio-defense and
pharmaceutical product candidates in projects led by Dr Ed Stephen,
Dr Aldar Bourinbaiar and Dr Allen Bain.
Further, in consideration of payment of AUD$500,000 the Company
acquired five million shares and five million options in Zodiac
Capital Limited, an investment banking group associated with Peter
Boonen the Company's President and with Dr Allen Bain, also a
director of MDM Group. Zodiac Capital is now listed on the National
Stock Exchange in Australia following capital raisings totalling
AUD$3,500,000. At current market value this Zodiac Capital
shareholding is valued at approximately AUD$1,000,000.
MDM Group, through its Zodiac Capital interest, and for a
nominal consideration, has also acquired five million shares in
Colossal Mining Limited which is preparing for a AUD$20 million
capital raising and listing on the Australian Stock Exchange in
March 2008. Colossal Mining has contracted to acquire extensive
iron sand deposits in the Philippines with the potential to yield
in excess of a target 1.75 billion tons of iron ore. At the
expected Colossal Mining IPO price the MDM Group interest is
expected to be valued at approximately AUD$1,000,000.
Finally, through its Zodiac Capital shareholding, MDM Group
expects to achieve further strategic shareholdings in planned
future public companies to be listed through Zodiac Capital. MDM
Group President Peter Boonen is the Managing Director of Zodiac
Capital, Dr Allen Bain is a Director of both Companies and Zodiac
Capital is chaired by Mr Robin Armstrong the Executive Director of
Corporate at Findlay Securities Limited, a top 15 stockbroking
business in Australia that averages over AUD$2 Billion a month in
share transaction turnover.
Safe Harbor Statement
The information in this release, other than historical
information, may be considered forward-looking statements within
the provisions of the Private Securities Litigation Reform Act of
1995. Projections and other forward-looking statements and
management expectations regarding future events and/or financial
performance of the Company -- although given in good faith -- are
inherently uncertain and actual events and/or results may differ
materially.
For further information Contact: Dr Allen Bain 650-241-1888
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