SHENZHEN, China, Dec. 22 /PRNewswire-FirstCall/ - Hard to Treat Diseases (HTDS; http://www.htdsmedical.com) would like to announce that it has an agreement in principle to sell its MindUp BioResearch division to a large modern herbal medicine company in China. The buyer, founded in 2004, focuses on production and manufacturing of premium herbs, herbal extracts and herbal preparations. Name of the buyer will be announced in a joint news announcement shortly, once all due diligence is completed.
MindUp BioResearch (mindupbioresearch.com) focuses on research of new therapeutics that would overcome the Cancer Cell Resistance in chemotherapy and also conducts research on identification of genes connected with lung cancer.
Terry Yuan, the CEO of HTDS, said, "We are trying to keep HTDS' core values in tact and selling off MindUp is one of the things we want to do. That was always our mandate from day one, when Slavica BioChem began developing the MindUp project. Our Slavica BioChem has done a wonderful job. They completely developed the MindUp project from scratch and created value in this project for all the shareholders. They continue with exciting medical developments for HTDS which will be announced in due time. This sale will accomplish several things. One is the return of values to our shareholders in a form of a onetime distribution. Secondly the distribution will require accounting in "streets name" whereby the excessive short position, or "oversold" positions, which we have been battling all year long; will be reined in or at least temporarily forcing shorts to cover, if nothing else.
Our intention was to acquire the EU stem cell bank, however, we have reason to believe that the constant stock bashing that HTDS received was a bit overwhelming for the targeted merger candidate. Understandably, some business owners are not prepared for abuse and the contestant derogatory remarks their hard work receives. As strange as it sounds these stock bashers have actually created an opportunity for HTDS where the real shareholders in HTDS can benefit and get the last laugh. As the EU stem cell bank merger candidate backs off, the cash component HTDS' receives from the sale of MindUp will allow management to develop its own stem cell bank laboratory. In other words, instead of issuing HTDS stock in a merger to the seller HTDS will create our own stem cell bank without any dilution to HTDS.
Mellow Hope in China will remain focused solely on vaccine production and distribution, or back to the 'lean and mean' machine; while Slavica BioChem will continue with their MS research. Slavica will also be in charge of development and launch of our own stem cell bank, something all HTDS shareholders can be proud to be a part of. We realize that stock bashers (or at least those supporting the oversold) will claim this is a bad deal and that selling off assets sounds like a bad decision, but we believe our shareholders will thank us when we are done reorganizing our business. HTDS reserves the right to use the funds to do a serious share buyback should the stem cell bank project not proceed as planed. With this sale, HTDS will have many options available at its disposal and the management is not ruling out any possibilities. HTDS priority is to restore the value of our share price to our shareholders.
Due to taxation laws both companies are working diligently to have the sale finalize before December 31, 2009.
The HTDS management feels that this is a material event that requires a public announcement.
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Information in this news release may contain statements about future expectations, plans, prospects or performance of Hard to Treat Diseases Inc. that constitute forward-looking statements for purposes of the Safe Harbor Provisions under the Private Securities Litigation Reform Act of 1995. The words or phrases "can be", "expects", "may affect", "believed", "estimate", "project" and similar words and phrases are intended to identify such forward-looking statements. Hard to Treat Diseases Inc. cautions you that any forward-looking information provided by or on behalf of Hard to Treat Diseases Inc. is not a guarantee of future performance. None of the information in this press release constitutes or is intended as an offer to sell securities or investment advice of any kind. Hard to Treat Diseases Inc.'s actual results may differ materially from those anticipated in such forward-looking statements as a result of various important factors, some of which are beyond Hard to Treat Diseases Inc.'s control. In addition to those discussed in Hard to Treat Diseases Inc.'s press releases, public filings, and statements by Hard to Treat Diseases Inc.'s management, including, but not limited to, Hard to Treat Diseases Inc.'s estimate of the sufficiency of its existing capital resources, Hard to Treat Diseases Inc.'s ability to raise additional capital to fund future operations, Hard to Treat Diseases Inc.'s ability to repay its existing indebtedness, the uncertainties involved in estimating market opportunities, and in identifying contracts which match Hard to Treat Diseases Inc.'s capability to be awarded contracts. All such forward-looking statements are current only as of the date on which such statements were made. Hard to Treat Diseases Inc. does not undertake any obligation to publicly update any forward-looking statement to reflect events or circumstances after the date on which any such statement is made or to reflect the occurrence of unanticipated events.
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SOURCE Hard to Treat Diseases
|SOURCE Hard to Treat Diseases|
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