Here is some old notes from some IMMB reasearch I did in February 2013 (please note these are my words from February 2013):
The history of the CEO, Harry Zhabilov
Harry Zhabilov joined IMMB on December 12, 2008 when International Technology Systems, Inc. merged with Immunotech Laboratories, Inc. Immunotech Laboratories Inc received 40,000,0000 shares in the share exchange. Immunotech Laboratories Inc was an entity controlled by Harry Zhabilov, Ara Ghanime, and several anonymous business entities (Solidere Holdings, LLC, Lord George Equities, LLC, La Meridien Investment Group, LLC, Dubai Securities Investments, LLC, Milan Investment Group, LLC, Diamond Investment, LLC, and BRA Investment Group, LLC).
On January 30, 2009, Harry Zhabilov and Ara Ghanime received another 20,000,000 shares for the licensing of the patent underlying the IPF treatment for HIV/AIDS. This gave Harry Zhabilov and Ara Ghanime 60,000,000 shares and 98% ownership (at the time) of the IMMB stock.
Prior to starting Immunotech Laboratories Inc, Harry Zhabilov worked for publicly traded Viral Genetics Inc (VRAL) [now known as VG Life Sciences Inc (VGLS)]. Prior to 2003, Harry Zhabilov Sr. (father of Harry Zhabilov) was one of the founders of Viral Genetics Inc (VRAL) and the head researcher leading the studies into TNP-based treatments for HIV/AIDS. In 2003, Harry Zhabilov Sr. died. The only one that allegedly knew how the process worked was Harry Zhabilov Jr and so he was hired by Viral Genetics Inc to continue his father's research.
According to court records, Zhabilov helped to set up some very ugly toxic financing agreements through associates of ex-Chicago Bear, Richard Dent. VRAL also contested that Zhabilov conspired against VRAL towards the end ignoring his researching duties and helping Timothy & Thomas LLC (T&T) to attempt a bankruptcy plot against VRAL after Zhabilov decided he was going to leave VRAL.
"In early 2003, Richard Dent, former football player for the National Football League’s Chicago Bears, introduced an unidentified person at VGI to attorney Timothy Wright. On April 3, 2003, VGI and Wright entered into a consulting engagement agreement under which Wright agreed to, among other things, advise VGI regarding potential financing alternatives and assist VGI to develop strategic partnerships."
"During a trip to Africa in June of 2003 to promote VGI’s product, Wright introduced unspecified VGI officers to Thomas Little, a principal of a large American demolition company who appears to have been vacationing in Africa at the time. In October of 2003, Little agreed to loan $200,000 to VGI in the form of a convertible debenture, which is a debt instrument that can be converted into stock at the option of the holder or the issuer."
"On April 11, 2004, Wright told Keledjian that he intended to form a partnership with Little for the purpose of acquiring the distribution rights to VGV-1 in Africa from VGI. At approximately the same time, Little asked VGI to repay his $200,000 loan. According to VGI, it had no choice but to agree to the give up the distribution rights because it did not have funds to repay the loan."
"On May 7, 2004, T&T and VGI signed an agreement memorializing their discussions regarding the sale of the distribution rights for VGV-1 in Africa, T&T agreed to fund up to $2,000,000 of VGSA’s activities in Africa and to devote a portion of the $2,000,000 to “assure completion of the Clinical Trials provided the total cost of Clinical Trials shall not exceed $1,200,000.”"
"The clinical trial in Africa did not proceed smoothly. First, the entity responsible for recruiting participants (the parties’ use of the passive voice makes it impossible to ascertain who was responsible, but the parties generally appear to be casting blame for the recruitment issues on each other) experienced problems getting people to sign up to participate in the trial. Monica Ord, a consultant hired by VGI, opined that Wright did not exacerbate the recruitment problems."
"VGI claims that the T&T Parties intended to force it into bankruptcy so they could acquire VGI’s assets at a bargain price. VGI does not specify when the T&T Parties hatched this alleged plot, but the earliest materials it cites in support date from January of 2006. The T&T Parties deny that they formulated a plan to drive VGI into bankruptcy."
"VGI also appears to be contending that as part of the alleged plot, the T&T Parties and Zhabilov, Jr. had discussions in 2005 about Zhabilov, Jr. working for T&T after his contract with VGI expired. According to VGI, following these discussions, Zhabilov, Jr. stopped performing his duties at VGI and thus failed to identify the mechanism of action for VGV-1, refused to provide information necessary for registration in Africa, and provided the T&T Parties with a list of VGI’s creditors to assist the T&T Parties’ purported plan to push VGI into bankruptcy."
"In March of 2006, the T&T Parties demanded that VGI repay $500,992.93 and threatened legal action if VGI failed to do so. VGI paid the full amount. The parties disagree as to whether this amount exceeded the amount of VGI’s debt to the T&T Parties. The T&T Parties were aware that demanding repayment could be financially harmful to VGI, as if VGI did not pay, it might be forced into bankruptcy and if it did pay, the T&T Parties could still file suit."
"To pay off the $500,992.93, VGI obtained $3 million in so-called death spiral financing from HPC Capital, with the potential for an additional $2 million.4 HRC Capital received shares of VGI’s stock each month to repay the loan. The number of the shares was based on the prior month’s stock price, so if the stock value declined, HRC Capital received a higher number of shares. According to VGI, its stock declined in value during 2006 and 2007, but it paid off the loan by August of 2009."
"In addition, at some point in the second half of 2006, VGI entered into a joint venture with the University of Colorado. Under the joint venture, the University obtained an interest in VGI and the University and its scientists agreed to study VGI’s HIV/AIDS drugs. At about this time, VGI also decided to stop attempting to develop drug products derived from TNP. Approximately two months later, VGI decided to terminate Zhabilov Jr."
"VGI also asserts that it is entitled to damages for lost opportunities caused by the regulatory delays. According to Capizzano, T&T and Zhabilov Jr. were engaged in duplicitous conduct that delayed necessary studies about characterization, mechanism of action, and dosing. Capizzano testified that the cost of this to VGI was “significant""
"In any event, setting aside the computation problem, it appears that Zhabilov Jr. – not Wright – provided confidential information to T&T about VGI’s creditors."
"The aiding and abetting claim appears to be based on actions by T&T, Little, Wright, and Zhabilov Jr."
It was during the discovery phases of the lawsuit filed with Timothy & Thomas LLC (T&T) that VRAL discovered Harry Zhabilov's role, which led to a separate lawsuit filed by VRAL against Harry Zhabilov for breach of employment agreement, breach of the covenant of good faith and fair dealing, negligence, fraud and wrongful possession of property and disclosing proprietary information to a competitor and aided in a conspiracy to bankrupt the company. https://www.leagle.com/decision/incaco20101026010.xml
"In March 2012, Immunotech Laboratories, Inc. and collectively the Zhabilov Group, entered into a binding Release and Settlement Agreement with Viral Genetics Inc. and collectively the Viral Group and its principals that was approved by the court. The Settlement ends the almost 5-year-old lawsuit between the parties, dismissing all claims without admission of liability by any party.
The Company’s HIV/AIDS technology and the Zhabilov Group’s cancer therapeutics and detection technology intellectual property portfolio have grown considerably in these last five years. As a result, both the Company and the Zhabilov Group are now free to pursue possible partnerships and joint ventures at a much higher level that better reflect the value of the work.
According to its President and Chief Science Officer, Harry Zhabilov, “with this arduous and time-consuming process behind, Immunotech Laboratories, Inc. is now completely free to focus on the development of new drug candidates”."
But according to VGLS, the outcome was not as favorable as Harry Zhabilov wanted his IMMB shareholders to believe:
"On February 9, 2012, Viral Genetics Inc entered into a Settlement Agreement and Mutual Release of Claims with Harry H. Zhabilov and related parties (“Zhabilov Parties”) effectively ending litigation and outstanding claims and complaints brought by them against us, and vice versa. As part of this settlement, the Zhabilov Parties agreed to return to the Company all shares, ownership interests, royalties and other value in the Company, its technology, and related entities, including 6,460,401 Company common shares that have been returned to date. In addition, we entered into a Non- License Commission Agreement with some of the Zhabilov Parties that will pay us a commission on any sales of a product currently being developed by them; and, similarly, we agreed to pay to the Zhabilov Parties a commission on any sales of a product based on an older patent of our which we are not currently developing or expecting any revenue from."
So, in Harry Zhabilov we have an individual that has proven to be untrustworthy in the past, has a history of plotting and scheming against his fellow employees and superiors, has worked hand in hand with toxic debt financiers, and has a tendency to bend the truth. To be completely honest I could find no verifiable proof that Harry Zhabilov has really achieved anything significant with his research. He seems to be living in the shadow of his daddy playing the part for PR purposes only.
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