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SMMW - Summus Works, Inc. Announces LOI for Acquisition of BioPharmetics, Inc. Assets



Last Update: 10:10 AM ET Aug 9, 2007


DENVER, Colo., Aug 9, 2007 (PrimeNewswire via COMTEX) -- Summus Works, Inc. (Pink Sheets:SMMW) announced the Company has signed a letter of intent to acquire the total assets of BioPharmetics, Inc. (Pink Sheets:BPMT). Some or all of the management of BioPharmetics, Inc. will be elected to the Board of Directors of the Company upon closing.
Three subsidiary divisions of BioPharmetics, Inc. provide quality durable medical equipment, diabetic supplies, and health, beauty, and anti-aging products to customer in the U.S., Canada, and over 23 countries throughout the world. The largest -- the pharmaceutical division -- distributes medical equipment and diabetes supplies, and dispenses physician-prescribed medications through its pharmacy partners. Additionally, the division works closely with a dealer network of health care companies and managed care facilities to provide superior pricing and customer support for Medicare, Medi-Cal, Medicaid and private insurance reimbursement programs.
The Biotechnology division is available for clients wanting to manufacture and test potential prescription medications and assist to facilitate the necessary FDA clinical trials in order to gain approval. The cosmetic division manages the distribution of the TOMA line of cosmetics as well as private label manufacturing for companies seeking to enter the market place with their own formulations and ideas. BioPharmetics, Inc. was founded in 2005 and is headquartered in Sun Valley, CA.
The acquisition remains subject to the execution of definitive agreements and the approval of the Company's Board of Directors. The closing date and further information will be released publicly. For more information visit http://www.biopharmetics.com.
The Summus Works, Inc. logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=4093
This release includes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties including, but not limited to, the impact of competitive products, the ability to meet customer demand, the ability to manage growth, acquisitions of technology, equipment, or human resources, the effect of economic and business conditions, and the ability to attract and retain skilled personnel. The Company is not obligated to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.
This news release was distributed by PrimeNewswire, www.primenewswire.com