FROI .40/.45. Mergrr Play. Newz Out Today.
New CEO big on taking Flipping Start-Upz,, looks
like he's here for 1 thing nnn 1 thing only: Sell FROI
to a Big Pharma..
Pyro Pharmaceuticals Chairman and CEO, Alan M. Schechter, is Slated to Lead the Combined Fero Industries and Pyro
Thursday 10/15/2009 9:30 AM ET - Businesswire
Fero Industries, Inc. (OTCBB: FROI) (the "Company") is pleased to announce that Alan M. Schechter, Chairman and CEO of Pyro Pharmaceuticals, Inc. ("Pyro") is slated to be appointed as the Company's Chairman and CEO upon the closing of the proposed transaction contemplated by the Definitive Share Exchange Agreement between the two companies. Mr. Schechter is an entrepreneur with a 30 year track record in medical devices and biotechnology. He has raised over $40 million and participated in over $250 million in mergers and acquisitions. In addition, he has orchestrated acquisitions and joint ventures with large, publicly traded medical device and biotechnology companies. Mr. Schechter has been the CEO of six previous companies, four start-ups, and two turnarounds.
The Definitive Share Exchange Agreement provides for the exchange of Pyro's capital stock for shares of the Company's common stock, with Fero remaining as the parent entity and Pyro becoming a subsidiary. It is anticipated that a final closing will occur upon completion of Pyro's audited financial statements and will be subject to certain terms and conditions as set forth in the Definitive Share Exchange Agreement. Mr. Schechter's appointment is subject to and conditional upon the final closing of the transaction. Complete details of the transaction will be in the attachment to the Company's filing on Form 8-K as filed with the Securities and Exchange Commission.
"Pyro's mission is clear and concise," commented Mr. Schechter. "Our goal is to develop a new class of antibiotics, and Pyro's portfolio of drug target patents forms the basis of these potential new antibiotics. With a world-class management team and Scientific Advisory Board directing the activities, Pyro is poised to capitalize on the need for new antibiotics to supplant the dwindling arsenal of drugs that are effective against the most resistant bacterial infections."
The World Health Organization has warned that "the level of resistance to drugs used to treat common infectious diseases is reaching a crisis point and, if action [is] not taken soon, we must anticipate a return to the pre-antibiotic era with the entire population facing a 'superbug' catastrophe for which no effective treatment exists."
About Pyro Pharmaceuticals
Pyro Pharmaceuticals, Inc. is developing therapeutics against multi-drug resistant infectious microorganisms or "Super Bugs." Pyro's focus is on diseases in which antibiotic resistance has become a significant issue. Pyro's plan is to develop a new class of antibiotics for a wide variety of pathogenic microorganisms, especially those that have exhibited multiple drug resistance. Antibiotic resistance is a growing public health concern worldwide. According to the Center for Disease Control ("CDC"), antibiotic drug resistance has significantly increased mortality rates, making infectious disease the third largest cause of death in the United States. Drug resistance has also increased the cost of health care delivery. Examples of the types of bacteria that have become resistant to antibiotics include the species that cause skin infections, meningitis, sexually transmitted diseases, respiratory tract infections such as pneumonia and tuberculosis, and multi-drug resistant Staphylococcus aureus (MRSA).
Certain statements in this press release that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by the use of words such as "anticipate," "believe," "expect," "future," "may," "will," "would," "should," "plan," "projected," "intend," and similar expressions. Such forward-looking statements, involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Fero Industries, Inc. (the Company) to be materially different from those expressed or implied by such forward-looking statements. The Company's future operating results are dependent upon many factors, including but not limited to the Company's ability to: (i) obtain sufficient capital or a strategic business arrangement to fund its expansion plans; (ii) build the management and human resources and infrastructure necessary to support the growth of its business; (iii) competitive factors and developments beyond the Company's control; and (iv) other risk factors discussed in the Company's periodic filings with the Securities and Exchange Commission, which are available for review at www.sec.gov under "Search for Company Filings.".
For more information visit Pyro's website at www.pyropharmaceuticals.com or contact Michael Irving at Interactive Resources Group, Inc. at 1-866-998-9669 Ext.150
SOURCE: Fero Industries, Inc.
For Fero Industries, Inc.
Interactive Resources Group, Inc.
Michael Irving, 1-866-998-9669 Ext.150
