Date: Mar 11, 2010
Xtend Medical Corp (PINK:XMDC, XMDC message board), started a long legal battle three days ago which sent the stock price straight down.
On Monday, Xtend announced that the company has filed legal complaint against U & I Bio-Tech Korea, U & I Bio-Tech California, as well as Mr. Sam Lee. The claim is for their failure to deliver all BioHarp-related assets acquired pursuant to the Asset Purchase Agreement signed on December 8, 2009.
Xtend Medical Corp (PINK:XMDC) is a Sun Valley, California based company. They supposedly are working on manufacturing and distributing telemedicine, telehealth solutions, and diagnostic devices for the healthcare industry worldwide.
From Xtend's website, it appears that the company's main product they are trying to get to the marketplace is called the BioHarp.
The hand-held diagnostic device BioHarp was created to detect inflammation on cellular level using nano-technology. According experts, the device can effectively scan the body and deliver a comprehensive report that can support the process of determining the proper course of treatment for patients in the early stages of potentially life threatening diseases. This all sounds grand, but so far the product is still in testing.
According the Asset Purchase Agreement from December 8th, 2009 between XMDC U & I Bio-Tech, Korea, U & I Bio-Tech, California, and Mr. Sam Lee, XMDC should acquire all BioHarp assets, which includes patents, software, hardware, intellectual property, marketing materials, and, in effect, everything that has to do with the BioHarp medical device. Xtend Medical Corp paid for the assets in an all stock purchase in the amount of over half a billion (541,853,832 to be precise) common shares of which 80% came from personal holdings of current management.
After unsuccessful attempts for requesting delivery of assets, the company filed a Complaint in order to achieve full compliance with the assets delivery. In a press release yesterday, Mr. Paul D. Lisenby, CEO of XTend Medical stated: "My resolve to insure the company moves forward has never wavered. We are progressing as fast as possible given the non-action by the other parties and we will expedite as humanly possible the development of the BioHarp and gain sales as soon as feasible given the current circumstances. "
Following the facts, it's a matter of time to see what the future of the company and BioHarp would be.
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