EpiPharma Receives Notice to Extinguish Letter of Intent
Friday April 1, 4:30 pm ET
SCOTTSDALE, Ariz.--(BUSINESS WIRE)--April 1, 2005--EpiPharma Inc. ("EpiPharma") (Pink Sheets: EPHM - News) has received notice that its letter of intent to acquire Aidan Products, L.L.C. ("Aidan") and its option to purchase 25% of ITL Laboratories, L.L.C. ("ITL") has been extinguished. The transaction to acquire Aidan and the investment in ITL was subject to the execution of mutually acceptable purchase agreements, financing and customary closing conditions, including the receipt of necessary approvals by third parties which could not be finalized in a mutually agreeable manner and in a mutually agreeable time period.
"Since the beginning of this proposed deal, EpiPharma has been diligently pursuing a number of structures to finance this transaction," stated Neil Reithinger, president of EpiPharma. "While the prospects for EpiPharma to explore acquisitions to enhance shareholder value remain positive, this transaction has absorbed much valuable time necessary to further implement our acquisition plans with other companies. We believe that our responsibility to our shareholders to move EpiPharma forward in a more predictable and certain direction is of vital importance."
Reithinger continued by stating, "In the process of trying to close these transactions, we were not able to pursue other deals that were presented to us. Now that we are not moving forward on the acquisition of Aidan and the investment in ITL, we are free to take advantage of some of these other opportunities that are available to EpiPharma. We will aggressively pursue these opportunities, and I am confident we will succeed in building shareholder value."
About EpiPharma
EpiPharma Inc. focuses on the development, production and acquisition of complex nutraceuticals and other novel technologies for therapeutic applications in the healthcare field. Contact EpiPharma Inc. at 800-519-2037 or for more information visit www.epipharma.com.
This press release may contain forward-looking statements, made in reliance upon Section 21D of the Exchange Act of 1934, which involve known and unknown risks, uncertainties or other factors that could cause actual results to differ materially from the results, performance, or expectations implied by these forward-looking statements. The issuer's expectations among other things are dependent upon general economic conditions, continued demand for its products, the availability of raw materials, retention of its key management and operating personnel, as well as other uncontrollable or unknown factors.
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Contact:
EpiPharma Inc., Scottsdale
Neil Reithinger, 800-519-2037
nreithinger@bywd.com
or
I.R. International Consultants Inc.
Sandy Rossen, 516-816-2563
srossen@ir-pr.com
It's not having what you want, but wanting what you've got -Cheryl Crow
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