Replies to post #856 on Bankrupt and Distressed (BAD) Research and Due Dil

[eom7]

CBTEQ .035 - 8K

On December 30, 2011, the Registrant completed the sale of certain real property located in Chesterfield County, Virginia, with a street address of 601 Biotech Drive, Richmond, Virginia 23235 (the “Property”). The Property was purchased by Audaz Group, LLC (the “Buyer”). The consideration paid by the Buyer consisted of (i) payment of $3,685,000 in cash and (ii) the release (valued at $115,000) by Buyer and its affiliates American International Biotech, LLC and Bostwick Laboratories, Inc., of any and all claims against the Registrant.
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As of November 11, 2011, 12,660,504 shares of common stock, no par value per share, of the registrant were outstanding.

On November 10, 2011 the Bankruptcy Court gave approval for management to pursue a sale at auction. The auction is scheduled for December 5, 2011. The minimum bid price is $3,000,000. The Company plans to use the net proceeds from these asset sales to pay off all secured and unsecured creditors and to fund operations. Once the Company is a debt-free public shell, a merger with a private Company seeking access to the public financial markets will be pursued. This process is currently underway.