RENO, NV--(Marketwire - April 15, 2010) -
ChromoCure, Inc. (PINKSHEETS: KKUR
) -- The Company signed a Letter of Intent with Genome Research Group (GRG). Under the terms of the Agreement, ChromoCure will acquire and merge with GRG and combine the Company's operations and assets with all GRG Intellectual Property (IP) assets and operations.
The merger transaction is valued in excess of $25,000,000 and results in significant increases to shareholder equity and reductions in long-term liabilities. GRG management will assume control of the new entity. All current members of the ChromoCure Board and executive management will step down as part of the transaction. The Company intends to change its name to Genome Research Group to properly reflect its new operations. The ChromoCure brand will continue to be used to promote the Company's collaborative research initiatives.
Operations and assets include GRG's proprietary advanced therapeutic modeling protocols and algorithms utilizing hypothermic modulation and resonance. Included also is GRG's therapeutic results and findings, methodologies and proprietary knowledge in the non-toxic and non-invasive treatment of cancer.
GRG's advanced Therapeutic Modeling Protocols, together with ChromoCure's landmark Chromosomal Scanning Technology, further strengthens the Company's leadership in Cancer Detection, Therapy and Cure by providing on-demand, real-time cancer progression analysis to monitor and determine treatment efficacy; and puts new impetus to its groundbreaking Project Boveri: Finding the Cure.
The Company had recently announced a Technology Exchange and Collaboration Agreement with GRG, and through the initial integration phase, determined that joining forces and merging technology and operations would be of mutual benefit in advancement of their shared objective; as a focused Cancer Therapy and Cure Research & Development organization. The Company recently announced its accelerated Therapy and Cure initiatives through the launch of Project Boveri: Find the Cure; properly reflecting its pioneering role in cancer detection, therapy and cure; and its increased research programs and collaborations.
The Company will be conducting its due diligence and will advise in a timely fashion as to the progress of the completion of this Letter of Intent and the details regarding the transaction.
ChromoCure develops and provides proprietary cancer detection systems and related therapeutic technologies. The Company's proprietary CS200 Chromosomal Scanner has been proven accurate and efficient in the measurement of the unique genomic characteristic found in 100% of all cancers and never found in normal cells. The Company's detection technology has an effective accuracy of 100% for all cancers at all stages. The Company believes its technology will become the worldwide gold standard for cancer detection, progression measurement, and research for both therapy and cure. The Company also applies its technology and knowledge to cancer cure and therapeutics research.
This release contains statements or projections regarding future performance that is forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those projected as a result of certain risks and uncertainties. The company's filings contain various RISK FACTORS (and are incorporated herein by reference) and should be read before any investment decision.