SCOTTSDALE, ARIZONA--(MARKET WIRE)--May 19, 2008 -- Holmes Biopharma, Inc. (OTC BB:HLMB.OB - News) announces that its clinical research operations in Omaha, Nebraska have been disrupted due to a working capital deficiency. The Company's operating subsidiary has created a strategy to continue operations in Kiev, Ukraine and Toronto, Canada.
The Company has for several months been attempting to refinance its clinical research subsidiary. Additional funding is needed because of operating losses incurred during its start up period combined with increased overhead created by strong growth in sales. Weak equity and banking conditions worldwide have made this process difficult and there is no guarantee that a refinancing is possible in order to allow operations in Omaha to continue.
The Company will provide more information as it becomes available.
On behalf of the Board of Directors
John F. Metcalfe, President, CEO
Certain statements in this press release constitute "forward looking statements" within the meaning of the United States Securities Legislation. The Company's actual results could differ from those in the forward-looking statements. Do not construe this information as investment advice. This is not a solicitation to buy or sell securities. This does not purport to be a complete analysis of the Company. Investing in securities is speculative and carries a high degree of risk. Past performance does not guarantee future results. Readers should consult their own independent advisers with any investment, including any contemplated investment. All information contained in this press release should be independently investigated. This press release contains forward-looking statements. These remarks involve risks and uncertainties. Risks are not limited to quarterly fluctuations in results or the Company's management of growth and competition. Other risks are detailed in the Company's SEC filings. Actual results may differ materially from such information set forth herein.
Holmes Biopharma, Inc.
John F. Metcalfe
Source: Holmes Biopharma, Inc.