NEW YORK, NY--(Marketwire - January 23, 2013) -
Immunovative, Inc. (OTCQB: IMUN
) ("IMUN" or "the Company") has today announced material information discovered in connection with its lawsuit against ITL. On January 16, 2013, the Company disclosed that it had filed a lawsuit against ITL in the United States District Court for the Southern District of New York following ITL's wrongful termination of a License Agreement between ITL, as licensor, and IMUN or the Company, as licensee. In connection with its prosecution of the lawsuit against ITL, the Company discovered material information about the personal and professional background of Dr. Michael Har-Noy, President and CEO of Immunovative Therapies, Ltd. ("ITL").
According to Seth Shaw, CEO of IMUN, "In particular, the Company has learned that Dr. Har-Noy was formerly known as Michael L. Gruenberg. Michael L. Gruenberg is a convicted felon. In 1990 a federal court in Minnesota convicted Mr. Gruenberg of wire fraud, securities fraud, and interstate transportation of checks obtained by fraud in connection with a scheme to inflate the reported instrument sales of a medical devices company named Endotronics, Inc. Mr. Gruenberg was sentenced to ten years imprisonment and remanded to the custody of the United States Bureau of Prisons. Subsequent to his release from prison, Mr. Gruenberg changed his name to Michael Har-Noy in California state court in 2006. The Company is continuing its investigation of ITL and Dr. Har-Noy."
Seth Shaw, CEO of IMUN, said, "Dr. Har-Noy's name change and criminal record were uncovered in connection with our lawsuit against ITL. We were surprised and disappointed to learn this information, which had never been disclosed to us by Dr. Har-Noy. We are taking steps to recover damages from ITL."
About Immunovative, Inc.:
On December 12th, 2011, Immunovative, Inc. signed an exclusive License Agreement (the "License Agreement") with Immunovative Therapies, Ltd. Under the terms of the License Agreement, IMUN has been granted an exclusive, worldwide license to commercialize any products covered under ITL's current issued and pending patent application portfolio, as well as the rights to any future patent applications, including improvements or modifications to the existing applications and any corresponding improvements or new versions of the existing products. On January 8, 2013, IMUN received a notice from ITL purporting to terminate the License Agreement. Please visit IMUN's website at www.imun.com.
Forward-Looking Statements: Except for statements of historical fact, this news release contains certain "forward-looking statements" as defined by the Private Securities Litigation Reform Act of 1995, including, without limitation expectations, beliefs, plans and objectives regarding the development, use and marketability of products. Such forward-looking statements are based on present circumstances and on IMUN's predictions with respect to events that have not occurred, that may not occur, or that may occur with different consequences and timing than those now assumed or anticipated. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, and are not guarantees of future performance or results and involve risks and uncertainties that could cause actual events or results to differ materially from the events or results expressed or implied by such forward-looking statements. Such factors include general economic and business conditions, the ability to successfully develop and market products, consumer and business consumption habits, the ability to fund operations and other factors over which IMUN has little or no control. Such forward-looking statements are made only as of the date of this release, and IMUN assumes no obligation to update forward-looking statements to reflect subsequent events or circumstances. Readers should not place undue reliance on these forward-looking statements. Risks, uncertainties and other factors are discussed in documents filed from time to time by IMUN with the Securities and Exchange Commission.