NEW HAVEN, CT--(Marketwire - March 14, 2013) - Immunovative Inc. (OTCQB: IMUN) or ("the Company") today announced the signing of a non-binding Memorandum of Understanding ("MOU") with Hamden, Connecticut based Marvanal Inc. ("Marvanal") to acquire the exclusive marketing rights within the State of New York for Marvanal's Lactose-Free dairy product line, currently under development.
Marvanal's food protein based concentration technology focuses on the elimination of fat from dairy products, thereby lowering the caloric content without compromising any nutritional benefits. The technological premise underlying Marvanal's Lactose-Free dairy product line is defined as the following: the specific formula and system to both hydrate and de-lactate multi viscosity dairy products with the ability to adjust the protein content of cheese.
The exclusive marketing rights will include all future intellectual property relating to the potential development of new or enhanced Marvanal product lines. In exchange for these exclusive rights, Marvanal will receive a 5% equity stake in the Company and net revenue royalties equal to 10% derived from future commercialization of Marvanal products sold in New York.
Commenting on the MOU, IMUN's CEO Seth M. Shaw commented, "The possibility of the Company owning the exclusive rights to market Marvanal's dairy product line in New York represents a compelling business opportunity for the Company and its shareholders. This novel approach utilized by Marvanal's food protein technology has the potential to provide consumers with a fat free, low calorie alternative for common dairy products. A number of prospective target markets have already been identified for these products and both management teams will work diligently towards the signing of a definitive agreement and the shared goal of a commercial product launch during the summer of 2013."
Marvanal President Mr. Alex L. Bozzi IV expressed, "We are very excited about the possibility of establishing this business relationship with the Company with the goal to commercialize our highly beneficial dairy products. We are extremely impressed with the Company's management team and are eager to take the next step and enter into a definitive agreement."
Once both companies complete due diligence to each company's respective satisfaction, the parties expect to negotiate and enter into definitive agreement.
About Immunovative Inc.
Immunovative's focus is to evaluate potential opportunities in the biotechnology and/or medical device industry, however it will consider other potential business sectors if deemed in the best interest of shareholders. Additionally on March 4, 2013, the Company announced that it filed for a name and symbol change, such that the Company has changed its name to Tauriga Sciences Inc. and is awaiting its new trading symbol.
About Marvanal Inc.
Founded in 2007, Marvanal Inc. is headquartered in Hamden, Connecticut and operates as a food protein based technology company focused on the elimination of fat from dairy products, thereby lowering the calories without sacrificing any nutritional benefits. Marvanal's main product lines include but are not limited to, the following foods: raviolis, manicotti, enchiladas, and macaroni & cheese. Marvanal is in the process of securing intellectual property and is working diligently to launch its commercial dairy product lines by the summer of 2013.
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.