PODGORICA, MONTENEGRO--(Marketwired - February 10, 2014) - Neuro-Biotech Corp. (OTC Pink: MRES) announced today that it completed the acquisition of the Institute of Biomedical Research (the "Institute"), which is now a wholly-owned subsidiary of MRES. The Company's official website is now: www.institutebmr.com.
The Institute of Biomedical Research is an ambitious biomedical business venture whose activities extend from highly diversified scientific research and sophisticated services research and development, quality control and standardisation of pharmaceuticals, (cosmetics and food products) up to major long term biomedical and environmental research projects, as well as the development of new diagnostic technologies and innovative experimental medical treatments. Regulatory certification of new drugs and biomedical products also constitutes important business activities of the Institute. The Institute is essential for the development of Montenegro within the regional and European environment.
Dr. Drasko Pekovic, the new President of MRES, said, "This transaction is a large step forward in the development of the Institute, and we envision that it will be instrumental in our forward progress."
The transaction was achieved by the acquisition by MRES of all of the stock of the Institute in exchange for newly issued stock of MRES. The shareholders of the Institute, Dr. Drasko Pekovic and the Government of Montenegro, now hold majority control of MRES.
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