TUSTIN, Calif., Sept. 25 /PRNewswire-FirstCall/ -- AMDL, Inc. , developer and marketer of tests for the early detection of cancer and other serious diseases, announced today that the acquisition of Jade Pharmaceuticals Inc. (JPI) and its two wholly owned China-based subsidiaries for an aggregate of 13,715,000 pre-reverse split shares of AMDL Common Stock is scheduled to close on September 28, 2006, immediately after the filing of a Certificate of Amendment to AMDL’s Certificate of Incorporation which will increase AMDL’s authorized Common Stock and reverse split the outstanding shares of Common Stock on a basis estimated to be between one-for-five and one-for-seven. The exact ratio of the reverse split will be determined on September 27, 2006 by AMDL’s Board of Directors. The stockholders approved these proposals at the meeting of stockholders held on September 8, 2006.
The closing of the acquisition and the reverse split are expected to enable AMDL to remain in compliance with the applicable listing standards for AMEX. AMDL’s stock will begin trading on AMEX on a split-adjusted basis on September 28, 2006. “We are delighted that the stockholders have overwhelmingly approved the acquisition of JPI. In anticipation of the closing, we are starting to implement the combined business strategy that encompasses the new vision for a U.S. and Asia-Pacific based company,” said Gary Dreher, AMDL CEO.
About AMDL
AMDL, Inc. , headquartered in Tustin, California, is a theranostics company, involved in the detection and treatment of the same disease, cancer. AMDL is the inventor, developer and worldwide marketer through exclusive distribution agreements of the DR-70(R) non-invasive cancer blood test, which has demonstrated its ability to detect the presence in humans of up to 14 cancers 84 percent of the time overall. In a study published in the Journal of Immunoassay (1998, vol. 19, pp 63-72) DR-70(R) was shown to detect at least 13 different types of cancer (lung, breast, stomach, liver, colon, rectal, ovarian, esophageal, cervical, trophoblastic, thyroid, malignant lymphoma, pancreatic) although the sample size for 9 of the cancers was not statistically significant. Clinical trials of DR-70(R) have been conducted in Canada, China, Germany, Taiwan and Turkey. DR-70(R) can detect many kinds of cancer using a single tube of blood, eliminating the need for costly, multiple tests. AMDL also owns a combination immunogene therapy technology that is a possible treatment for those already diagnosed with cancer and could eventually be used as a vaccine to protect patients known to be at risk because of a family history for certain types of cancer. The combination therapy both builds the body’s immune system and destroys cancer cells. More information about AMDL and its additional products can be obtained at www.amdl.com.
Forward-Looking Statements
The Company intends that the statements in this press release that are not historical constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21 of the Securities Exchange Act of 1934, as amended and are subject to numerous risks and uncertainties, including the risks (i) that the transaction described may not be completed when expected, or at all, (ii) the risk that the terms of the definitive acquisition agreements may materially differ from that disclosed herein, (iii) the risks related to the inability to obtain or meet conditions imposed for, governmental and other approvals of the transaction, including the approval by the stockholders of AMDL, (iv) risks related to the uncertainty surrounding the transaction and transactions of this type and (v) the costs related thereto. In addition, these forward-looking statements are subject to the other risks of AMDL’s business, including, but not limited to, (a) AMDL’s failure to complete successfully the development of new or enhanced products, (b) AMDL’s future capital needs, (c) the lack of market demand for any new or enhanced products that AMDL may develop, (d) the lack of market acceptance of AMDL’s products and its limited revenues to date, (e) the success of competitive products, other economic factors affecting AMDL and its markets, and (f) other risks detailed from time to time in the Company’s filings with the Securities and Exchange Commission. The actual results may differ materially from those contained in this press release. The Company disclaims any obligation to update any statements in this press release in the event of new circumstances or unanticipated events that may occur in the future.
Contact: AMDL, Inc. Gary L. Dreher President & CEO (714) 505-4460
AMDL, Inc.
CONTACT: Gary L. Dreher, President & CEO of AMDL, Inc., +1-714-505-4460
Web site: http://www.amdl.com/
