LAM Industries Formerly LAM Pharmaceutical Corporation Announces the Acquisitions of Viorra Bio Medical and Ixora Bio Medical, Provides Corporate Update on Products and Initiatives
Published: Dec 18, 2009
TORONTO, ONTARIO--(Marketwire - December 18, 2009) - LAM Industries Inc. (PINK SHEETS: LAIC) ("LAM") announces the acquisitions of Viorra Bio Medical Inc.,(a Toronto, Ontario based company) and Ixora Bio Medical Company Inc. (a Delaware based company), provides corporate update as stated in its recently filed 15c-211 disclosure documents and updated financial statements posted on pinksheets.com
In March of 2009 LAM changed its name from LAM Pharmaceuticals Corp. to LAM Industries Inc. Subsequent to these acquisitions, LAM has appointed Mr. John Easton to the position of Chairman to the Board of Directors. Mr. Easton, 65, is an accomplished entrepreneur who has been at the forefront and assisted in the successful fundraising and launching of several companies in various industries including the pharmaceutical industry. In addition Mr. Easton has been involved in the real estate industry over the past 25 years having lead various successful multi-million dollar real estate projects.
As a result of its acquisitions, LAM Industries has initiated a change in corporate name to Easton Pharmaceuticals Inc. This process could include the application for and issuance of a new CUSIP number and stock trading symbol, which could take up to 30 days to complete.
Easton Pharmaceuticals maintains a portfolio of commercial and under development products utilizing the "VDM" technology. Easton Pharmaceuticals current strategic focus is the final commercialization and launch of its flagship product, Viorra, an over-the-counter aid for the treatment of FSAD (Female Sexual Arousal Disorder). Viorra is a topical, daily use product containing Generally Regarded as Safe substances as classified by the FDA. Easton Pharmaceuticals has created a comprehensive business and marketing strategy for Viorra, which the Company believes requires no further development and is currently ready for marketing and sale in a number of markets.
In mid 2008 LAM suspended any further research, development and commercialization efforts for products based on its previously owned and patented L.A.M. IPM™ technology. This asset was the basis of LAM's IPM Wound Gel and delivery system, and other related LAM products. In 2008 LAM's prior Board of Directors reviewed strategic alternatives, related to the L.A.M. IPM™ intellectual property and its IPM Wound Gel product portfolio, including but not limited to the sale, licensing, abandonment and future product development. Subsequently in late 2008, LAM divested itself of the L.A.M. IPM™ and its patented IPM Wound Gel technologies, and concurrently entered into "negotiations" to acquire the assets and know-how of Ixora Bio Medical Company Inc. ("IXORA") and Viorra Bio Medical Inc. ("VBMI") together with the VDM technologies and other assets. These acquisitions by LAM replaced the L.A.M. IPM™ delivery system in favor of the acquired Viorra Proprietary Delivery technology "VDM". "The Company believes the VDM delivery system can provide superior efficacy for the successful commercialization of the company's pipeline of development products including, but not limited to Viorra, a topical aid in Female sexual arousal disorder FSAD" stated John Easton, Chairman of Easton Pharmaceuticals.
Walter Folinski, President of LAM Industries commented, "We are extremely pleased to have closed the acquisitions of Viorra and Ixora which was a prolonged process due to the restructuring the company was required to complete as a condition to closing. The company believes the acquisition of the VDM technology along with various other applications and additional products will prove to be extremely valuable and could result in strong demand for its products." Mr. Folinski, further commented, "We are additionally pleased to have acquired the services of Mr. John Easton in his position as Chairman to assist the company in building and fulfilling its corporate objectives. His business experience, knowledge of the pharmaceutical industry and his network of highly respected industry leaders to support our product portfolio will prove to be extremely constructive and of great assistance to the company. Mr. Easton will be instrumental in the appointment of additional directors and officers, soon to be announced."
Safe Harbor Statement
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (The "Act"). In particular, when used in the preceding discussion, the words "pleased," "plan," "confident that," "believe," "expect," or "intend to," and similar conditional expressions are intended to identify forward looking statements within the meaning of the Act and are subject to the safe harbor created by the Act. Such statements are subject to certain risks and uncertainties and actual results could differ materially from those expressed in any of the forward-looking statements. Such risks and uncertainties include, but are not limited to, general economic conditions, inherent mining risks, market conditions, competitive factors, the ability to successfully complete additional financings and other risks described in the Company's filings and website.
LAM Industries Inc.