Entest Biomedical, Inc. Signs Letter of Intent to Acquire Assets of Oregon-Based Veterinary Clinic
Published: Jul 25, 2011
SAN DIEGO, CA--(Marketwire - July 25, 2011) - Entest BioMedical Inc. (OTCQB: ENTB) (OTCBB: ENTB) announced that on July 19, 2011 a letter of intent (LOI) was executed to acquire substantially all of the assets of Oregon-based Titterington Veterinary Services, Inc. ("Titterington"). After reviewing Titterington's historical financials, Entest's management team believes this transaction could be worth $900,000 in annual revenue to Entest.
Entest's Chairman & CEO, David R. Koos, stated, "We are very excited at the prospect of adding Titterington as a second veterinary hospital to our distribution channels and revenue base. We find the operators of this animal medical center to be highly experienced veterinarians dedicated to the practice of quality veterinary medicine. With this potential relationship, Entest benefits by a dramatically increased near term revenue stream, expansion of its distribution channels for products in the Company's pipeline and the addition of another research center for veterinary biotechnology research. Titterington will benefit from Entest's aggressive business management team and will have the opportunity to participate in Entest's veterinary biotechnology research. In sum, we believe Titterington can become an important distribution channel for our products and services within the State of Oregon as well a source of substantial revenue for Entest."
Dr. Ron Titterington and Dr. Kathy Snell, owners of Titterington and principal veterinarians, said, "Both of us are excited to join forces with Entest. We believe this is a great opportunity for us to dramatically expand our business while freeing us up to focus on quality veterinary care. This will also provide the opportunity for us to be a part of cutting edge developments in veterinary medicine."
A spokesperson for Entest noted this transaction is subject to satisfactory completion of due diligence by Entest and the execution of one or more definitive agreements upon mutually acceptable terms and conditions.
This news release may contain forward-looking statements. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward-looking statements. The risks and uncertainties to which forward-looking statements are subject include, but are not limited to, the effect of government regulation, competition and other material risks.
Entest BioMedical Inc.
David R. Koos
Chairman & CEO
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