Immunovative Inc. Announces Settlement Agreement With Immunovative Therapies, Ltd.
Published: Mar 04, 2013
NEW YORK, NY--(Marketwire - March 01, 2013) - Immunovative, Inc. (OTCQB: IMUN) ("Immunovative"), Immunovative Therapies, Ltd. ("ITL"), and Dr. Michael Har-Noy, CEO of ITL, announce today that they have reached an amicable resolution of their dispute over ITL's License Agreement with Immunovative. Immunovative has voluntarily dismissed its lawsuit against ITL, Immunovative Clinical Research, Inc., Immunovative (Thailand) Co., Ltd. and Dr. Har-Noy, which was pending in the U.S. District Court for the Southern District of New York. Immunovative did not contest the validity of Dr. Har-Noy's scientific research and the technology underlying the License Agreement in its lawsuit. As part of this resolution, the parties agree that the License Agreement is terminated. Immunovative will also change its name and stock symbol to reflect its ongoing business.
About Immunovative, Inc.:
On February 20, 2013, Immunovative, Inc. filed a Form 8K to notify shareholder that the Company entered into a Settlement Agreement and Release with ITL (the "Settlement Agreement"). The Settlement Agreement resolves all claims brought by the Company against ITL. The Company's current focus is to evaluate potential opportunities in the biotechnology and/or medical device industry, however the Company will consider other potential sectors if deemed in the best interest of shareholders.
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.
For more information please contact:
Mr. Seth M. Shaw
Chairman & Chief Executive Officer
New York: +1-917-796-9926
Email: Email Contact