SAN ANTONIO--(BUSINESS WIRE)--On October 26, 2007, Aviation Upgrade Technologies, Inc. (OTC BB: AVUG.ob), and its newly-formed wholly-owned subsidiary, incorporated under the laws of the State of Delaware (“Newsub”) entered into a Merger Agreement (the “Merger Agreement”) with OncoVista, Inc., a Delaware corporation (“OncoVista”), which sets forth the terms and conditions of the merger of Newsub and OncoVista (the “Merger”), as a result of which the issued and outstanding common stock of OncoVista (the “OncoVista Common Stock”), shall be converted on a one-for-one basis into shares of common stock of the Aviation Upgrade (the “Aviation Common Stock”). The shares of Aviation Common Stock to be issued in the Merger shall represent approximately 95.8% of the issued and outstanding Aviation Common Stock giving effect to such issuance. The Merger is subject to the satisfaction of a number of conditions and is anticipated by the parties to close within approximately [15] days.
