PHILADELPHIA, Sept. 22 /PRNewswire-FirstCall/ -- AVVAA World Health Care Products (BULLETIN BOARD: AVVW) , a global biotechnology company offering therapeutic, natural skin and health care products, announced that the Company has signed and finalized an agreement with a private London investment company for the purchase by the investment company US$1,177,970 of AVVAA common shares at $.46 per share, in exchange for shares of the investment company.
President and CEO of AVVAA Jack Farley said, "This investment will enable AVVAA to move quickly toward achieving our organizational and sales goals. AVVAA will swiftly establish the infrastructure and personnel which will be required to meet the anticipated high demands for product." Farley continues, "Research is our foundation, and Dr. Alden in Philadelphia, Pa., can now begin to firmly assemble top US medical advisors and research team to begin US clinical research into Neuroskin burn applications."
The investment company has entered into a "lock-up" agreement with AVVAA pursuant to which it has agreed not to trade the AVVAA shares it will receive as a result of this transaction for a period of one year from the closing date. The AVVAA has agreed to file a registration statement with the SEC allowing the public resale of the common shares by the investment company, commencing at the expiration of the "lock-up" period. In full payment for the shares of AVVAA Group, the investment company will issue to AVVAA USD $1,177,970 equivalent of its shares at a price per share, valued at One Pound Sterling.
Thirty percent of the investment company's shares will be held in escrow for one year following their issuance and in the event the per share market price of the AVVAA common stock at such time is less than the per share value of the AVVAA stock at the time of the closing, the investment company shall be entitled to receive out of escrow a percentage of the shares equal to the percentage of such decline. The remaining shares held in escrow shall be released to AVVAA at such time. The closing of this transaction is subject to certain contingencies, including the listing of the investment company shares on the London Stock Exchange on or before September 30, 2004.
About AVVAA World Health Care Products
AVVAA World Health Care Products is a global biotechnology company that specializes in effective, all natural, therapeutic skin care products that improve quality of life and well being for consumers. AVVAA's patented European skin care formulas are scientifically registered, FDA-Compliant, and were developed to relieve and treat the symptoms of common skin ailments, including: eczema, psoriasis and acne. AVVAA is poised to manufacture and market its O-T-C Neuroskin line of skin care products through mass, food and drug channels in the United States and globally.
For more information, visit: http://www.avvaa.com/ or http://www.otcfn.com/avvw.
Contact: Investor Relations: Merle Goertz (West Coast) Geoffrey Eiten (604) 688-2349 OTC Financial Network (781) 444-6100 x613
Safe Harbor: Statements contained in this press release that are not based upon current or historical fact are forward looking in nature. Such forward- looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from estimated results. Management cautions that all statements as to future results of operations are necessarily subject to risks, uncertainties, and events that may be beyond the control of AVVAA World Health Care Products, Inc. and no assurance can be given that such results will be achieved. Potential risks and uncertainties include but are not limited to the ability to procure, properly price, retain, and successfully complete projects, the availability of technical personnel, changes in technology, and competition.
AVVAA World Health Care ProductsCONTACT: Merle Goertz of AVVAA World Health Care Products,+1-604-688-2349; or Investor Relations: Geoffrey Eiten of OTC FinancialNetwork, +1-781-444-6100 ext. 613
Web site: http://www.avvaa.com/
