BASKING RIDGE, N.J., Oct. 25, 2006 (PRIMEZONE) -- Millennium Biotechnologies Group, Inc. (OTCBB:MBTG) announced today that it has entered into an Asset Purchase Agreement with RAC Nutrition Corporation, a newly formed company controlled by Aisling Capital II, LP in accordance with the previously announced letter of intent. Pursuant to the Asset Purchase Agreement, Millennium will exchange all of the assets used in Millennium's nutraceutical business to RAC Nutrition for shares of common stock of RAC Nutrition. The newly formed RAC Nutrition will be initially capitalized by the issuance to Aisling and other investors of $15 million in convertible preferred stock.
