LAS VEGAS, Nov. 9, 2007 (PRIME NEWSWIRE) -- LAS VEGAS November 9, 2007--Samaritan Pharmaceuticals, Inc. (AMEX:LIV) announces that on October 16, 2007, Samaritan announced that it received $8.6 million payment under a commercialization agreement with Pharmaplaz for its HIV Drug. Samaritan received the payment of the $8,600,000 by check which has been returned for insufficient funds. Upon notice of the returned check, Pharmaplaz assured Samaritan they have every intention of making the check good and wire transferred $750,000 into the account of Samaritan as a demonstration of good faith. Pharmaplaz has stated they have short term liquidity challenges and has given Samaritan reasonable assurances that the balance will be forthcoming. To date, under the commercialization agreement with Pharmaplaz, the amount of funds received from Pharmaplaz is $2,100,000, and the CEO of Pharmaplaz on May 15, 2007 signed a personal guarantee and on May 21, 2007 a stock pledge agreement for 943,291 (split-adjusted) shares of Samaritan Pharmaceuticals to guarantee the balance of the $7,850,000. Samaritan is in communication with Pharmaplaz to collect the remaining balance due and expects to receive the balance due by the end of the year.
