FREEHOLD, N.J., June 6, 2005 (PRIMEZONE) -- New Life Scientific, Inc (NWLF) (OTCBB:NWLF) and INVAPHARM LLC of Malvern, PA, today jointly announced the signing of a strategic alliance agreement between the two companies. INVAPHARM LLC has expertise in drug delivery, development of pharmaceutical products, and is the holder of licenses for various pharmaceutical compounds, products and drug delivery systems.
"We are delighted to announce the strategic alliance of our company with New Life Scientific, Inc, and look forward to the opportunity to fully develop the wide spectrum of our abilities and products through viable partnerships, spanning a broad range of healthcare industries," said Dr. Khurshid Iqbal, Ph.D. president of INVAPHARM LLC.
Henry Val, chairman and chief executive officer of New Life Scientific, Inc. commented that: "New Life Scientific, Inc. looks forward to the opportunity to work with a company as distinguished as is INVAPHARM, LLC and stands ready to assist in the further development and value of its products, licenses and intellectual property."
About New Life Scientific, Inc. (NWLF):
NWLF recently acquired Novo Life Scientific (Ukraine), the holder of a cooperation agreement with the Institute of Molecular Biology and Genetics of the Ukrainian Academy of Sciences (IMBG). Nova Life Scientific, in conjunction with IMBG, highly regarded for its extensive knowledge and expertise in the fields of molecular cell biology and molecular genetics research, intends to develop and market certain stem cell-related products and therapies, and to establishment a stem cell bank in the region of Ukraine. Novo Life Scientific (Ukraine) has been researching and is in the process of developing the business model for the creation of a stem cell bank and stem cell treatment facilities to be based in Europe. The company hopes to analyze and share its research regarding stem cell therapy and tissue regeneration with other scientific groups and to take advantage of the extensive research previously conducted in Ukraine by IMBG.
New Life Scientific, Inc. has also recently acquired Pharma Trials (PTI), a provider of services in the areas of clinical trials, market research and the regulatory approval of products for pharmaceutical companies and Contract Research Organizations (CROs).
Safe Harbor Statement:
This information includes certain "forward-looking statements." The forward-looking statements reflect the beliefs, expectations, objectives, and goals of the Company management with respect to future events and financial performance. They are based on assumptions and estimates, which are believed reasonable at the time such statements are made. However, actual results could differ materially from anticipated results. Important factors that may impact actual results include, but are not limited to commodity prices, political developments, legal decisions, market and economic conditions, industry competition, the weather, changes in financial markets and changing legislation and regulations. Matters discussed in this press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words "anticipate," "believe," "estimate," "may," "intend," "expect" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include, but are not limited to, risks and uncertainties associated with: the impact of economic, competitive and other factors affecting the Company and its operations, markets, product, and distributor performance, the impact on the national and local economies resulting from terrorist actions, and U.S. actions subsequently; and other factors detailed in reports filed by the Company. Forward-looking statements are intended to qualify for the safe harbor provisions of Section 21E of the Securities and Exchange Act of 1934, as amended.