FAIRFIELD, N.J., Sept. 26, 2003 (PRIMEZONE) -- Transpirator Technologies, Inc. (OTCBB:TPRT) today announced that it executed a definitive merger agreement with CyGene, Inc. to merge effective start of business October 1, 2003.
As a result, Transpirator Technologies, Inc. will change its name to CyGene Laboratories Inc., and trade under a new symbol, which has not yet been assigned by the NASD.
Pursuant to the terms of the merger, Transpirator Technologies, Inc. shareholders of record on September 30, 2003 will receive a stock dividend of 0.58 share for each share owned.
Additionally, the shareholders of record will receive an equal interest in the net assets of Transpirator Technologies, Inc., which were transferred to Transpirator Trust, LLC. Amongst the net assets of Transpirator Technologies, Inc. were the future royalties to be received under its license agreement with Vapotherm, Inc.
Martin Munzer, President of CyGene, Inc., has been appointed Chairman of the Board and Chief Executive Officer of the Company. Also appointed to the Board was Stanley Satz, President of Bio-Nucleonics, Inc., a radiopharmaceutical Company.
John Porcella, President, resigned form both the Board and the Company. Ray Romano has resigned as both the Chief Executive and Financial Officer of the Company.
CyGene, Inc., based in Coral Springs, Florida, is poised to begin marketing low cost commercialized genetic testing to the public. Since 1995 the company has been developing proprietary and automated DNA and RNA testing systems for the screening, monitoring and diagnosis of human, veterinary and plant diseases. CyGene's primary development focus is in blood screening tests for the West Nile Virus and other infectious diseases, as well as the detection of biological warfare agents.
The company's technology portfolio also includes two development stage drugs, one for gene therapy by way of antisense. Please visit http://www.cygene.com/.
Forward-Looking Statements: Certain of the statements contained in this press release contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Actual results, events and circumstances (including future performance, results and trends) could differ materially from those set forth in such statements due to various factors, risks, and uncertainties. TPRT has no duty and undertakes no obligation to update such statements.
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