NEW YORK, Feb. 25, 2004 (PRIMEZONE) -- Asyst Corp. (OTCBB:ASYC) today announced the acquisition of the Abavca product line from Advanced Plant Pharmaceuticals, Inc. (OTCBB:APPI) -- as well as the acquisition of Amazon Biotech, a Delaware corporation in a reverse merger.
To better establish and market its new line of pharmaceutical products, Asyst plans to change its company name to Amazon Biotech, and re-brand the Abavca product as AMZ 0026. AMZ 0026 is a potential immunomodulator drug, developed for use in the treatment of the HIV virus.
As a result of the Amazon Biotech acquisition, Asyst's current board of directors will resign in favor of the officers and directors of Amazon Biotech.
C. J. Lieberman, CEO of Amazon Biotech commented, "We believe that these transactions will give us greater access to capital for use in developing AMZ 0026. AMZ 0026 has been issued an Investigational New Drug (IND) number, and is approved for Phase I/II clinical studies for HIV by the US Food and Drug Administration."
Amazon Biotech expects to begin Phase II of the clinical studies soon. During earlier clinical trials, many users of the AMZ 0026 product -- 30 of whom had depressed immune systems -- reported increased helper T-cell and hemoglobin counts (CD4 and HGB), as well as general improvements in energy levels and weight gain. Eleven plant substances have been combined in the AMZ 0026 product, all chosen for their proven capabilities in boosting normal metabolic processes that support immune system function.
The agreement between APPI and Amazon Biotech includes royalties to be paid on AMZ 0026 sales at a rate of $0.25 per bottle for the formula and $0.05 per bottle for the further development of Advanced Plant Pharmaceutical's Whole Plant manufacturing process.
Amazon Biotech also markets a revolutionary, topical hair growth product, containing shea butter, a natural substance known to promote follicle stimulation. The company will continue to market this product in addition to AMZ 0026.
Upon completion of the acquisition, Amazon Biotech will have 21 million shares outstanding, of which 3 million shares will be held by Advanced Plant Pharmaceuticals, Inc.
Amazon Biotech also announced its intent to close a private placement of up to US five million dollars. Further details will be released upon completion of any private placement.
About Amazon Biotech
Amazon Biotech, Corp. is a newly established pharmaceutical company currently producing Abavca/AMZ 0026 and a revolutionary, topical natural hair-growth product. The company intends to initiate Phase II clinical studies of Abavca/AMZ 0026 in the near future, with an eventual goal of a joint venture with a major pharmaceutical company in Phase III trials. During 2004, Amazon Biotech plans to conduct a small double blind study on its hair growth product. The company also plans to market the hair growth product through a Fortune 1000 company. Additional information on Amazon Biotech may be found at www.amazonbiotech.com
FORWARD-LOOKING STATEMENTS:
"Safe-Harbor" Statement Under the Private Securities Litigation Reform Act of 1995 This press release contains forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934, including statements regarding any potential sales of products as well as statements that include the words "believes," "expects," "anticipates," or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Amazon Biotech, to differ materially from those implied or expressed by such forward-looking statements. Such factors include, among others, the risk factors included in Amazon Biotech's subsequent reports filed with the Securities and Exchange Commission under the Exchange Act. This press release speaks as of the date first set forth above and Amazon Biotech assumes no responsibility to update the information included herein for events occurring after the date hereof.