HILLSIDE, N.J., May 24, 2007 (PRIME NEWSWIRE) -- Integrated BioPharma, Inc. (Nasdaq:INBP) announced today that it has retained Merriman Curhan Ford & Co. (AMEX:MEM) to act as the Company's financial advisor. INBP had previously announced its intent to engage a financial advisor to assist in its review of a possible divestiture of its InB:Biotechnologies subsidiary ("Biotech"). INBP now expects that such divesture will be structured as a spin-off of Biotech, which will focus on its patented plant-based technology for the production of vaccines, antibodies and therapeutic proteins. INBP will continue to focus on its nutraceutical segment.
"We look forward to working with Merriman Curhan Ford & Co., whose industry expertise will be invaluable in helping us create additional shareholder value," said E. Gerald Kay, Chairman and Chief Executive Officer of INBP.
As contemplated, all shares of Biotech would be distributed to INBP stockholders in the form of a tax-free dividend. INBP has not yet determined if the transaction would be a so-called sponsored spin-off, with a new investment in the Biotech business by one or more outside investors consummated simultaneously with the spin-off. INBP expects the spin-off to be completed during the latter half of calendar year 2007 but cannot assure the completion of the spin-off or the timing of such transaction. The separation of the Biotech business is subject to final approval by INBP's Board of Directors, confirmation of favorable tax treatment regarding the tax-free nature of the transaction and favorable market conditions. Upon separation, Biotech will be given a new corporate name distinct from its parent.
About Integrated BioPharma, Inc. (INBP)
Integrated BioPharma is a unique grouping of companies presently serving the varied needs of the health care industry. Through its nutraceutical business, the Company creates, develops, manufactures and markets products worldwide. The Company's biotechnology business uses its patented plant-based technology to produce vaccines and therapeutic antibodies. Its pharmaceutical business operates a cGMP facility for the production and sale of Paclitaxel and related drugs and provides technical services through its contract research organization. Further information is available at www.iBioPharma.com.
Statements included in this release related to Integrated BioPharma, Inc. may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements involve a number of risks and uncertainties such as competitive factors, technological development, market demand, and the company's ability to obtain new contracts and accurately estimate net revenues due to variability in size, scope and duration of projects, and internal issues in the sponsoring client. Further information on potential risk factors that could affect the company's financial results can be found in the company's Reports filed with the Securities and Exchange Commission.