VANCOUVER, B.C., June 23, 2003 (PRIMEZONE) -- Immune Network Ltd. (OTCBB:IMMFF) confirms the appointment of Mr. Peter Boonen to its Board of Directors and provides an update on its business.
Mr. Boonen is the President, CEO, and a founder of MDM Group (Pink Sheets:MDDM) and TIE Technologies Inc (Pink Sheets:TIET). MDM Group is an advanced technologies research and development company providing IT assessment, audit, and compliance services as well as turnkey security, IT and network products and solutions that address all areas of security, privacy and liability with a specific focus on legal compliance, HIPAA (healthcare), Gramm-Leach-Bliley Act (financial services) and Sarbanes-Oxley (public accounting).
MDM Group also licenses its technologies to BNET for which TIE technologies has the US commercialization rights. Following several years of development MDM Group, as of this month, commences to earn significant revenues as well as becoming cashflow positive.
Mr. Boonen has over 25 years of business experience in the property, investment banking and equity markets. He has been responsible for a number of successful startup businesses as well as corporate turnarounds. Since the Company has been through a very difficult period over the past two years and currently is working with limited capital resources, the Company looks forward to working with Mr. Boonen and drawing upon his experience and expertise as it positions itself towards a very significant turnaround.
Currently the Company is not up to date in its financial reporting requirements but will be working with its accountants, attorneys and advisors to remedy this situation over the coming months. The Company is also actively pursuing opportunities that will result in increased corporate stability, shareholder value and liquidity.
With regard to the Company's business development the following points are summarized and are expected to be the subject of several further announcements during the course of the year.
- A significant subgroup of patients treated with dapsone in last year's Alzheimer disease Phase II trial appear to have responded positively. This subgroup consisted of females with the early symptoms of the disease. Aside from this exciting and very promising result, the rest of the results appear to be mixed and although at first disappointing, in fact gives support for further testing with an enhanced dapsone product -- dPlus.
- Independent opinion is being sought by the Company on certain aspects of the conduct of the trials by one of its major contractors and the Company has retained attorneys to investigate and potentially pursue the recovery of monies and payment of damages.
- The Company has filed for patents for an enhancement of the powerful anti-inflammatory drug dapsone, to be called dPlus. The Company has evidence that dPlus may significantly reduce the side effects that have prevented dapsone from potentially being a blockbuster drug.
- The Company is in discussion with a number of parties with regard to the potential commercialization of a dPlus range of products. These parties include SoLogic Pty. Ltd., a company with which Mr. Boonen is affiliated.
- The Company is also in discussion with a number of parties with regard to the further development and/or commercialization of it monoclonal antibodies.
- The Company is in discussion with a number of investor and institutional interests with regard to financial and/or equity participation.
- Several potential acquisition and/or merger opportunities are also being explored and subject to being synergistic with the Company's business may be pursued further.
Legal Notice Regarding Forward-Looking Statements
Statements in this press release which are not purely historical are forward-looking statements, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Forward looking statements include the ability of Immune Network or its business partners to find sufficient working capital to meet its financial obligations and to maintain operations, to fund development of any of its products, to establish the validity of products and technology, or to prosecute, maintain, or defend patent applications or patents.
Immune Network's actual results and outcomes may differ materially from those contained in the forward-looking statements contained in this press release. Factors that could cause actual results to differ materially include, but are not limited to, risks and uncertainties such as: receipt of all necessary regulatory approvals; the continued financing of our operations; and the overall success of Immune Network in general.
Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Readers should refer to the risk disclosures outlined in Immune Network's annual report on Form 20-F for the fiscal year ended December 31, 2001 filed with the Securities and Exchange Commission.
On behalf of the Board: Allen Bain, Ph.D., CEO
For Further Information Contact Tel: (604) 312-7488 immff@yahoo.com www.immunenetwork.com