GIG HARBOR, Wash., Oct. 4, 2005 (PRIMEZONE) -- Amenni, Inc. ("Amenni"), which merged with Nannaco, Inc. (OTCBB:NANN) ("Nannaco") on July 21, 2005, announced that it has executed a Letter of Intent to acquire Immune Macro Biotic Technology Limited ("IMBT").
IMBT is a premier nutraceutical research and development company. IMBT has initially focused on developing a product aimed at the poultry marketplace. IMBT's initial product, set to launch in the fourth quarter of 2006, is designed to be mixed with animal feed in order to improve immune systems, assisting in the fight against fungal, viral, bacterial and parasitic diseases. Amenni intends to use IMBT's expertise to develop and release additional animal-feed additive nutraceuticals thereafter.
The animal-feed additive marketplace accounts for several billion dollars of revenue annually. Poultry (specifically chickens) are particularly vulnerable to potential disease, making the initial IMBT product likely to be well received in the marketplace.
Using IMBT technology, Amenni will thereafter produce a range of nutraceuticals and functional foods that boost human and animal immune systems by assisting the body in its fight and defense against fungal, viral, bacterial and parasitic diseases. Furthermore, Amenni will develop a range of nutraceuticals that enhance animal and human health, through the provision of a range of naturally produced vitamins, unsaturated fatty acids, protein, trace elements and antimicrobial peptides.
Amenni believes that IMBT's Technology, allied with their transdermal patch expertise, will create new treatments for chronic illnesses. A series of clinical trials are planned to begin Q3 2006. The development and roll out of these new, innovative products into the multi-billion dollar nutraceutical market will be by Q3 2007.
Amenni is a premier developer and manufacturer of nutraceuticals - naturally sourced biologically active components for human and animal health benefits.
In addition to Ft. Lauderdale, Amenni has facilities located in London (United Kingdom), Dubai (United Arab Emirates) and Zurich (Switzerland).
"We are pleased to have concluded this Letter of Intent with IMBT," said Patrick Lochrie, Chairman of Amenni. "I anticipate prompt completion of this transaction, which provides a strong foundation enabling Amenni to achieve its ambitious business objectives of ongoing nutraceutical product development and partnering with our premier global distribution partners."
Steve Careaga, CEO of Nannaco, expressed excitement at signing the Letter of Intent. "We are delighted about this opportunity to combine with IMBT," he noted. "Amenni has demonstrated its ability to operate successfully in the multi-billion dollar nutraceutical marketplace."
About Nannaco, Inc.
Nannaco, Inc. previously provided surface cleaning, surface protection, surface restoration, and other services to commercial and industrial businesses, as well as to owners of historical buildings. The company has moved to a new line of business as a consultant and advisor to customers and is seeking to improve its financial position through the acquisition of or merger with companies capable of providing the best value to its shareholders.
NOTE: Information contained in this press release, other than historical information, should be considered forward-looking in nature and is subject to various risks or uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or expected. Among the key factors that may have a direct bearing on the operating results, performance or financial condition are the company's ability to achieve and manage growth; the company's ability to successfully identify suitable acquisition candidates, complete acquisitions or integrate the acquired business into its operations; the company's ability to attract and retain qualified personnel; the company's ability to secure necessary financing; potential litigation by shareholders and/or former or current advisors against the company; the company's success in securing third-party commitments, production agreements and/or licensing contracts; the company's ability to comply with federal, state and local government regulations and/or unforeseen changes in federal or and government regulation; and the company's ability to develop new services; and other factors discussed in Nannaco's filings with the Securities and Exchange Commission.
For further information, please contact Steve Careaga at 253-853-3632, or send correspondence to 4916 Point Fosdick Dr., Suite 102, Gig Harbor, WA 98335.