Business Wire - October 11, 2002
"We are very pleased to have completed our agreement with BioSource Therapeutics and look forward to closing the transaction within two weeks," said Randy Lebow, president of Innovative Technology Acquisition Corp.
Innovative first announced its intent to purchase BioSource on June 6, 2002. The final agreement calls for the issuance of 1,456,226 common shares of Innovative of which 483,802 shall be held in escrow pending the achievement of certain milestones. After the closing, Innovative will have approximately 7.3 million shares outstanding. BioSource will operate as a wholly owned subsidiary.
BioSource Therapeutics is a research and development company that brings the latest cutting-edge bio-technologies together to create nutraceutical products that provide nutritional supplement solutions for people with debilitating, chronic diseases. BST is pioneering in the emerging scientific field of nutritional supplements to support traditional medical treatments and therapies.
Statements made in this news release, other than statements of historical fact, are forward-looking statements and are subject to a number of uncertainties that could cause actual results to differ materially from the statements made, including risks associated with the success of product development programs, the regulatory approval process, competitive products, and future capital requirements. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties that could materially affect actual results such as, but not limited to: the ability of the Company to raise necessary capital; to attract and retain effective management; the lack of viable commercial applications or the failure of third-party contractors to perform their contractual obligations. Prospective investors are also referred to the other risks identified from time to time in the Company's reports and registration statements filed with the Securities and Exchange Commission.
CONTACT: Gemini Integrated Financial Services, Fort Lauderdale, Fla.
Jonathan Leinwand, 954/563-1583
SOURCE: Innovative Technology Acquisition Corporation
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