SOURCE: BioTech Medics Inc

BioTech Medics Inc

June 20, 2010 01:01 ET

BioTech Medics Issues Clarification Regarding Prior Press Release

LAS VEGAS, NV--(Marketwire - June 20, 2010) -  BioTech Medics, Inc. (PINKSHEETS: BMCS) On June 9, 2010 BioTech announced in compliance of SEC "material event" regulations that a Federal Grand Jury had criminally indicted 10 persons (none of whom are current board members) regarding alleged illegal stock manipulation, theft, forgery of shares and crimes. 

The Company quoted from the indictment in "Count Ten" and "Count Eleven" that the government is seeking individual disgorgement monetary sums regarding, "to wit: stock of BioTech Medics, Inc."

The Company quoted the indictment "Forfeiture Allegation Ten" and "Forfeiture Allegation Eleven" sums sought and aggregated the sums regarding the "in personam criminal forfeiture." The Company also properly stated regarding those indicted that: "All are considered innocent until adjudged guilty."

Due to the fact the indictment is ambiguous and not clear as to how those sums were allocated the Company aggregated the two separate and distinct forfeiture quoted sums specifying "BioTech." Due to the fact the indictment is also seeking RICO (Racketeering) forfeiture, the forfeiture sums may be subject to treble damages (but again this is not clear).

So to avoid any confusion and/or misunderstanding of the prior press release the Company would like to restate and clarify the previous press release and opinion expressed. 

Any quote from the indictment of any sums relating to the aggregate of the alleged forfeiture sums should not be confused and/or misunderstood and/or considered to reflect in any way whatsoever regarding any past, present and/or future value and/or benefit to BioTech and/or its shareholders by the grand jury. Only a judge and jury subsequent to deliberating at trial on all of the evidence presented will a determination be made. That also will not be the final resolve.

According to statements published at an April 2010 Asset Forfeiture Conference held in Florida at which Richard Weber, Chief of the Asset Forfeiture & Money Laundering Section of the U.S. Department of Justice was a speaker, a brochure to the event put in perspective challenges facing these types of enforcement actions: "Every day in the United States, criminals earn $1.4 billion from their crimes. Of the $500 billion they earn..." (steal) "...annually, they lose only $4 billion to law enforcement forfeitures. If you're a criminal you run less than a 1% chance that your criminal wealth will be confiscated."

Since the indictments BMCS is still experiencing shorting and illegal manipulation.

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    Tom Wood