SOURCE: MDM Group, Inc.

December 31, 2007 10:44 ET

MDM Group Reports Progress

VANCOUVER, BC--(Marketwire - December 31, 2007) - MDM Group, Inc. (PINKSHEETS: MDDM) advises that following a difficult year in which the Company's interests were specifically and deliberately excluded from participating in a Rights Issue in Sun Biomedical Limited (formerly Harrington Group) the Company has re-aligned its business interests.

Following the divesting of its interest in Sun Biomedical, MDM Group is continuing with its core business interest in the ongoing development opportunities with certain bio-defense and pharmaceutical product candidates in projects led by Dr Ed Stephen, Dr Aldar Bourinbaiar and Dr Allen Bain.

Further, in consideration of payment of AUD$500,000 the Company acquired five million shares and five million options in Zodiac Capital Limited, an investment banking group associated with Peter Boonen the Company's President and with Dr Allen Bain, also a director of MDM Group. Zodiac Capital is now listed on the National Stock Exchange in Australia following capital raisings totalling AUD$3,500,000. At current market value this Zodiac Capital shareholding is valued at approximately AUD$1,000,000.

MDM Group, through its Zodiac Capital interest, and for a nominal consideration, has also acquired five million shares in Colossal Mining Limited which is preparing for a AUD$20 million capital raising and listing on the Australian Stock Exchange in March 2008. Colossal Mining has contracted to acquire extensive iron sand deposits in the Philippines with the potential to yield in excess of a target 1.75 billion tons of iron ore. At the expected Colossal Mining IPO price the MDM Group interest is expected to be valued at approximately AUD$1,000,000.

Finally, through its Zodiac Capital shareholding, MDM Group expects to achieve further strategic shareholdings in planned future public companies to be listed through Zodiac Capital. MDM Group President Peter Boonen is the Managing Director of Zodiac Capital, Dr Allen Bain is a Director of both Companies and Zodiac Capital is chaired by Mr Robin Armstrong the Executive Director of Corporate at Findlay Securities Limited, a top 15 stockbroking business in Australia that averages over AUD$2 Billion a month in share transaction turnover.

Safe Harbor Statement

The information in this release, other than historical information, may be considered forward-looking statements within the provisions of the Private Securities Litigation Reform Act of 1995. Projections and other forward-looking statements and management expectations regarding future events and/or financial performance of the Company -- although given in good faith -- are inherently uncertain and actual events and/or results may differ materially.

Contact Information

  • For further information

    Dr Allen Bain