AuraGenix N.V.

AuraGenix N.V.

July 15, 2009 12:34 ET

AuraGenix N.V. Retreats From Facial Aesthetics Business; New Management Team to Lead Company Into High Growth Generic and Branded Food Products Sector

AMSTERDAM, NETHERLANDS--(Marketwire - July 15, 2009) - AuraGenix N.V. (FRANKFURT:AUI) reported today that its Malta based AuraGenix BioPharma unit, has terminated its exclusive global distributorship agreement with Prollenium Medical Technologies, Inc. The company indicated that it would not be satisfying certain financial covenants under the agreement signed in September 2008 and both parties have decided to cancel their working relationship.

At the same time, AuraGenix NV has given notice that this event will cause the Company to reorganize its business activities over the next 30-60 days. The Company says that it will call a Special Meeting of Shareholders as early as possible to appoint a new Management Board replacing the two company founders, Ario Khoshbin and Khasha Ighanian.

According to Ario Khoshbin, President. "We have given this rather abrupt decision intense thought and consideration. While Khasha and I will remain active within the aesthetics business, in light of current economic conditions and uncertain financial markets, we feel that the company will be better served by focusing on generic and branded products and services that are less affected by recessionary pressures." Adds Mr Khoshbin, "To this end, the Company must be restructured and repositioned as quickly as possible."

Separately, the Company is reporting that it expects to announce shortly more details regarding the proposed transition in its corporate operations. It is anticipated that a new management team engaged in the manufacture and distribution of Private Label and Branded products in the sweet desserts segment of the food industry in the United States will take over the Company's day to day management following the Special Meeting of Shareholders.

AuraGenix BioPharma Ltd was established in 2008 and is a wholly owned subsidiary of AuraGenix NV. Shares of AuraGenix N.V. are listed on the Open Market segment of the Frankfurt Exchange. A public offering of AuraGenix shares was not made in connection with their inclusion on the Open Market.

Contact Information