DJohnson Holdings Inc.

July 09, 2008 19:12 ET

DJohnson Holdings Requisitions Special Meeting and Urges Shareholders to Take Back Control of MIGENIX

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 9, 2008) - DJohnson Holdings Inc. (the "Company") today announced that it has requisitioned a special meeting (the "Meeting") of shareholders of MIGENIX Inc. ("MIGENIX") to remove a majority of incumbent directors of MIGENIX from office and replace them with qualified and experienced directors who will run MIGENIX for the benefit of shareholders and not to enrich management.

The Company stated that under the incumbent board and management, shareholders have incurred significant destruction in value. MIGENIX's shares have lost approximately 86% of their value over the past five years, presently trading as a penny stock. During this time, MIGENIX has continued to reward and pay excessive compensation to its directors and management, including to absentee executives who reside nowhere near MIGENIX's facilities. James DeMesa, the Chief Executive Officer of MIGENIX, resides in Florida and is also the co-founder and a manager and medical director of CommGeniX, LLC, a private medical communications company, and it is therefore questionable whether Mr. DeMesa is even dedicating his full time and energy required to make MIGENIX a successful company.

To date, no product candidate developed by MIGENIX has been approved to be marketed commercially and MIGENIX has incurred significant operating losses each year, incurring a cumulative deficit of $124.7 million to April 30, 2007. In the Company's view, the board and management have exhibited a clear inability to manage the affairs of MIGENIX. THE COMPANY IS THEREFORE URGING SHAREHOLDERS TO PROTECT THEIR INTERESTS BY TAKING BACK CONTROL OF MIGENIX.

Since the Company announced its determination to requisition the Meeting, it has been contacted by numerous other shareholders who have also voiced their support for the Company's actions, including a former director of MIGENIX who has determined to work with the Company in effecting changes to the board.

As a significant shareholder of MIGENIX, the Company's interest in turning MIGENIX around is fully aligned with shareholders. The Company is establishing a website at www.migenix-concerned-shareholders.com. The Company urges concerned shareholders to visit the website regularly to keep apprised of events as they unfold.

Contact Information

  • DJohnson Holdings Inc.
    Douglas Johnson
    President
    (604) 682-7335