NEW YORK, NY--(Marketwire - Jan 28, 2013) - Immunovative, Inc. (OTCQB: IMUN) ("IMUN" or "The Company") today announced that the Company is actively seeking potential acquisition targets in the biotechnology sector. The Company is hopeful that future shareholder value can be created through such business activity. As previously reported, Immunovative Therapies, Ltd. ("ITL") served notice that it had terminated the December 2011 License Agreement between ITL and IMUN; this termination frees IMUN to evaluate and potentially acquire other targets in the biotechology sector. In light of this development, the Company, as of this morning, has taken down its corporate website (www.imun.com) and will likely seek a name and symbol change at some point in the future.
IMUN CEO Seth M. Shaw said, "The Company and its management is fully committed to both restoring and creating shareholder value moving forward. There are some intriguing opportunities in the biotechnology space and we are currently considering several business plans. IMUN is looking forward to the future with shareholders' best interests in heart. However, IMUN also will spare no expense to preserve existing shareholder value through litigation with ITL in federal court."
About Immunovative, Inc.:
On December 12th, 2011, Immunovative, Inc. signed an exclusive License Agreement (the "License Agreement") with Immunovative Therapies, Ltd. Under the terms of the License Agreement, IMUN has been granted an exclusive, worldwide license to commercialize any products covered under ITL's current issued and pending patent application portfolio, as well as the rights to any future patent applications, including improvements or modifications to the existing applications and any corresponding improvements or new versions of the existing products. On January 8, 2013, IMUN received a notice from ITL purporting to terminate the License Agreement. Please visit IMUN's website at www.imun.com.
Forward-Looking Statements: Except for statements of historical fact, this news release contains certain "forward-looking statements" as defined by the Private Securities Litigation Reform Act of 1995, including, without limitation expectations, beliefs, plans and objectives regarding the development, use and marketability of products. Such forward-looking statements are based on present circumstances and on IMUN's predictions with respect to events that have not occurred, that may not occur, or that may occur with different consequences and timing than those now assumed or anticipated. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, and are not guarantees of future performance or results and involve risks and uncertainties that could cause actual events or results to differ materially from the events or results expressed or implied by such forward-looking statements. Such factors include general economic and business conditions, the ability to successfully develop and market products, consumer and business consumption habits, the ability to fund operations and other factors over which IMUN has little or no control. Such forward-looking statements are made only as of the date of this release, and IMUN assumes no obligation to update forward-looking statements to reflect subsequent events or circumstances. Readers should not place undue reliance on these forward-looking statements. Risks, uncertainties and other factors are discussed in documents filed from time to time by IMUN with the Securities and Exchange Commission.