SOURCE: Renato Corporation

May 04, 2009 15:05 ET

Renato Corporation to Enter Into Joint Venture Program With Generic Drug Manufacturer -- Board Ceases Investment Negotiations With Stem Cell Research and Treatment Company Tissu

MIAMI, FL--(Marketwire - May 4, 2009) - Renato Corporation (FRANKFURT: 4OZ) is in the process of verifying details and completing its due diligence to enter into a joint venture program with an international generic drug manufacturer. The joint venture program would include the implementation of six biotech manufacturing centers to be established in strategic locations in Africa. Based on preliminary information provided, each biotech manufacturing plant is expected to produce approximately 36 million dollars in gross revenue. Once all six manufacturing plants are operational this would account for a forecasted total of approximately 206 million dollars of gross revenues. Renato Corporation would share in a percentage of these profits as part of the joint venture agreement. The company will provide additional information on the arrangement as details are validated and confirmed and made available.

In other company news Renato Corporation director, Arunas Morkunas, confirmed that the company has decided to cease its ongoing investment negotiations with Tissu. The decision was based on lack of adequate information provided during recent discussions. At this time the company believes it is in the best interest of the corporation to remain steadfast in their current core operations in the non-invasive medical diagnostic technology field. The recent economic market uncertainty was also a factor behind the cessation of continued negotiations with Tissu.

About Renato Corporation

At Renato Corporation it is the company's objective to provide diverse early detection diagnostic technologies utilizing its current experience, reputation and expertise within the international health care industry. Introducing and making available these non-invasive technologies through private health care firms and health and wellness centres in an affordable manner is our immediate focus.

The company's mission is to carefully select where these advanced diagnostic technologies will be placed to ensure unparalleled delivery of customer service and satisfaction in the field of non-invasive early detection disease diagnosis and management.

Innovative information technology platforms are enabling new models for more efficient, effective and safer healthcare delivery. It is inevitable, that the economic strain on todays health care systems worldwide will realize the ever increasing need for early detection diagnostic devices and services.

Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Statements in this release that are forward-looking statements are based on current expectations and assumptions that are subject to known and unknown risks, uncertainties, or other factors which may cause actual results, performance, or achievements of the company to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. Actual results could differ materially because of factors such as the effect of general economic and market conditions, entry into markets with vigorous competition, market acceptance of new products and services, continued acceptance of existing products and services, technological shifts, and delays in product development and related product release schedules, any of which may cause revenues and income to fall short of anticipated levels. All information in this release is as of the date of this release. The company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the company's expectations.

Contact Information

  • Contact:
    Arunas Morkunas
    Renato Corporation
    305-456-7649 head office