Health & Fitness
Health and Fitness
Health and Fitness
Thu, December 18, 2008
Inhibiton Therapeutics Signs Agreement in Principle to Acquire Hydrogen Generating Alternative Energy Company
CENTENNIAL, Colo.--([ BUSINESS WIRE ])--Inhibiton Therapeutics, Inc. (OTCBB: IHBT) announced today that it has signed an Agreement in Principle to acquire HPI Partners, LLC ("HPIP") and its operating subsidiary AlumiFuel Power, Inc. ("AlumiFuel") of Philadelphia, Pennsylvania. HPIP, through AlumiFuel, is an alternative energy company that is working to commercialize a process for generating hydrogen gas and steam on-site and on-demand for multiple niche applications.
Terms of the Agreement call for the members of HPIP to receive up to $12 million of Inhibiton common stock in exchange for all of the outstanding membership interests in HPIP including ownership of AlumiFuel and its intellectual property and business operations. Completion of this transaction is subject to further due diligence, the negotiation and execution of a definitive acquisition agreement, any necessary board of director, stockholder or member approvals, and other customary closing conditions.
"While we continue to work on our biotechnology research, we identified the need to expand our business opportunities to include an operation with the potential for immediate commercial applications," commented Inhibiton Chief Executive Officer Henry Fong. "We believe HPIP through AlumiFuel is poised to break through in 2009 with their unique hydrogen generation technology. We believe the Company is on the road to commercialization in 2009 leading to cash flow in the foreseeable future. We are extremely excited about the potential for this break-through technology as we believe it represents a new and exciting alternative in specialized hydrogen generation for multiple technologies and applications beyond the typical transportation areas many people first associate new hydrogen technologies with," continued Mr. Fong.
About AlumiFuel Power, Inc.
AlumiFuel is a an early production stage alternative energy company that generates hydrogen gas and steam for multiple niche applications requiring on-site, on-demand fuel sources. AlumiFuel's hydrogen drives fuel cells for back-up and portable power, fills inflatable devices such as weather balloons, and can replace costly, hard-to-handle and high pressure K-Cylinders. Its steam/hydrogen combination is also being designed to drive turbine-based underwater propulsion systems and auxiliary power systems. The company has significant differentiators in performance, adaptability, safety and cost-effectiveness in its target market applications, with no external power required and no toxic chemicals or by-products.
API's technology is based on the exothermic reaction of aluminum powder and water, combined with proprietary additives which act as catalysts, initiators and reactants. Novel packaging of the aluminum powder and additives into cartridges enables them to be inserted into a generator/reactor, where an infusion of water results in the rapid generation of highly pure hydrogen and steam. The company has an outstanding IP portfolio, including new patent filings embodying its unique and independent technology, and significant proprietary know-how regarding the practical ability to engineer desired reactions at required scales and rates.
AlumiFuel's lab and offices are located in the Philadelphia Science Center in downtown Philadelphia, where it has access to world-class testing instruments and technical talent. The company has a seasoned management team and an experienced and dedicated technical team, and has close working relationships with major industry players as path-to-market partners including major defense contractors and commercial fabricators of the company's reactors and cartridge products on an outsourcing basis.
About Inhibiton Therapeutics, Inc.
Inhibiton Therapeutics, Inc. is a nominally capitalized development stage company focused on biotechnology research, development and potential commercialization of technologies and products for new cancer therapeutic agents and cancer fighting drugs called targeted therapies. The focus of the Company's research is a protocol to investigate the effect of PKC isozymes on the regulation of various cancer cells including brain and breast cancer, which Inhibiton began funding in September 2004.
The statements included in this press release concerning predictions of economic performance and management's plans and objectives constitute forward-looking statements made pursuant to the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended.These statements involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Any statement containing words such as "believes" "anticipates" "plans" or "expects" and other statements which are not historical facts contained in this release are forward-looking, and these statements involve risks and uncertainties and are based on current expectations. Consequently, actual results could differ materially from the expectations expressed in these forward-looking statements. Reference is made to the Company's filings with the Securities and Exchange Commission for a more complete discussion of such risks and uncertainties.
