Enzolytics, Inc. Enters Into Collaboration Agreement With Manufacturer Elimus Ltd.
Rhea-AI Summary
Enzolytics, Inc. (OTC PINK:ENZC) has entered into a 4-year Collaboration Agreement with Elimus , a Bulgarian company, for manufacturing, developing, and marketing nutraceutical products in North America. The agreement includes exclusive licensing of Elimus' product catalog, including VIP Power, in the licensed territory. Ownership of new products developed under this agreement will be shared equally.
Additionally, Enzolytics has won its litigation against Cimarron Capital and Kona Concepts, Inc. The company's only remaining legal issue is a pro se appeal by Dimatar Savov. Harry Zhabilov, CSO, emphasized the company's commitment to defending its IP rights, while CEO Steve Sharabura expressed relief that legacy lawsuits have been resolved, allowing the company to focus on growth.
Positive
- Entered into a 4-year Collaboration Agreement with Elimus for manufacturing and marketing nutraceuticals in North America
- Gained exclusive license to Elimus' catalog of nutraceutical products for North American market
- Won litigation against Cimarron Capital and Kona Concepts, Inc.
- Resolution of legacy lawsuits, allowing focus on company growth
Negative
- Ongoing pro se appeal by Dimatar Savov against the company
Updates on Results of Litigation
ALLEN, TX / ACCESSWIRE / July 29, 2024 / Enzolytics, Inc. (OTC PINK:ENZC) ("enzolytics.com")(the "Company") announced today that it has entered into a 4 year Collaboration Agreement with Elimus, Ltd ("Elimus"), a Bulgarian company located in Sofia, for the manufacturing, development and marketing of new and existing nutraceutical products of the two entities. The product license will be for the territory of North America (the United States, Canada and Mexico). The Company will utilize the capacity of Elimus as needed, on a priority basis, for it's current and future product line. Elimus will exclusively license its catalog of nutraceutical products, including its most popular herbal food product, VIP Power, for sale in the licensed territory. Ownership of all new products developed under this agreement will be shared on an equal basis.
In addition the Company announces that it has won its litigation with Cimarron Capital Ltd and Kona Concepts, Inc. The order was signed on July 23, 2024. With this victory the company has successfully defended its last remaining case. The Company's only remaining litigation issue is a pro se appeal by Dimatar Savov of the order granting motion to dismiss his claims. Mr Savov is the individual responsible for the false and misleading claim in the release from July 18, 2024 by Nika Pharmaceutical disclosed in the Company's press release last week.
Harry Zhabilov, CSO stated, "We look forward to the combined efforts of Elimus and ENZC to expand our reach in the United States nutraceutical market. The company also affirms that all of the IP owned by ENZC will be defended from those individuals that would attempt to infringe on the Company's rights."
Steve Sharabura, CEO added, "We are very pleased that the legacy lawsuits have been put behind us, and we can focus now even more on building the company. Dealing with past issues has been an enormous distraction, and we are happy they've put aside. Also, a forward-looking agreement with Elimus is another step to building our portfolio."
About Enzolytics, Inc.
Enzolytics, Inc. is transitioning from a drug development company committed to commercializing its proprietary proteins and monoclonal antibodies to treat debilitating infectious diseases to include sales, marketing and distribution of medical devices, medical testing and nutraceutical products.
Forward Looking Statements
The disclosure herein includes certain statements that are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "should," "would," "plan," "predict," "potential," "seem," "seek," "future," "outlook," and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding projections, estimates and forecasts of revenue and other financial and performance metrics and projections of market opportunity and expectations, Company's ability to enter into a definitive business combination agreement and Company's ability to obtain the financing necessary to consummate the potential business combination transaction. These statements are based on various assumptions and on the current expectations of Company's management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Company. These forward-looking statements are subject to a number of risks and uncertainties, including: Company's ability to enter into a definitive agreement with respect to the proposed business combination or consummate a transaction; the risk that the approval of the stockholders of Company for the potential transaction is not obtained; failure to realize the anticipated benefits of the potential transaction, including as a result of a delay in consummating the potential transaction or difficulty in integrating the businesses of Company; the amount of redemption requests made by Company's stockholders and the amount of funds remaining in Company's trust account after satisfaction of such requests; those factors discussed in Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023 under the heading "Risk Factors," and other documents of Company filed, or to be filed, with the SEC. If the risks materialize or assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that Company presently does not know or that Company currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Company's expectations, plans or forecasts of future events and views as of the date hereof. Company anticipates that subsequent events and developments will cause Company's assessments to change. However, while Company may elect to update these forward-looking statements at some point in the future, Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Company's assessments as of any date subsequent to the date of this disclosure statement. Accordingly, undue reliance should not be placed upon the forward-looking statements.
CONTACT INFORMATION
Enzolytics, Inc.
Steve Sharabura, Chief Executive Officer
3002 Royal Palm
Baytown, Texas 77523
Tel: (845) 925-4597
X/Twitter: @EnzolyticsInc
SOURCE: Enzolytics, Inc.
View the original press release on accesswire.com
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