TORONTO, Sept. 21, 2004 (PRIMEZONE) -- Food Safe International, Inc. (Pink Sheets:FSIJ) announced today that it has completed a Letter of Intent to acquire Apollo Scientific, a Ukraine based biopharmaceutical and Research & Development company. Apollo Scientific is a private company with associations in the wholesale, retail and military sectors of Europe and Asia. Apollo Scientific intends to work with Food Safe International to provide sales of Food Safe products to retail, government, military and wholesale sectors within the scope of Apollo's European and Asian market, which may also enhance the distribution of FSIJ's ozone equipment.
Food Safety wants its shareholders and followers to know that by establishing these new relationships the company is continuing to lay the steps for growth. The company intends to continue to globally pursue the opportunity that FSIJ's technology offers and the company's acquisition and marketing strategy.
Apollo Scientific has been working on several R&D projects that may be able to be directly applied to enhance global food safety. Food Safe International will explore these opportunities with Apollo Scientific as we move ahead to determine if additional revenue streams can be generated for Food Safe International. Food Safe intends to announce details of the transaction upon the closing of the acquisition.
About Food Safe International
Food Safe intends to eliminate food safety and sanitation issues and provide methods to improve procedures to minimize risk and liability. Food is one of the most mobile commodities traded internationally. Consumers are asking more questions and demanding answers. Whether the commodity is spices (insect contamination), beef (E. coli), strawberries (Hepatitis A, salmonella), fish (mercury) or any of thousands of foods traded globally, consumers and buyers are demanding new standards of quality, safety and nutritional value. Protecting people from food borne illness is Food Safe's number-one priority. Food Safe's comprehensive program is a proactive approach to food safety. Spurred into action by food crises in the global beef industry, there is an international consensus that producers and food industry stakeholders require a reliable methodology and technology for verifying food production and food safety.
About Apollo Scientific Group
Apollo Scientific Group, in conjunction with its network of Russian and global academics, provides Apollo with access to new technologies and products. The company has laboratories in Moscow, Russia, Kiev and Ukraine with a staff (through R.I.M.M. -- Research Institute of Military Medicine in Kiev) of over 200 scientists including 20 PhD, 30 MD and 150 scientists and technicians. Apollo Scientific Group is led by a seasoned management team, board and has a supportive advisor and investor base. Apollo Scientific Group's biopharmaceutical division intends to develop and market pharmaceuticals to treat chemical and biological weapons, cancer and other infectious diseases. Apollo Scientific Group intends to become a leader in Eastern Europe and develop innovative approaches for treating chemical and biological warfare, infectious diseases and cancer.
Apollo Scientific Group believes that chemical and biological weapons and severe infectious diseases are first priorities for intervention since the global threat of terrorism has many unmet medical needs in these areas and the possibilities of accelerated approvals of new drug candidates through fast track clinical trials.
Safe Harbor Statement:
This information includes certain "forward-looking statements." The forward-looking statements reflect the beliefs, expectations, objectives and goals of the company management with respect to future events and financial performance. They are based on assumptions and estimates, which are believed reasonable at the time such statements are made. However, actual results could differ materially from anticipated results. Important factors that may impact actual results include, but are not limited to, commodity prices, political developments, legal decisions, market and economic conditions, industry competition, the weather, changes in financial markets and changing legislation and regulations. Matters discussed in this press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words "anticipate," "believe," "estimate," "may," "intend," "expect" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the company and are subject to a number of risks and uncertainties. These include, but are not limited to, risks and uncertainties associated with: the impact of economic, competitive and other factors affecting the company and its operations, markets, product, and distributor performance, the impact on the national and local economies resulting from terrorist actions, and U.S. actions subsequently; and other factors detailed in reports filed by the company. Forward-looking statements are intended to qualify for the safe harbor provisions of Section 21E of the Securities and Exchange Act of 1934, as amended.