SAN DIEGO, Calif., Feb. 14, 2000 (PRIMEZONE) -- Charles Kallmann, chief executive officer and president of Hydrogiene Corporation (OTCBB:HICS), reports Hydrogiene's auditors have completed audit of the Company's operations for the years 1997-1999 and expect to complete compilations and issue independent findings in approximately 2-3 weeks. Hydrogiene will then file its 8k report, as well as SB-2 filing.
Proceeds of the ten million dollars raised through the SB-2 will be used for marketing and sales activities of Hydrogiene's Theraclenze, Mediclenze and Medigard product lines.
Kallmann also reported Hydrogiene's assets are substantially greater than liabilities, that the Company has substantial liquidity to complete all activities prior to commencement of Company's cash flow operations scheduled to begin in late April, early May. The Company's liabilities are negligible. Trademark and patenting activities are being implemented with both national and international protection applied for Theraclenze, Mediclenze and Medigard, as well as derivatives of these names.
The Company has retained services of a prominent New York law firm with lengthy experience in dealing with governmental regulatory agencies, such as the FDA. It will assist in making sure Hydrogiene is in full compliance with government rules and regulations in claims pertaining to dramatic advances soon to be introduced related to its "Medigard Anti-bacterial System."
Safe Harbor for Forward-Looking Statements: Except for historical information contained herein, the statements in this news release are forward looking statements that are made pursuant to the Safe Harbor provisions of the Private Securities Reform Act of 1995. Forward-Looking statements involve known and unknown risks and uncertainties, which may cause the Company's actual results in future periods to differ from forecasted results.