HOUSTON, March 24, 2005 (PRIMEZONE) -- CortDev, Inc. (Pink Sheets:CDVJ), today announced that it has signed a letter of intent to acquire Botaniex Inc, a China-based herbal products manufacturer. As part of the agreement, CDVJ will acquire 100% of the outstanding shares and assets of Botaniex Inc. in exchange for an equity position in CDVJ. Upon finalization of this acquisition, Botaniex Inc. will be the majority shareholder of CDVJ and the corporate name of CortDev Inc. will be changed to Botaniex Inc.
The pending acquisition of Botaniex Inc. is a major step forward for CortDev Inc. towards its goal of diversifying its operations into established and profitable industries. Botaniex is well positioned in the $19 billion global Botanical/Herbal Dietary Supplements Industry and CDVJ Management is confident that this investment will add significant shareholder value to the Company. Additional information on Botaniex Inc. with respect to its current financial position and future prospects will be disclosed to shareholders following the formal closure of the acquisition.
About Botaniex Inc.
Botaniex Inc. is a leading manufacturer of botanical extracts in China, serving the industries of dietary supplements, functional beverage, functional foods, cosmetic/personal care and pharmaceuticals. The Company's product line is broad, ranging from tea extracts and essential oils to other herbal extracts. Botaniex not only provides customized ingredients, but also offers value-added services for its customers and/or business partners. The Company is in the process of expanding its operations, including its client and asset-base, in Asia and overseas. Botaniex's goal is to become a major player in the multi-billion dollar global herbal products industry. For further information visit the Corporate website at www.botaniex.com.
For more information please contact current CEO, until the acquisition is finalized, Andrea Cortellazzi at 514-288-9699.
Forward-Looking Statements
Please be advised that statements made herein, other than historical data, constitute forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those stated or implied by such forward-looking statements. The potential risks and uncertainties include, among others, potential volatility in the company's stock price, increased competition, customer acceptance of new products and services offered by the company, and uncertainty of future revenue and profitability and fluctuations in its quarterly operating results. Please also be advised that the company's stock is not currently registered with the Securities and Exchange Commission.