NEW YORK, July 20, 2005 (PRIMEZONE) -- Advanced Plant Pharmaceuticals, Inc. (OTCBB:APPI) and its majority owned subsidiary, Mazal Plant Pharmaceuticals Inc. ("Mazal"), announced today that Akid Corporation ("Akid"), a Colorado corporation, acquired the entire APPI ownership interest of 7,000,000 shares of the common stock of Mazal, a Delaware corporation, for 20 million Akid shares. The 7 million shares acquired by Akid represent 68.5% of the issued and outstanding shares of Mazal. In exchange, Akid has agreed to issue to APPI a total of 20,000,000 shares of common stock of Akid. Upon this issuance, which is partially subject to Akid increasing its authorized capital, APPI will have approximately 68.5% of the issued and outstanding common shares of Akid. In turn, Akid will hold a majority of the issued and outstanding shares of Mazal.
Akid has agreed to amend its Articles of Incorporation after the closing to increase its authorized common stock from 20,000,000 shares to 40,000,000 shares. Akid will issue 17,500,000 shares to APPI at the closing. The remaining 2,500,000 shares will be issued immediately after the effective date of the AKID amendment to its articles of incorporation. All the details of the transaction are accessible at http://sec.gov/Archives/edgar/data/1094890/000114420405018437/0001144204-05-018437.txt.
Mazal Plant Pharmaceuticals, Inc. recently received approval from the United States Food and Drug Administration (FDA) on the IND application for MAHDL01, a pharmaceutical drug geared towards improving HDL/Cholesterol levels.
About Advanced Plant Pharmaceuticals, Inc.
Advanced Plant Pharmaceuticals, Inc. (APPI) focuses on the research and development of whole plant-based products. APPI has a composition-oriented patent for a proprietary process of utilizing whole plants to manufacture more efficacious all-natural nutritional supplements. For more information, visit the Company's corporate website: http://www.advancedplantpharm.com
About Mazal Plant Pharmaceuticals, Inc.
Mazal Plant Pharmaceuticals is focused on developing healthier Pharmaceutical Drugs utilizing Whole Plants. Mazal's First Drug for HDL/Cholesterol has an IND from the FDA and the Company plans to start Phase II in the coming months. Corporate website: http://www.mazal.cc
Forward-Looking Statements:
This release contains forward-looking statements within the meaning and pursuant to the Safe Harbor provisions of the Securities Litigation Reform Act of 1995 and involve risks and uncertainties that may individually or mutually impact the matters herein described, including but not limited to product development and acceptance, manufacturing, competition, regulatory and/or other factors, which are outside the control of the Company.