+++++++++++++++++++++++++ BioProspect Limited ('BioProspect') is pleased to announce that it has signed a Letter of Intent to acquire from Southern Cross University ('SCU') the 49% held by it in Australian Phytochemicals Limited ('APL').
The equity held by SCU in APL will be acquired for the issue of three million new ordinary shares in BioProspect.
The philosophy driving this acquisition relates to the current status of Qcide and its rapid movement towards commerciality.
APL holds 7.5% of the intellectual property in terms of net cash inflows from sales of Qcide. The acquisition provides now for BioProspect to have the equity to control all of the intellectual property and, as consequence of that, the cash flow which would be derived from the income stream which would have otherwise been attributable to APL thereby providing for a more streamlined profile for proposed international partners.
In order to provide a smooth transition of scientific services for BioProspect, SCU will provide research and extract services from its existing Centre for Phytochemistry. This will provide continuity in respect of key members of staff, equipment and facilities.
RESIGNATION OF PETER WATERMAN
Professor Peter Waterman has resigned from the Board of BioProspect following his retirement from his position with SCU. However, he will continue as Scientific Adviser responsible for new science projects and continued research into projects such as the further development of Qcide and other new exciting discoveries. The Board of BioProspect is delighted that Professor Waterman has decided to continue his relationship which will enable him to focus on driving the Company's scientific processes.
COST SAVINGS
As a result of the foregoing initiatives BioProspect will enjoy annual cost savings in excess of $500,000 per annum.
The above arrangements are subject to the finalisation of documentation and will be effective from 1 August 2002.
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