12.07.2007 16:59:00
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BioAgra, LLC and Progressive BioActives, Inc. Announce Amicable Termination of License Agreement
Vyta Corp (OTCBB:VYTC) and Justin Holdings, Inc. announced today
that their equally owned joint venture, BioAgra, LLC, and Progressive
BioActives, Inc., have amicably terminated the existing license
agreement whereby BioAgra will cease operations utilizing Progressive
BioActives’s proprietary process for the
manufacture of a purified yeast beta-1,3/1,6-D glucan product.
Since BioAgra’s inception, it has been
operating under a license agreement with Progressive BioActives, the
holder of a pending patent application that was utilized for BioAgra’s
initial manufacturing process. BioAgra will be preparing a patent
application to be filed with the United States Patent Office for the
proprietary process and related proprietary technology to manufacture a
purified yeast beta-1,3/1,6-D glucan known as Agrastim®,
which BioAgra has developed. Both BioAgra and Progressive BioActives
feel it is in their best interests to pursue the different market
opportunities available to each party using their own respective
intellectual properties.
Both Vyta Corp and BioAgra believe this to be an excellent opportunity
for BioAgra, presenting not only financial benefits, but allowing
BioAgra the opportunity to operate in all possible markets for its
product. For consideration of the termination of the existing Technology
License Agreement, BioAgra will be making monthly termination payments
to Progressive BioActives equivalent to 2.5% of all gross sales of beta
glucans for a 10-year period. It is important to note that the
termination of the Technology License Agreement will not have an effect
on any contracts that BioAgra has already in place, including the
recently announced AHD International agreement. Further details of the
Termination Agreement can be found in the Current Report on Form 8K
filed by Vyta Corp with the Securities and Exchange Commission (SEC).
About Vyta Corp:
Vyta Corp of Denver, Colorado, is traded on the over-the-counter Nasdaq
stock market (OTCBB:VYTC) as well as on the Frankfurt, Hamburg, XETRA
and Munich Exchanges (OTC:VYTA).
In addition to the 12 patents it owns, Vyta Corp has applications
pending and various intellectual properties related to NCS™
(NanoPierce Connection System). This advanced system is designed to
provide significant improvement over conventional electrical and
mechanical interconnection methods for high density circuit boards,
components, sockets, connectors, semiconductor packaging and electronic
systems. It also owns a 49% interest in ExypnoTech GmbH, a Germany-based
manufacturer of smart inlays which are used in RFID identification
devices such as smart labels, smart tags and smart cards. For more
information on Vyta Corp and its business partners please visit its
website: http://www.vytacorp.com
or http://www.exypnotech.com.
Vyta Corp owns a 50% interest in BioAgra, LLC, a joint venture to
manufacture and sell Agrastim®, a purified
yeast beta -1,3/1,6-D glucan product.
About BioAgra, LLC:
BioAgra, LLC is based in Hinesville, Georgia, where it produces, markets
and sells Agrastim®, a purified yeast
beta-1,3/1,6-D glucan product with a high bioactivity function which
improves the immune systems of animals and humans. Agrastim®
is an all natural, organic, non-toxic natural beta glucan feed
supplement derived from spent brewer’s and
distillery yeast. It can also be used to replace fast growth promotion
antibiotics that are currently used in the feed of the livestock, swine,
poultry, dairy, equine, aquaculture and other industries. For more
information on BioAgra, LLC, please visit its website at: http://www.bioagra.net.
About Progressive BioActives, Inc.:
Progressive BioActives, Inc. (PBI) is an innovative biotech company
located in Prince Edward Island, Canada. PBI has developed an
innovative, patent-pending extraction platform to produce a variety of
purified "Yeast Cell Wall" extracts that have been shown to be useful in
a variety of livestock applications including aquaculture. PBI comprises
a group of leading scientists and business people experienced in the
development and production of Yeast Beta Glucan innovations. For more
information on Progressive BioActives, please visit its website at: http://www.progressivebioactives.com.
This announcement contains forward-looking statements about Vyta Corp
that may involve risks and uncertainties. Important factors relating to
the Company’s operations could cause results
to differ materially from those in forward-looking statements and
further detailed in filings with the Securities and Exchange Commission
(SEC) available at the SEC website (http://www.sec.gov).
All forward-looking statements are based on information available to
Vyta Corp on the date hereof and Vyta Corp assumes no obligation to
update such statements.
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