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Hayward, CA, November 16, 2000 -- Sepragen Corporation (OTC BB: SPGNA), a
provider of patented technology and equipment for purification needs in the
nutritional and biotech industries, today announced that it had signed a
non-binding Letter of Intent to acquire certain assets of Process Equipment,
Inc. The asset purchase would be subject to successful completion of a proposed
financing, the execution of a definitive agreement, and appropriate approvals of
the board and shareholders, as needed by each company.
Said Vinit Saxena, Sepragen's CEO and Chairman, "This proposed
transaction, when consummated, would provide Sepragen with not only additional
revenues but also manufacturing and support infrastructure to leverage our
technology base and build critical mass."
Sepragen Corporation is a leading supplier of separation process technology,
equipment and consumables to the biotechnology and nutraceutical industries. In
addition to its biotech drug separation business, the Company has developed
patented applications that provide large market opportunities in the food and
beverage industry, including debittering citrus juices, extracting isoflavone
(plant estrogen) from soy, as well as extracting proteins from whey. The Company
holds over 14 issued patents relating to its core technology.
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The statements in this release that relate to future events or
performance, statements about growth, future regulatory clearances, levels of sales and
market size and future manufacturing capacity and efficiencies are forward-looking
statements that involve risks and uncertainties, including risks associated with
uncertainties related to the development of markets for and commercial acceptance of the
company's products and services, the availability of components, competitors' product
introductions and other risks identified in the company's SEC filings. Actual results may
differ from those described in these forward-looking statements. Readers are cautioned not
to place undue reliance on these forward-looking statements, which speak only as of the
date hereof.
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