Dec 23 2014
Alternative Energy & Environmental Solutions, Inc., today announced that it has signed a letter of intent to acquire BioTechPharma Corporation, a biotechnology company that has developed and patented a nanotechnology-based development platform used to create drug monitoring and medical diagnostics products that enable rapid on-site collection and testing to identify infectious disease, drug and alcohol use/abuse and health issues in an immediate, non-invasive and cost-effective manner.
According to the Letter of Intent, ALNE plans to acquire 100 percent equity of BioTechPharma, resulting in BioTechPharma becoming a wholly owned subsidiary of ALNE. BioTechPharma's management team, headed by founder and Chief Executive Officer Rauof Guirguis, Ph.D., will be responsible for ALNE's day-to-day operations following the reorganization.
The new ALNE organization plans to continue the BioTechPharma business plan to create and commercialize innovative medical and drug diagnostics tools based on its patented nanotechnology development platform. The company will focus on testing and diagnostics devices for cardiac, lipid, cancer, metabolic, diabetes and genetic diseases as well as detection for nutritional and environmental health issues.
BioTechPharma is primarily in the research and development phase for a broad range of drug monitoring and medical diagnostics products. The company has reported 2013 sales of approximately $7 million and projects 2014 total revenues to exceed $10 million.
Source: Alternative Energy & Environmental Solutions, Inc.