“We are very excited to be finally ridding ourselves of litigation that has plagued us for several years now,” stated Ira L. Goldknopf, President and Chief Scientific Officer of Power3 Medical Products, Inc. (OTCBB:PWRM)“We have big plans for the future beginning with our upcoming acquisition of Rozetta-Cell and are about to enter a long and substantial growth phase marked by advances in our science and intellectual property. Given the imminent nature of many of these transactions and breakthroughs, we have decided, in consultation with the financiers of Rozetta-Cell, that the best course of action for Power3 is to settle many of these lawsuits so that we can focus our attention exclusively on the acquisition of Rozetta-Cell and the development of our combined businesses after the merger.”
Power3 Medical Products released that company management believes Power3 Medical Products is making great progress in its focus on the development, sales, and marketing of its proprietary innovate diagnostic tests for breast cancer, pancreatic cancer, ovarian cancer, colon cancer, and certain neurodegenerative diseases, such as Alzheimer’s and Parkinson’s, to name a few. In addition, Power3 Medical Products is a party to several litigation matters, most of which relate to various toxic debt instruments that were entered into by Power3 Medical Products several years ago when it operated under the tenure of Chairman and CEO, Steven B. Rash. Because current management believes these toxic debt instruments are responsible for Power3 Medical Products’ depressed stock price and have distracted the company from its mission, Power3 Medical Products plans to settle as many of these nagging lawsuits as possible prior to the completion of its merger with Rozetta-Cell Life Sciences, Inc.
To read more visit: http://pennytobuck.com/?p=13261