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Emergency Filtration Products, Inc. (EFP) (PINKSHEETS: EMFP) and Applied Nanoscience Inc. (ANI) (PINKSHEETS: APNN) today issued the following progress report:
The previously announced merger between ANI and EFP is proceeding and a definitive merger agreement is expected to be signed shortly. Annual financial statements for both EFP and ANI, as well as interim financial statements for the first and second quarter of 2007, are being prepared and are expected to be filed with the Securities and Exchange Commission (SEC) in the near future. Following the filings, a registration statement will be filed with the SEC. Once the registration is effective, the merger will be submitted to shareholders for approval. Annual shareholders' meetings for both companies are expected to take place as soon as possible in New York. Shareholders will be notified of the time and place for the annual meetings.
It was announced separately that following a post market audit, the Therapeutic Goods Administration in Australia maintained inclusion of the NanoMask™ on the Australian Register of Therapeutic Goods (ARTG). The significance of the NanoMask's continued inclusion on the ARTG is that EFP could begin to market the NanoMask in Australia and to certain other Asian countries in advance of FDA clearance, subject to the successful outcome of some of the testing that is now underway. As previously reported, EFP is conducting a series of tests in support of its 510k application for the NanoMask with the FDA in the United States. EFP will not market the NanoMask in the United States nor will it manufacture the NanoMask in the United States until it receives clearance from the FDA to do so.
"We always knew of the long term benefits of merging Emergency Filtration Products with Applied Nanoscience," said Philip Dascher, CEO, EFP. "Applied's intellectual property portfolio, which addresses a multiplicity of potential applications and a number of large domestic and international markets, broadened EFP's market opportunities and was the primary reason for us to combine the two companies." Mr. Dascher added, "However, the Applied team's contribution to support our FDA medical device application for the NanoMask has been invaluable, and will definitely help us in our efforts to get FDA clearance for the NanoMask."
"Our entire team, which comprises academics and industry professionals from the nanotechnology world, has been completely committed to assisting Emergency Filtration Products submit the best possible response to the FDA," said Thomas K. Allen, President and CEO, ANI. "While the ultimate value of Applied Nanoscience's contribution to the combined company will be made through continued focus on the development and expansion of our intellectual property and the future licensing opportunities that this will create, we recognize the importance of concentrating our resources to making sure that we are doing everything possible to try to obtain FDA clearance for the NanoMask."
About Emergency Filtration Products, Inc.
For further information about Emergency Filtration Products, please visit: http://www.emergencyfiltration.com
Safe Harbor Statement
This release may contain statements that are forward-looking. Such statements are made based upon current expectations that are subject to risk and uncertainty. EFP and AN do not undertake to update forward-looking statements in this news release to reflect actual results of and changes in assumptions or changes in other factors affecting such forward-looking information. The actual future plans and results of the companies could differ significantly from such forward-looking statements.
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