LOS ANGELES and FRANKFURT, Germany, Dec. 30, 2009 (GLOBE NEWSWIRE) -- PHIGroup, Inc. (OTCBB:PHIE) (Frankfurt:PR7) (XETRA:PR7) (WKN A0RNQV), a company engaged in the development and management of real estate properties, mining interests and consulting and merger and acquisition advisory services, announced today that the company has agreed to assist Innovative NeuroTechnologies, Inc. http://www.innovneurotech.com (INT) to list its shares on a leading European stock market and arrange funding for further development and growth.
Innovative NeuroTechnologies is a biotechnology company based in Irvine, CA engaged in the early-stage clinical development of novel therapeutic strategies for major human central nervous system disorders, particularly in the area of neurodegeneration.
According to the agreement, PHIGroup will retain approximately 15% equity in INT as part of the compensation for the services rendered.
INT is currently focusing its efforts on such diseases as Alzheimer's disease, Parkinson's disease, amyotrophic lateral sclerosis (ALS or Lou Gehrig's disease), Huntington's disease, stroke and multiple sclerosis. These are typically fatal neurodegenerative disorders that are currently untreatable and share many characteristics, which make them particularly amenable to INT's expertise and technologies.
Shawn Mojtahedian, Ph.D., Founder, Director and Chief Scientific Officer of Innovative NeuroTechnologies, said, "We are very pleased to have PHIGroup assist INT in its current fund raising efforts in the European Capital Markets (i.e., the Frankfurt Stock Exchange), especially in the present very difficult economic environment for early-stage capital for biotechnology companies. We look forward to working with PHIGroup."
PHIGroup Chairman and CEO Henry Fahman said, "We are delighted to assist Innovative NeuroTechnologies and its management team in positioning the company for further development and growth. We believe by listing on a leading European stock market, INT will be able to effectively access capital and execute its business strategy."
About PHIGroup, Inc.
PHIGroup develops real estate and natural resources, provides M&A advisory and consulting services and invests in special situations. PHIGroup, which specializes in raising capital and helping take companies public, is developing Philand Ranch, one of the largest master planned communities in Vietnam. This project includes Pointe91, a luxury resort and premium residential community in Quang Nam province in central Vietnam. PHIGroup is also engaged in mining in Southeast Asia and Haiti (PHIMining Group, Inc.) (Pink Sheets:PHIG) (www.phimining.com). Website: www.phiglobal.com.
About Innovative NeuroTechnologies
INT is primarily an early-stage clinical development biotechnology company that seeks novel therapeutic solutions (i.e., biopharmaceuticals, stem cells) for major human central nervous system disorders, particularly in the area of neurodegeneration. The company presently focuses its main efforts on Alzheimer's disease with interest in therapeutic solutions for Parkinson's disease, amyotrophic lateral sclerosis (ALS or Lou Gehrig's disease), Huntington's disease, frontotemporal lobar dementias (FTLDs or Picks's disease), stroke and multiple sclerosis. These are typically fatal neurodegenerative disorders that are currently untreatable and share many characteristics, which make them particularly amenable to INT's expertise and employed technologies. http://www.innovneurotech.com/
Safe Harbor: This news release contains forward-looking statements that are subject to certain risks and uncertainties Such forward-looking statements are based upon management's beliefs, as well as assumptions made by, and information currently available to, management pursuant to the "safe-harbor" provisions of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those projected, on the basis of such forward-looking statements.