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Hand Brand Distribution acquires control of veterinary biotech company.(Brief Article)
2002 APR 10 - (NewsRx.com & NewsRx.net) -- Hand Brand Distribution, Inc., (HDBI) announced today its acquisition of GeneThera, Inc., a veterinary biotechnology company that has developed technology for recombinant DNA vaccine production and animal and food product testing of Mad Cow disease, E. coli and Foot and Mouth disease.
The acquisition is part of a stock purchase agreement with the shareholders of GeneThera whereby Hand Brand acquired approximately 92% of the issued and outstanding shares of the biotechnology company. In return, Hand Brand issued shares of its common stock to GeneThera stockholders. Hand Brand also announced plans to sell its subsidiary, The Family Health News, a vitamin company, subject to shareholder approval.
"We look forward to the continued growth of GeneThera with its breakthrough technology that will allow live animals to be tested more efficiently and cost-effectively for illnesses that threaten the nation's food supply," said Nicolas Wollner, Hand Brand's newly appointed president.
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