SAN DIEGO, July 25 /PRNewswire-FirstCall/ -- Aquasearch, Inc. (OTC Bulletin Board: AQSEQ) today completed its proposed merger with Mera Pharmaceuticals, Inc. The surviving company will be called Mera Pharmaceuticals, Inc. and will be incorporated in Delaware. All of the directors of Aquasearch, including those appointed last month, will continue in those roles with Mera. Each share of Aquasearch stock will now become one share of stock of Mera. Existing shareholders need not exchange their Aquasearch certificates because from now on they will be honored as certificates of Mera.
Richard D. Propper, MD, Chairman of the Board of the merged companies, stated that, "The merger is another step in completing the Aquasearch plan of reorganization that was confirmed last month in U.S. Bankruptcy Court in Hawaii. We are no longer operating under the supervision of the bankruptcy court, which will now permit us to quickly pursue our dual goals of developing, producing, and marketing nutraceuticals and pharmaceuticals derived from aquatic plants. All of our reorganization financing is in place or committed, and we have begun the process of paying creditors' claims in accordance with the plan. The change of the company's name to Mera Pharmaceuticals reflects the increased emphasis that we intend to place on pharmaceutical discovery and development in the long term, while, at the same time, we aggressively market our nutraceutical line. In addition, the name change reflects the new beginning for the company following the bankruptcy process."