SCOTTSDALE, Ariz., May 19, 2004 /PRNewswire-FirstCall via COMTEX/ -- Baywood International, Inc. ("Baywood") (BYWD) , a nutraceutical company specializing in the development, marketing and distribution of its own brands into retail channels, today announced that it has entered into a letter of intent to acquire Aidan Products, L.L.C. ("Aidan"), a specialty nutraceutical company with annual sales of over $1,000,000 focusing on immunology and angiogenesis products that are sold through healthcare practitioner channels. The deal is expected to close by September and will be accretive to Baywood's earnings in 2004.
Aidan was formed in 2001 as a result of the demand for its flagship products Imm-Kine(R), C-Statin(TM) and IVC-Max(R) that were integrated as part of a standard protocol at the Aidan Clinic, which was founded in 1999 to offer successful immunological treatments to its patients. Neil Riordan MS PA-C, Aidan's President and founder, was a Senior Research Scientist and Project Manager for project RECNAC at the Biocommunications Research Institute in Wichita, Kansas from 1989 until 1999. While there, he collaborated with a group of other dedicated scientists and discovered a molecule derived from a plant that inhibits new blood vessels from growing (angiogenesis). They also discovered another molecule extracted from the cell walls of bacteria that both stimulates and encourages the immune system to prevent angiogenesis. Both of these blood vessel inhibitor products were extensively tested and found to halt abnormal growth in a significant number of types of abnormal cell growth while normalizing abnormally high levels of plasma VEGF (Vascular Endothelial Growth Factor). Mr. Riordan has co-authored 18 peer-reviewed medical journal articles and currently holds ten U.S. and international patents and three pending patents on products and treatment methods.
"Aside from the outstanding strategic and cultural match between our two companies, the exceptional clinical profile of Aidan's patented formulas is what drives this acquisition," stated Neil Reithinger, President & C.E.O. of Baywood. "We rarely see this level of science with other multiple molecule products, and we look forward to setting new standards on the kind of science that our industry should expect of therapeutic products," Reithinger stated further.
"I see many potential benefits from this new relationship. I will be able to focus on my core strength of research and development, and Aidan will have immediate access to Baywood's distribution pipeline and sales force. Having Aidan in a public vehicle such as Baywood is attractive by increasing our access to capital to perform additional research into the clinical applicability of current and future products," stated Neil Riordan, President and founder of Aidan.
After the transaction closes, it is expected that Neil Riordan will become Chief Scientific Officer of Baywood.
The acquisition is subject to the execution of a mutually acceptable purchase agreement and customary closing conditions, including the receipt of necessary approvals by third parties and Baywood shareholders.
Baywood International, Inc. (BYWD) is a nutraceutical company specializing in the development, marketing and distribution of its own proprietary brands under the names PURECHOICE(R), SOLUTIONS(R) and Complete La Femme(R). The Company's products are distributed through independent and chain health food stores, pharmacies, grocery stores, and other direct-to-consumer channels both internationally and domestically. Contact Baywood International, Inc. at 1-888-350-0799 or for more information visit www.bywd.com.
This press release may contain forward-looking statements, made in reliance upon Section 21D of the Exchange Act of 1934, which involve known and unknown risks, uncertainties or other factors that could cause actual results to differ materially from the results, performance, or expectations implied by these forward-looking statements. The Issuer's expectations among other things are dependent upon general economic conditions, continued demand for its products, the availability of raw materials, retention of its key management and operating personnel, as well as other uncontrollable or unknown factors which are more fully disclosed in the Company's Form 10-KSB's and 10-QSB's on file with the United States Securities and Exchange Commission.