NOVAMEX USA LTD
Trading symbol : NOVM (Pink Sheets)
DESCRIPTION OF BUSINESS
Novamex USA Ltd. is a development stage corporation incorporated under the laws of the State of Oregon February 12, 1991. In June 1998, Novamex USA Ltd. acquired all the outstanding common stock of Novamex Diagnostic Ltee./Novamex Diagnostic Ltd., (" NDL" ).
NDL is a biotechnology company engaged in research and development in the field of rapid diagnostic tests using immuno-detection, specifically for agri-food and veterinary applications. Revenues are to be derived from three sources : namely, royalties (from the use of techniques developed by NDL) ; sales of reagents and from of test sales kits.
NDL has developed diagnostic kits which are distinguished by their rapidity and ease of use. The diagnostic kits are intended for the agri-food and veterinary fields and apply specifically to the detection of pathogenic bacteria in foods. The analytical kits include test for the detection of gestation in cows and pigs, detection of antibiotics in milk and meat and a test to quantify vitamin D in fortified dairy products.
NDL has developed relationships with a number of potential partner companies, which could result in its becoming a leader in specific applications within sectors of extreme importance in Canada, the United States, Europe, Asia, South America, and the Middle East.
The current world market demand in which NDL operates is estimated at C$2 billion (US$ 1.35 billion). In order to develop these technologies. NDL has entered into associations with several laboratories as well as with biotechnology companies for the commercialization of certain kits.
NDL has entered into commercialization agreements for the worldwide license to distribute NDLís Rotavirus detection test kits for a five-year period. The distributor Biovet is a biotechnology company based in Saint-Hyacinthe, Quebec which specializes in veterinary diagnostics and distributes a wide range of products throughout Canada, the US and Europe. It also offers services which include microbiological and virological analyses.
Several other agreements are still in negotiation with different parties for the distribution of NDLís five pathogenic bacteria test for E. Coli 0157, Salmonella, Campylobacter Jejuni, Yersinia, Listeria and a general hygiene Test.
NDL has receive several proposals for its 6 tests to be distributed into Canada, USA, Europe, South America and Asia.
No specific regulatory approvals are required in Canada for sale of NDLís test kits, however each test, other than the General Hygiene Test will be submitted to Agriculture Canada for validation. In the U.S. all tests are submitted to the AOAC for approval.
OFFICERS AND DIRECTORS OF THE COMPANY
Dr. Ronald E. Simard (age 59) - President and Director
Dr. Simard has been chairman of the board and president of the Company since June 15, 1998. He received his Ph.D. in microbiology from McGill University in 1970. In 1982 he became associate professor and department head in Food Science at Laval University in Quebec, receiving tenure in 1986. In 1988 he received an M.B.A. in management from Laval and between 1991 and 1995 he was associate-dean of research.
Edward Gosselin (age 41) - Director and Vice President Legal Affairs
Mr. Gosselin has been a director and vice president of the Company since June 15, 1998. He has been an attorney in private practice since 1984.
Dr. Ismail Fliss (age 38) - Director, Vice President and Scientific Director
Dr. Fliss has been a director and vice president of the Company since June 15, 1998. He received his doctorate in veterinary medicine in 1989 from the Ecole nationale de medecine veterinaire de Tunis in Tunis, Tunisia.
Novamex USA Ltd hold 100% of Novamex Diagnostic Ltd.
Number of common shares issued and outstanding :10,500,000
Number of shares held by the management : 7,060,000
Number of Restricted shares : 8,765,000
CUSIP : 669871 10 5
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