Centrex Moves Technology Assets Into New Company, Shares Ownership
Friday , February 06, 2004 02:18 ET
Feb 6, 2004 (financialwire.net via COMTEX) -- (FinancialWire) Centrex, Inc. (OTCBB: CNEX) said it has joined with Trifocal LLC, to form Early Warning Technologies, Inc. to accelerate the development of the Company's Single Molecule Nucleic Acid Detection (SMD) technology.
Early Warning Technologies will be majority-owned by Centrex and minority-owned by Trifocal LLC. R. Scott Wills, the principal of Trifocal, will serve as CEO of Early Warning Technologies.
Early Warning Technologies will assume the technology assets of Centrex along with certain contractual obligations with Los Alamos and the University of California, and will take over the development and commercialization of the SMD technology from Centrex. This arrangement will allow Centrex to pursue other technology acquisitions and potential joint ventures. Centrex CEO, Thomas R. Coughlin, Jr. M.D. will also serve on the Board of Early Warning Technologies, and will serve as Chief Scientific and Technical Advisor for Early Warning Technologies. The agreement will require shareholder approval
Scott Wills is an experienced corporate executive who Centrex said has held management positions ranging from start-ups to Fortune 500 companies. As an entrepreneur, Mr. Wills has been involved in the management and funding of both private and public companies and has served as CEO of three other companies.
Dr. Coughlin commented, "We are extremely excited about the prospect of working with a person of the caliber of Scott Wills and that Early Warning Technologies will provide the platform necessary to achieve our development goals."
Centrex's SMD technology has been exclusively licensed from Los Alamos National Laboratories and represents advantages over existing DNA and RNA detection methods as well as culture-based test methods. Centrex's detection system is designed to be adaptable to detect a variety of bacterial or viral organisms by recognizing the unique DNA or RNA fingerprint of the organism. The prototype instrument, currently being developed will utilize disposable, multipurpose microfluidics lab cards that incorporate the SMD technology.
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