Newtech Negotiate to Acquire Rights to Diabetes Treatment
VANCOUVER, British Columbia, Mar 26, 2004 (BUSINESS WIRE) -- Newtech Resources Ltd. ("Newtech") (OTCBB: NTHR)(Berlin: NWE Security No.
157768) today announced that it has executed a letter of intent with Dr. Jyoti Ghosh and German Pharmaceuticals Limited to negotiate to acquire an exclusive worldwide license (excluding India and Germany) to Finance Production and market the Arogya II compound developed for the treatment of diabetes mellitus type II in exchange for a usage license fee and a royalty fee on units of the Arogya II compound sold. The letter of intent also entitles Newtech to a right of first refusal in respect to acquiring the same Rights relating to any other formulations Dr. Ghosh or German Pharmaceuticals might currently offer or develop in the future.
Diabetes mellitus is a chronic disease that requires long-term medical attention both to limit the development of its devastating complications and to manage them when they do occur. Type II diabetes typically occurs in individuals older than 40 years who have a family history of diabetes and is characterized by peripheral insulin resistance with an insulin-secreatary defect that varies in severity. These defects lead to increased hepatic gluconeogenesis, which produces fasting hyperglycemia. Most patients (90%) who develop type II diabetes are obese, and obesity itself is associated with insulin resistance, which in turn worsens the diabetic state.
The morbidity and mortality associated with diabetes are related to short and long-term complications. These complications include hypoglycemia and hyperglycemia, increased risk of infections, micro vascular complications (i.e., retinopathy, nephropathy), neuropathic complications, and macro vascular disease. Diabetes is the major cause of blindness in adults aged 20-74 years, as well as the leading cause of nontraumatic lower-extremity amputation and end-stage renal disease. According to the World Health Organization there were 177 million diabetes patients worldwide in 2000. Indications are that this number has since grown due to increased life expectancy (the prevalence of diabetes increases with age) and the relatively recent phenomena of childhood obesity.
Dr. Ghosh's Arogya II compound is formed from an unique combination of phyto pharmaceutical and Soluble Minerals Supplement, all of natural origin, that have been used to effectively manage the disease. Arogya II does not produce any side effects.
Newtech, Dr. Ghosh and German Pharmaceuticals expect to sign the agreement upon the successful completion of negotiations and due diligence inquiries by all parties.
Newtech is a public company; its common shares trade on the OTCBB under the ticker symbol "NTHR" and on the Berlin Stock Exchange under the symbol "NWE".
A number of statements contained in this press release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Act of 1995. These forward looking statements involve a number of risks and uncertainties, including timely development, and market acceptance of products and technologies, competitive market conditions, successful integration of acquisitions and the ability to secure additional sources of financing. The actual results of Newtech may achieve could differ materially from any forward-looking statements due to such risks and uncertainties. Newtech encourages the public to read the information provided here in conjunction with its most recent filings on Form 10KSB and Form 10QSB. Newtech's public filings may be viewed at www.sec.gov.
SOURCE: Newtech Resources Ltd.
CONTACT: Newtech Resources Ltd.
Ross Wilmot, 604-602-1717
rwilmot@ipm.bc.ca
