BOCA RATON, Fla., Feb. 6,
2013 /PRNewswire/ -- Novation Holdings (OTCQB:NOHO) today
announced that it has sold its controlling interest in SureScreen
Medical, Inc., its wholly-owned medical device development
subsidiary, to AVM Licensing Corp., the licensor of the HPV virus
treatment technology being developed by SureScreen. SureScreen is
the holder of the recently granted European patent rights to the
technology, although the US Patent application has recently been
denied. According to Michael
Gelmon, Chairman and CEO of NOHO: "While the
technology shows promise for the detection and treatment of the HPV
virus, the uncertain patent status in the U.S., the lack of a
working prototype and the considerable cost and time anticipated
for any further development of this technology, has lead us to the
conclusion that we can better use our resources for the acquisition
of other operations that are already producing revenues and cash
flow, and for the development of our other existing
subsidiaries."
Novation Holdings will receive a combination of cash, stock and
notes, secured by the assets of SureScreen, as consideration for
the sale. The total value of the sale is estimated at
$250,000.
FORWARD LOOKING STATEMENT
Certain statements contained herein and subsequent oral
statements made by and on behalf of Novation Holdings, Inc. may
contain "forward looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. Such forward
looking statements are identified by words such as "intends",
"anticipates", "believes", "expects", and "hopes" and includes,
without limitation, statements regarding Novation Holdings, Inc.'s
plan of business operations, product research and development
activities, anticipated revenues and expenses and potential
contractual arrangements and obligations. Also, our management may
make forward-looking statements orally to investors, analysts, the
media and others. Any statements made in this news release about an
action, event or development, are forward-looking statements. Such
statements are based upon assumptions that in the future may prove
not to have been accurate and are subject to significant risks and
uncertainties. Such statements are subject to a number of
assumptions, risks and uncertainties, many of which are beyond the
control of the Company. These risks and others are included from
time to time in documents we file with the Securities and Exchange
Commission, including but not limited to, its Form 10-Ks, Form
10-Qs and Form 8-Ks. Other unknown or unpredictable factors also
could have material adverse effects on our future results.
Accordingly, you should not place undue reliance on these
forward-looking statements. Although the Company believes that the
expectations reflected in the forward-looking statements are
reasonable, it can give no assurance that its forward-looking
statements will prove to be correct. Investors are cautioned that
any forward-looking statements are not guarantees of future
performance and actual results or developments may differ
materially from those projected. The forward-looking statements in
this press release are made as of the date hereof. The Company
undertakes no obligation to update or correct its own
forward-looking statements, except as required by law or those
prepared by third parties that are not paid by the Company. The
Company's SEC filings are available at http://www.sec.gov.
Contact:
Novation Holdings, Inc.
Media Department
media@allezoe.com
SOURCE Novation Holdings