Imagine Media Ltd. (IMLE.OB) Inks LOI to Acquire Biotech Firm DMI Life Sciences

on January 27 2010 9:44 AM

Imagine Media Ltd. today announced it has signed a non-binding Letter of Intent to acquire DMI Life Sciences Inc., a biotechnology firm engaged in developing pharmaceutical products and medical devices.

If the acquisition does take place, DMI shareholders will acquire roughly 91 percent of total issued and outstanding shares of Imagine Media. For DMI, becoming a publicly traded company will accelerate its trek of obtaining executing future plans.

“Gaining access to the public markets will enable us to achieve our goals much sooner, and give our shareholders the value and liquidity they deserve. With a large and diverse portfolio, DMI is well positioned to move into the public market place,” Don Wingerter, CEO of DMI and founder of Clear Vision Laser Centers stated in the press release.

Of DMI’s portfolio of more than 150 drug compounds, its leading three products relate to diabetic health care, inflammatory disorders and aging.

“We are extremely excited about the possibility of acquiring DMI and bringing its significant opportunities to our shareholders,” Gregory Bloom, president of Imagine Media stated.

While there is no definite assurance the LOI will lead to an official agreement, the companies said if the acquisition is completed, the two will emerge as one company trading as OTCBB: BTWO.

Completion of the acquisition is subject to a definitive merger agreement, due diligence of both parties, financial audits, and compliance with federal and state securities laws.