Efoora Inc informed that it has entered into a Cooperation Agreement with Genesis Bioventures Inc (GBI), Corgenix Medical Corporation and Prion Developmental Laboratories Inc (PDL).
The merged company, which will be known as Genesis Bioventures, plans to deliver Efoora and the balance of the PDL shareholders, a written offer to exchange Common Stock of GBI for all of the share interests of PDL not held by GBI.
The Agreement also provides for financial cooperation as well as scientific and technical cooperation between the Parties, with emphasis on developing PDL's products. PDL is continuing to develop its rapid strip test to detect Mad Cow Disease through the evaluation process in the European Union.
PDL is the company with a working patent-pending prototype for a prion-protein, rapid, hand held test for the detection of mad cow disease - developed for on-site slaughterhouse testing.
PDL recently received US Department of Agriculture (USDA) approval for its rapid strip test to detect Chronic Wasting Disease, which is similar to Mad Cow Disease but affects deer and elk.
Steven Kay of Petaluma, editor and publisher of Cattle Buyers Weekly estimated in an article in April's Meat and Poultry magazine, that the export ban may be costing the US meat industry and the nations economy 'anywhere from $100 to $300 million per week' given the ripple effect of lost income and sales.
Agriculture secretary Ann Veneman recently said beef exports would fall approximately 83% in the year 2004 due to concerns regarding mad cow disease.
David Grosky, CEO and Chairman of PDL, stated, "This agreement will benefit all parties involved by maximizing the collective expertise of the companies to bring their products in development to market sooner than they would be able to individually."