Enzolytics Inc. Supports Sagaliam Acquisition Corp Response to Competitors False and Misleading Press Release

Rhea-AI Summary

Enzolytics Inc. (OTC PINK:ENZC) has announced its full support for Sagaliam Acquisition Corp's (SAGA) efforts to counter false claims made by NIKA Pharmaceutical and its CEO, Dimtar Savov. The dispute centers around patents for an Immunotherapy treatment of HIV/AIDS, which Enzolytics asserts are rightfully owned by Harry H. Zhabilov and the Zhabilov Trust. Virogentics, Inc., a wholly-owned subsidiary of Sagaliam, is stated to be the exclusive license holder of this intellectual property.

Steve Sharabura, Interim CEO of Enzolytics, emphasized the company's commitment to protecting shareholder value and ending what they describe as a 'travesty'. The press release highlights previous legal actions in US and Bulgarian courts, where Mr. Savov reportedly lost civil court cases and defaulted on licensing agreements.

Positive

• Enzolytics is aligning with Sagaliam to protect intellectual property rights
• The company is taking a proactive stance to defend shareholder value

Negative

• Ongoing legal disputes may divert resources and management attention
• False claims by competitors could potentially harm investor perception and stock performance

ALLEN, TX / ACCESSWIRE / July 26, 2024 / Enzolytics, Inc. (OTC PINK:ENZC) (enzolytics.com) (the "Company") stated today that the Company will whole heartedly support any and all efforts by Sagaliam Acquisition Corp ("SAGA") in its campaign to stop another attempt by NIKA Pharmaceutical and its CEO, Dimtar Savov, falsely claiming rights to patents issued to Harry H. Zhabilov and the Zhabilov Trust for the Immunotherapy treatment of HIV/AIDS. Mr. Savov has, since defaulting on licensing agreements and losses in civil court actions in the US and Bulgarian court systems, erroneously and maliciously asserted claims to ITV-1 in his attempt to mislead the investing public and to harm the shareholder value of SAGA as well as the Company. The exclusive license holder of this intellectual property is Virogentics, Inc., a wholly owned subsidiary of Sagaliam.

Sagaliam press release issued on July 25, 2017: https://finance.yahoo.com/news/sagalium-responds-competitor-false-misleading-204600512.html

Steve Sharabura, Interim CEO of Enzolytics, commented, "I and the Board of Directors are steadfastly aligned with Sagaliam to bring to an end this travesty and the protection of both entities' shareholder value."

About Enzolytics, Inc.

Enzolytics, Inc. is transitioning from a drug development company committed to commercializing its proprietary proteins and monoclonal antibodies to treat debilitating infectious diseases to a sales, marketing and distribution entity focusing on medical devices, medical testing and nutraceutical products.

Forward Looking Statements

The disclosure herein includes certain statements that are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "should," "would," "plan," "predict," "potential," "seem," "seek," "future," "outlook," and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding projections, estimates and forecasts of revenue and other financial and performance metrics and projections of market opportunity and expectations, Company's ability to enter into a definitive business combination agreement and Company's ability to obtain the financing necessary to consummate the potential business combination transaction. These statements are based on various assumptions and on the current expectations of Company's management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Company. These forward-looking statements are subject to a number of risks and uncertainties, including: Company's ability to enter into a definitive agreement with respect to the proposed business combination or consummate a transaction; the risk that the approval of the stockholders of Company for the potential transaction is not obtained; failure to realize the anticipated benefits of the potential transaction, including as a result of a delay in consummating the potential transaction or difficulty in integrating the businesses of Company; the amount of redemption requests made by Company's stockholders and the amount of funds remaining in Company's trust account after satisfaction of such requests; those factors discussed in Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023 under the heading "Risk Factors," and other documents of Company filed, or to be filed, with the SEC. If the risks materialize or assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that Company presently does not know or that Company currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Company's expectations, plans or forecasts of future events and views as of the date hereof. Company anticipates that subsequent events and developments will cause Company's assessments to change. However, while Company may elect to update these forward-looking statements at some point in the future, Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Company's assessments as of any date subsequent to the date of this disclosure statement. Accordingly, undue reliance should not be placed upon the forward-looking statements.

CONTACT INFORMATION

Enzolytics, Inc.
Steve Sharabura, Chief Executive Officer
3002 Royal Palm
Baytown, Texas 77523
Tel: (845) 925-4597
X/Twitter: @EnzolyticsInc

SOURCE: Enzolytics, Inc.

View the original press release on accesswire.com

FAQ

What is the dispute between Enzolytics (ENZC) and NIKA Pharmaceutical about?

The dispute is about patents for an Immunotherapy treatment of HIV/AIDS. Enzolytics claims these patents belong to Harry H. Zhabilov and the Zhabilov Trust, while NIKA Pharmaceutical's CEO, Dimtar Savov, is allegedly making false claims to these rights.

Who holds the exclusive license for the HIV/AIDS Immunotherapy treatment patents related to Enzolytics (ENZC)?

According to the press release, Virogentics, Inc., a wholly-owned subsidiary of Sagaliam Acquisition Corp, holds the exclusive license for the intellectual property related to the HIV/AIDS Immunotherapy treatment patents.

How is Enzolytics (ENZC) responding to the alleged false claims by NIKA Pharmaceutical?

Enzolytics is fully supporting Sagaliam Acquisition Corp's efforts to counter the false claims. The company's Interim CEO, Steve Sharabura, stated that they are 'steadfastly aligned with Sagaliam to bring to an end this travesty and the protection of both entities' shareholder value.'

What legal actions have been taken regarding the patent dispute involving Enzolytics (ENZC)?

The press release mentions that there have been civil court actions in both US and Bulgarian court systems, where NIKA Pharmaceutical's CEO, Dimtar Savov, reportedly lost cases and defaulted on licensing agreements.