GRAND RAPIDS, Mich., July 27 /PRNewswire-FirstCall/ -- BestNet
Communications Corporation (OTC Bulletin Board: BESC) announced today that
it has completed a merger with JDA Medical Technologies, Inc. ("JDA"), a
privately held development stage medical device company located in
Clarksville, Maryland. JDA holds an exclusive license from the University
of Maryland to develop and use a novel microsphere (small round particle)
technology for the treatment of liver and other soft tissue cancers. The
new microsphere technology (Oncosphere) will, when approved by the FDA,
enable physicians to more accurately deliver the microsphere treatment to
the tumor site. Additionally, the Oncosphere will allow the physician to
verify the placement post treatment, which is not currently possible with
microsphere products.
BestNet is issuing 43,000,000 shares of its common stock to the
shareholders of JDA at a rate of 4.78 shares of BestNet stock for each
share of JDA stock. Options and warrants to any stock of JDA have been
terminated. Before the Merger, BestNet had approximately 47,097,953 shares
of common stock and 443,162 shares of preferred stock outstanding; it now
has approximately 90,097,953 shares of common stock outstanding and the
same number of shares of preferred stock. The total amount of shares
outstanding, on a fully diluted basis, is now approximately 98,847,960
which includes not only shares of common stock, but also shares of
preferred stock, warrants, options and convertible debentures that could be
exercised or converted into shares of common stock.
The new subsidiary to BestNet surviving the merger is named "Oncologix
Corporation," which will continue to be in the development stage. The
management team will consist of Andrew Green, Adam Lowe, and Andrew
Kennedy, MD.
Andrew Green and Adam Lowe are currently consultants to JDA. They were
most recently Principals of NeoMedica, LLC, an executive consulting firm to
early stage medical device companies. Before their association with
NeoMedica, they were, respectively, Vice President of Scientific Affairs
and Vice President of Operations, of Norcross Ga.-based Novoste Corp., a
publicly traded medical device company. Novoste ceased operations after
selling its vascular brachytherapy technology to Best Vascular Inc. in
early 2006.
Mr. Green will serve as Chairman and CEO of Oncologix Corp. and will be
a Director of BestNet Communication Corp. Mr. Lowe will serve as
President/COO and Director of Oncologix Corp.
Andrew Kennedy, MD is a Radiation Oncologist and Co-Medical Director of
Wake Radiology Oncology Services, PLLC in Cary, North Carolina. A
co-founder of JDA, he is a recognized leader in the treatment of liver
cancers with microsphere technologies. Dr. Kennedy will serve as Chief
Science and Medical Officer and Director of Oncologix and as a Director of
BestNet, the parent company.
Stanley L. Schloz, CEO of BestNet, stated that he was "extremely
pleased to announce this transaction with JDA, which is the culmination of
well over a year spent by the Board of Directors in evaluating various
opportunities in the bio-tech/medical industry for the purpose of
increasing BestNet shareholder value. We believe that Oncologix represents
a rare opportunity to match the technology developed by Doctor Kennedy, a
worldwide-recognized authority in liver cancer, and an impressive Oncologix
management team to develop a product and patient delivery system, the
Oncosphere, that will have a significant positive impact on the lives of
liver cancer patients." He went on to say that "BestNet now has in place a
structure and management team with a history of success in attaining our
first objective, obtaining FDA approval for our product. This team will
also be instrumental in exploiting any future opportunities in the field if
we elect to do so."
In his remarks, Mr. Andrew Green stated, "I am confident that the
combination of this novel technology, Dr. Kennedy's experience in cancer
treatments with microsphere products, and the management team's expertise
in radiation based medical devices will deliver a very exciting product.
Dr. Kennedy is a leader in the field of liver cancer treatment and we are
fortunate to have the opportunity to continue the development of his
microsphere concept."
Dr. Kennedy commented, "I am delighted that we have obtained the
resources to realize the advancement of microparticle based radiotherapy
for the treatment of liver cancer. Liver cancers in general and colorectal
liver metastases specifically, have high mortality rates and affect almost
80,000 new patients each year in the US alone. To date there has been
little attempt to improve the existing microparticle therapies to make them
accessible to a greater number of patients. I am extremely excited about
the creation of Oncologix and hope that novel interventions such as
microparticle radiation therapy will reduce the huge clinical morbidity and
mortality associated with this condition."
About BestNet Communications Corp. and Oncologix Corp.:
BestNet Communications is a global solutions provider of long distance;
conference calling, ClicktoPhone and custom application-based communication
services. BestNet's services are accessed worldwide via the Internet,
standard phones and wireless devices and are delivered using standard phone
lines and equipment. This results in a cost effective high quality service
for both businesses and consumers.
Under the brand name Bestnetcall(TM) (http://WWW.BESTNETCALL.COM) the
services offer subscribers premium quality calls and conference calling, at
significantly lower rates. Calls and conference calls can also be launched
via a desktop application or handheld devices including Palm(TM), Pocket
PC(R) and Blackberry(TM) and used with any standard or wireless phone. In
addition the company's new ClicktoPhone(TM) service
(http://WWW.CLICKTOPHONE.COM) enables clients to add secure and anonymous
voice communication connectivity anywhere in the world to web sites, web
banners, pictures, electronic documents, and customized e-mail calling
buttons.
Contact BestNet at: investors@bestnetcom.com
Oncologix Corporation, based in Atlanta GA, is a wholly owned
subsidiary of BestNet Communications Corp. Oncologix develops advanced
medical treatments for soft tissue cancers.
This release contains forward-looking statements within the meaning of
Section 21E of the Securities Exchange Act of 1934, as amended, which are
intended to be covered by the "safe harbor" created thereby. These
statements include the plans and objectives of management for future
operations, including plans and objectives. The forward-looking statements
herein are based on current expectations that involve judgments with
respect to, among other things, future economic, competitive and market
conditions and future business decisions, all of which are difficult or
impossible to predict accurately and many of which are beyond control of
the company. Although the company believes that the assumptions underlying
the forward-looking statements are reasonable, any one of the assumptions
could be inaccurate and, therefore, can be no assurance that the
forward-looking statements included in this release will prove to be
accurate.
SOURCE BestNet Communications Corporation
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Related links:
http://www.bestnetcom.com
http://WWW.BESTNETCALL.COM http://WWW.CLICKTOPHONE.COM
CONTACT:
BestNet Communications Corporation,
+1-616-977-9933, investors@bestnetcom.com
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