Immudyne Inc. announces that hearing to resolve San Antonio
arbitration has been postponed as the result of Carmel
Research filing for bandruptcy
HOUSTON, TX--June 25, 1997--ImmuDyne Inc. (OTC BB:IMMD),
announced today that the hearing scheduled for June 18, 1997
before the 225th Judicial District Court, Bexar County, San
Antonio, Texas to enforce a previous Rule 11 Agreement and
related summary judgment involving Carmel
Research Inc. has been postponed in part as a result of the
filing by Carmel of Chapter 11 Bankruptcy on June 17, 1997.
Management of ImmuDyne expected that the enforcement of a
previous Rule 11 Agreement and related summary judgment would
have required Carmel to turn over to ImmuDyne 3.25 million shares
of ImmuDyne common stock.
ImmuDyne would have been required to issue 1.55 million shares
of common stock to Mark W. McLaughlin and his attorneys, and
would have retired 1.7 million such shares, all in accordance
with the summary judgment. The effect of this ruling and Carmel's
bankruptcy is being reviewed by ImmuDyne.
The judge in the San Antonio matter postponed the hearing in
accordance with the order of the bankruptcy court. The court had
previously ordered, and Carmel's attorney had agreed, that Carmel
not transfer the shares to any other party until such time as the
hearing relating to the Rule 11 Agreement and related summary
judgment is held.
On June 18, 1997, the court ordered ImmuDyne to deliver to
McLaughlin the $100,000 of the royalties accumulated from
November 1996 to present, otherwise due to Carmel, pursuant to
the summary judgment. The issue of being able to pay these moneys
is clouded by the Carmel bankruptcy.
The hearing set in Nevada United States District Court for
June 19, to determine if a temporary injunction will be ordered
preventing ImmuDyne from selling MacroForce(TM) dietary
supplement products that contain beta glucan, has been postponed
until June 26, 1997.
In a separate matter, the Company received notice of a lawsuit
filed by Byron A. Donzis against the Company relating to the non
payment of certain consulting fees. The complaint against
ImmuDyne was filed in the 2nd Judicial District Court of the
State of Nevada and in the county of Washoe, CV-97-03626, Byron
A. Donzis, Plaintiff v. ImmuDyne, Inc. a Texas corporation and
DOES I-X, inclusive, Defendant.
Donzis alleges that the Company breached a consulting
agreement allegedly entered into on May 1, 1996 by failing to pay
consulting fees due pursuant to the agreement. Management of the
Company is evaluating the claims and intends to vigorously defend
ImmuDyne Inc. is traded on the NASD Automated Bulletin Board
under the symbol IMMD. ImmuDyne Inc. is a Texas-based company
specializing in macrophage technology and immune system
stimulants for cosmetic, human nutritional, animal nutritional
and aquacultural use. For more information, contact Margaret
Dreyfus, 415/949-3864, or visit ImmuDyne's website at
CONTACT: Immudyne Inc. Margaret Dreyfus, 415/949-3864