Imagine Media signs non-binding LOI to acquire DMI Life Sciences

Jan 27 2010

Imagine Media, Ltd., a Delaware corporation (“Imagine” or the “Company”) (OTCBB: IMLE) today announced that it has signed a non-binding Letter of Intent to acquire DMI Life Sciences, Inc., a Denver, Colorado-based biotechnology company. (“DMI”). Under the terms of the LOI, if the acquisition is completed, the shareholders of DMI will acquire approximately 90.52% of the total issued and outstanding shares of the Company, and the transaction will constitute a change in control. Completion of the acquisition is subject to the satisfaction of several conditions precedent, including, without limitation, the execution of a definitive merger agreement, the satisfactory completion of due diligence by both parties, the completion of audited financial statements by DMI, and compliance with federal and state securities laws. There can be no assurance that the transaction will be consummated.

“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.”

DMI is commercializing a patent portfolio covering over 150 drug compounds discovered by its Chief Scientific Officer, David Bar-Or, MD. Dr. Bar-Or, who has been engaged in the discovery and development of medical products for over 20 years, is currently the Director of Trauma Research at Swedish Medical Center and St. Anthony's Hospital both located in Denver. DMI’s three lead products relate to diabetic health care, inflammatory disorders and aging.

“I have spent my life searching for solutions to major unmet medical conditions that are affordable, proven safe, and simplify the long, expensive and arduous regulatory process that stifles most discoveries,” said Dr. Bar-Or.

Don Wingerter, DMI’s Chief Executive Officer, an experienced medical products entrepreneur who founded Clear Vision Laser Centers and served as CEO of Sound Surgical Technologies, added, “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.”

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

If the acquisition is consummated, of which there can be no assurance, it is expected that the Company will continue to trade on the NASD OTC BB, under the symbol BTWO.