Telechem/Array It Acquired in Reverse Merger
According to SEC documents, Telechem has more than 3,000 installations and serves 10,000 labs. Its Chemical division provides raw materials. The ArrayIt division, founded in 1996, provides microarray spotters, readers, chips and reagents. The Diagnostics division is developing diagnostics tests.
Sunnyvale, CA 2/5/08 and 2/25/08; Houston, Texas 2/7/08—Publicly held Integrated Media Holdings (IMHI) has acquired TeleChem International for 35 million shares, or approximately 64.4% of the outstanding shares, following a 1 for 30 reverse stock split. TeleChem operates under the name Array It and provides cost-effective microarray systems and products. “The business combination with IMHI is an exciting first step towards development of our strategic plan for Arrayit,” said TeleChem International CEO Rene Schena. “We believe this will greatly enhance our ability to access capital and further the growth strategy as a leader in the biotech industry niche that we serve.” IMHI will change its name to Arrayit Corporation and Ms. Schena was named president, CEO and chairman. Telechem’s four executive officers hold 73.5% of the company’s stock.
