Sunnyvale, CA, February 7, 2008 – On February 7th, TeleChem International, Inc. announced that it has completed a definitive agreement with Integrated Media Holdings, Inc. (OTCBB: IMHI – News) of Houston, Texas, in which IMHI acquired all of the outstanding common stock of TeleChem International, Inc. IMHI’s board of directors also announced the approval of a 1 for 30 reverse split. Integrated Media Holdings, Inc. acquired all the outstanding shares of TeleChem International, Inc. in exchange for 35,000,000 post-split shares of IMHI as part of the business combination. TeleChem International, Inc. provides products and services to the biotechnology industry, and is a leader in microarray analysis and print technology, and operates under the name Arrayit.
Rene Schena, Chief Executive Officer of TeleChem International, Inc. stated, “The business combination with IMHI is an exciting first step towards development of our strategic plan for Arrayit. 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.”
“This business combination of TeleChem International, Inc. is a significant milestone for IMHI, and is crucial to the future success of the company”, stated Bill Sklar, President and CEO of Integrated Media Holdings, Inc. After giving effect to the reverse split, and prior to the combination with Arrayit, there were roughly 500,000 outstanding shares. No fractional shares will be issued, and shareholders will receive cash in lieu of their fractional shares.
The business combination between TeleChem International, Inc. and Integrated Media Holdings, Inc. was featured by major news agencies including Marketwire, CNN, Yahoo, GenomeWeb, and Stockwatch.
TeleChem International, Inc. is headquartered in the Silicon Valley of California and operates under the name Arrayit in the biotechnology industry. Arrayit specializes in empowering the biotech industry by providing unique products and services to a universal biochemistry platform. Arrayit and its founders are pioneers of Microarray Analysis and leading providers of trade secret protected products such as slides, substrates, and accessories. Arrayit has over a decade of excellence and quality dedicated to meeting the needs of the research and pharmaceutical industry. Please visit www.Arrayit.com for more information.
Ms. Rene Schena, President and Founder of TeleChem International, Inc., opened the company in 1993 and moved it into the biotech sector in ’96. She has led the Company to become a leader in the DNA microarray technology. Having received awards in 2002 and 2003 from Inc. Magazine as a top 500 fastest growing privately held companies and in 2005 being recognized as Silicon Valley Business Journal as the 11th largest woman-owned business in Silicon Valley. Ms. Schena’s strong business background and management expertise are key contributions to TeleChem’s infrastructure.
Mr. Todd Matinsky is a Co-founder and Vice President of the Company and has a deep rooting in education and consulting. He has led the Arrayit Division since 1997, bringing it to play a significant role in the microarray industry, establishing successful alliances and is responsible for an education outreach program that ensures that the Arrayit Micro Spotting Device is applied in the field with optimal scientific and technological accuracy.
Dr. Mark Schena, world-renowned biochemist, is essentially the Father of Microarray Technology. He and his colleagues at Stanford University first published a paper on the technology in 1995. Dr. Schena’s credentials are an incomparable scientific pedigree. Through his years as student, colleague, and teacher, he has worked with a number of top scientists around the world. Currently, Dr. Schena is a Visiting Scholar and Consultant in the Arrayit Life Sciences Division.
Mr. Paul Haje serves as the Company’s Director of Public Relations since 1999. Mr. Haje is very accomplished in his field and has aided in developing Arrayit as a viable brand in the industry. Mr. Haje won the 2003 Signet Advertising Award for Best Full Page Ad in the life sciences sector. He has extensive experience in all areas of advertising and marketing, and has recently represented the Company at the U.S. FDA’s Microarray Quality Control Projects I and II.
About Integrated Media Holdings, Inc.
Integrated Media Holdings, Inc., headquartered in Houston, Texas, invests in, builds and operates innovative digital communications and media technologies businesses that provide multiple forms of distribution for entertainment, media, and communication services over the Internet and broadband networks. For more information, please visit www.i-mediaholdings.com, or email [email protected].
This news release contains forward-looking statements. These statements describe management’s beliefs and expectations about the future. We have identified forward-looking statements by using words such as “expect,” “believe,” and “should.” Although we believe our expectations are reasonable, our operations involve a number of risks and uncertainties, and these statements may turn out not to be true. More detailed information about Integrated Media Holdings, Inc. is available in the Company’s public filings with the Securities and Exchange Commission.