SAN DIEGO, Sept. 19, 2011 /PRNewswire/ -- Imagenetix, Inc.
(OTCBB: IAGX) announced today that it received an adverse decision
in an interim arbitration award arising out of its pending dispute
with former distributor TriPharma, LLC and its principal,
Evan Dameshek. The arbitration
is pending before a private arbitrator and is conducted under the
rules of JAMS (Judicial Arbitration and Mediation Services) in
San Diego, California. The
interim award against the Company and its President, William Spencer, is for approximately
$2.2 million plus as yet not
determined legal fees and interest. "We obviously are not
happy with the outcome of this case and are considering our legal
options," said Mr. Spencer.
About Imagenetix
Imagenetix, based in San Diego,
California, is an innovator of scientifically tested,
natural-based, proprietary, bioceutical products developed to
enhance human health on a global basis. Imagenetix develops
and formulates propriety over-the-counter topical creams, skincare
products and nutritional supplements to be marketed globally
through multiple channels of distribution. In addition, the
company develops patentable compounds for entering into licensing
agreements with pharmaceutical partners. Imagenetix is the
creator of Celadrin®. Please visit, www.celadrin.com or
www.imagenetix.net.
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Contact
Imagenetix Investor
Relations
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William P. Spencer
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(858)385-2797
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Chief Executive
Officer
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Imagenetix, Inc.
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Tel: (858) 674-8455
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SOURCE Imagenetix, Inc.
