SEC Seeks $ 8 Million Judicial Relief for BioTech Medics, Inc. Shareholders
17 December 2008 - 3:16AM
Marketwired
BioTech Medics, Inc. (PINKSHEETS: BMCS) announced today that U S
District Court Tampa Justice Elizabeth A. Kovachevich has signed an
Securities & Exchange Commission Emergency Order against
Jeffrey G. Turino, formerly of Clearwater, now hiding offshore.
The SEC has requested that 1) Turino be held in Contempt of
Court for violating a prior five-year ban on participating in penny
stock offerings; 2) all of Turino's assets be frozen; and 3) assets
of related parties to Turino be frozen.
The SEC is seeking over $8 million in disgorgement that should
eventually be refunded in part to BioTech Medic's shareholders.
Keith Houser, CEO, said: "This is fabulous news for the
legitimate shareholders of BioTech. Since 2005 we noticed
discrepancies and we notified the SEC. Turino did not have shares
in his name but used an elaborate scheme of shell corporations, a
network of offshore brokers and accomplices to defraud BioTech. We
have been cooperating with the SEC Enforcement, FINRA and the FBI
in identifying those parties who have allegedly benefited by
illegally manipulating BioTech stock. We are encouraged SEC
Enforcement is taking action against those who allegedly received
ill-gotten gains at the expense of legitimate BioTech shareholders.
This is just the tip of the iceberg of funds owed BioTech."
"We want to stress to the public that BioTech Medics, the
current officers and directors of the Company are NOT under any
known investigation. There are other former and current
shareholders that are the subject of investigation," said Mr.
Houser. "BioTech did not receive any 504 funding from Turino or
from the parties mentioned in Justice Kovachevich's Order."
BioTech is poised to be a part of the $126 Billion Pain
Management industry. Our goal is to have 100 or more BioTech
L3aser(TM) Centers operating nationwide. BioTech has finalized a
strategic franchise alliance that will put BioTech on
fast-track.
BioTech Medics has developed proprietary pain management
protocols utilizing patented FDA 510(k) cleared, high powered, deep
penetrating, medical therapeutic lasers for reducing or eliminating
muscular, skeletal, nerve and/or arthritic pain over the entire
body. The procedures are drug-free, quick (15 to 30 minutes) safe
and non-invasive. BioTech has affiliated centers operating in
Dallas, Kansas City (Overland Park), Albuquerque and Santa Fe, NM.
A new center is pending in Newport Beach, California.
BioTech's advantage over competition is their proprietary
protocols for the high-powered therapeutic medical lasers that the
patient feels healing their body. Most competitors use "cold
lasers" that operate with 5,000 to 12,000 times less power.
Patients cannot feel a cold laser.
Safe Harbor for Forward-Looking Statements
This release contains forward-looking statements within the
meaning of The Private Securities Litigation Reform Act of 1995
(the "Act"). Such statements are subject to certain risks and
uncertainties and actual results could differ materially from those
expressed in any of the forward-looking statements. This is not an
offer to buy or sell any security or franchise.
Contact: Investor Relations 972-274-5533
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