Aquasearch Files Chapter 11, Changes Name

Aquasearch Files Chapter 11, Changes Name

KAILUA-KONA, Hawaii--Aquasearch Inc. reported that the U.S.Bankruptcy Court in Hawaii confirmed the company's reorganization plans filedunder Chapter 11. The company stated that the plan will take between one tothree months to execute.

"Aquasearch is a company with tremendous untapped potential," saidRichard Propper, M.D., the new executive chairman on the company's board ofdirectors. He said that during the reorganization process, the company willsolidify a system-wide distribution agreement with Long's Drug Stores forAstaFactor; will develop plans to expand distribution of this and futureproducts into mainland China; and will develop a Chinese production facility tosupply quality, low-cost products.

During this re-engineering of the company, Aquasearch will be changing itsname to Mera Pharmaceuticals to reflect the company's intention to acceleratedrug discovery and development activities.