BAYTOWN, TX, July 25, 2024 (GLOBE NEWSWIRE) -- Sagaliam Acquisition Corp (Expert Market: SAGA) (the "Company") announced today that it believes that a misleading press release has been issued by Nika Pharmaceuticals, Inc. in another attempt by NIKA and its CEO, Dimtar Savov, to falsely claim rights to patents issued to Harry H. Zhabilov and the Zhabilov Trust for the Immunotherapy treatment of HIV/AIDS. Mr. Savov has erroneously and maliciously asserted claims to ITV-1 in attempts to mislead the investing public and to harm the shareholder value of SAGA as well as the former owner, Enzolytics, Inc. (PINK: ENZC). The exclusive license holder of this intellectual property is Virogentics, Inc., a wholly owned subsidiary of SAGA.
The Company will be pursuing all available regulatory and legal recourse, as it has identified a what the Company believes is a pattern of false, misleading, malicious and damaging statements which have targeted the interests of SAGA and our investors.
Barry Kostiner, the CEO of Sagaliam, commented, "Virogentics, Inc. holds the exclusive worldwide license for ITV-1 and is the sole owner of the trade secrets needed to produce the treatment. The statements in the NIKA press release are incorrect and have no foundation in truth. After numerous failed attempts by Mr. Savov to make a claim of ownership to the patents owned by the Zhabilov Trust or any other association with ITV-1, it appears that he has now taken to making unfounded assertions in the public market by claiming an ownership of intellectual properties that it does not possess. We are continuing our work for registration, clinical trials and subsequent distribution of ITV-1 in African countries. At the same time, we will not allow pirate companies such as Nika Pharmaceuticals to take advantage of ITV-1's undeniably positive results in HIV treatment."
Sagaliam will continue to update investors as it continues to investigate this matter.
About Sagaliam Acquisition Corp.
We are a blank check company incorporated under the laws of the State of Delaware on March 31, 2021 for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses or entities. Sagaliam intends to continue to pursue the consummation of a business combination with an appropriate target.
Virogentics, a subsidiary of Sagaliam, is advancing multiple therapeutics targeting numerous infectious diseases. One patented and clinically tested compound, ITV-1 (Immune Therapeutic Vaccine-1), is a suspension of Inactivated Pepsin Fraction (IPF), covered by U.S. Patent Nos. 8,066,982 and 7,479,538. Studies have shown it to be effective in treating HIV/AIDS. ITV-1 has also been shown to modulate the immune system.
Forward Looking Statements
The disclosure herein includes certain statements that are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "should," "would," "plan," "predict," "potential," "seem," "seek," "future," "outlook," and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding projections, estimates and forecasts of revenue and other financial and performance metrics and projections of market opportunity and expectations, Company's ability to enter into a definitive business combination agreement and Company's ability to obtain the financing necessary to consummate the potential business combination transaction. These statements are based on various assumptions and on the current expectations of Company's management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Company. These forward-looking statements are subject to a number of risks and uncertainties, including: Company's ability to enter into a definitive agreement with respect to the proposed business combination or consummate a transaction; the risk that the approval of the stockholders of Company for the potential transaction is not obtained; failure to realize the anticipated benefits of the potential transaction, including as a result of a delay in consummating the potential transaction or difficulty in integrating the businesses of Company; the amount of redemption requests made by Company's stockholders and the amount of funds remaining in Company's trust account after satisfaction of such requests; those factors discussed in Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023 under the heading "Risk Factors," and other documents of Company filed, or to be filed, with the SEC. If the risks materialize or assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that Company presently does not know or that Company currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Company's expectations, plans or forecasts of future events and views as of the date hereof. Company anticipates that subsequent events and developments will cause Company's assessments to change. However, while Company may elect to update these forward-looking statements at some point in the future, Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Company's assessments as of any date subsequent to the date of this disclosure statement. Accordingly, undue reliance should not be placed upon the forward-looking statements.
CONTACT INFORMATION
Sagaliam Acquisition Corp
Barry Kostiner, Chief Executive Officer
3002 Royal Palm
Baytown, Texas 77523
Tel: (845) 925-4597
