Aviation Upgrade to merge with OncoVista

Aviation Upgrade Technologies, and its newly-formed wholly-owned subsidiary, has entered into a merger agreement with OncoVista, a Delaware corporation which sets forth the terms and conditions of the merger with Newsub. As a result, the issued and outstanding common stock of OncoVista will be converted on a one-for-one basis into shares of common stock of Aviation Upgrade. The shares of the latter's common stock to be issued in the merger will represent around 95.8% of the total. The deal is subject to the satisfaction of a number of conditions and is expected to close within about 15 days.

On August 16, OncoVista, a biopharmaceutical company engaged in the development and commercialization of targeted cancer therapies both through the acquisition of rights to technologies and drugs from others, acquired approximately 95.8% of the outstanding Aviation. The terms of the Merger were approved prior to that date by the directors of Aviation.

Alexander Weis, chief executive of both Aviation and OncoVista, stated: "we believe that this event represents a significant step in implementing our business plan to become the premier biopharmaceutical company engaged in the development and commercialization of targeted cancer therapies. Upon closing, we expect that our new status as a public company will contribute to our efforts to expand operations, to continue to develop our products, and to seek complimentary and competitive products to acquire and in-license."