ENZC
Enzolytics Inc.

Enzolytics, Inc. (OTC PINK:ENZC) (enzolytics.com"enzolytics.com)(the “Company”) stated today that since the Company’s initial press release on July 26, 2024 regarding the false and misleading information included in Nika Pharmaceuticals, Inc. (“NIKA”) press release, NIKA and its CEO Dimitar Savov have continued their campaign to falsely claim the right to patented products of the Zhabilov Trust. NIKA and a new entrant to this scheme, IMMB BG, are falsely asserting claims to products which are legally licensed to Virogentics, Inc. (ITV-1) for treatment of HIV/AIDS and now the Company’s licensed product (polypeptide complex of lyophilized pepsin) which has been shown through in vitro testing at the Ministry of Health, National Centre of Infections and Parasitic Diseases,   to be effective in decreasing the growth and spread of malignant cells in breast, colon, prostate, larynx, and small cell lung cancers which is licensed to ENZC.

VIRO is currently in the permitting process with the European Medicine Agency on ITV-1 and ENZC is working with Virogenetics, Inc. to continue the testing on its experimental cancer therapy. In vitro testing was recently completed on the effects of the active ingredient of our licensed product, IPF, by the Bulgarian Academy of Science with results showing IPF has a stimulating and modulating effect on the components of cell populations that make up innate and acquired immunity. The results show that IPF activates a number of cohorts of B, T and NK cells, as well as macrophages. The regulatory elements are generates, as well as the synthesis of antibodies. There were no side effects or adverse reactions, with a 100% survival rate of the test animals.

NIKA’s false and misleading statements released to the public began on August 1, 2022, when NIKA and Dimitar Savov, the CEO of both NIKA and IMMB BG, signed a Joint Business Agreement in which the two companies stated they were combining their efforts to realize the registration, production and distribution of medicinal products based on the Inactivated Pepsin Fraction (“IPF”) platform with U.S. Patents Nº 7,479,538, 7,625,565, 8,066,982, 8,067,531, 8,309,072. Their public filings stated there was no additional consideration or assets involved as part of the transaction.   Dimitar Slavchev Savov owns 51% of Immunotech Laboratories BG, Ltd. and is NIKA’s general manager, demonstrating that Savov is signing a contract with himself on a product he has no rights to or permits by any agency to produce. 

It is important for the investing public to know that in January of 2021 Enzolytics, Inc., issued a default notice to Savov and IMMB BG cancelling all contractual relationships between ENZC and IMMB BG because of Savov and IMMB BG’s breach of contract. As a result of several failed attempts in the courts of the US and Bulgarian legal system by Dimitar Savov to try to gain control of the Zhabilov Trust patents the Company became aware of unfounded claims by IMMB BG and, subsequently, NIKA, to rights of production and distribution of ITV-1. The Company, SAGA and Zhabilov Trust have, and will continue to, protect the patents of these product and also are confident that the trade secret necessary to successfully produce all of the treatments have been maintained and are safe from this patently unlawful effort by Dimitar Savov and NIKA. The Company and SAGA also maintain that the other Directors and officers of NIKA are aware of the false and deceptive nature of the IMMB BG and NIKA press releases and shall be held accountable to the furthest extent of the law.

As reported on April 29, 2024, Nika Pharmaceuticals, Ltd., a limited liability company registered in Bulgaria with UIC: 175420503, made a non-monetary in-kind contribution of a production building and land to the capital of Nika Europe, Ltd. The building and land were officially valued at 3,683,800 BGN ($2,045,209 USD) by three independent valuators appointed by the Bulgarian Registry Agency. As a result, the capital of Nika Europe Ltd. was increased to 3,684,300 BGN. At the time of the transaction, Dimitar Savov owned 100% of Nika Pharmaceuticals, Ltd. and was the company’s general manager.

Additionally, it was reported by NIKA on April 29, 2024, pursuant to decision of the shareholders for in-kind contribution of factory building and land the capital of Nika Europe, Ltd. increased to 3,684,300 BGN ($2,016,562 USD). Effective May 9, 2024 the NIKA acquired 100% of the share capital of Nika Pharmaceuticals, Ltd. as effect of this event the Company has a 99.99% controlling interest in Nika Europe, Ltd. and becomes the beneficial owner of a factory building and land valued at 3,683,800 BGN ($2,016,562 USD), situated in a strategic location in Sofia Province, which were originally purchased and renovated by Dimitar Savov at his own personal expense.

These actions by NIKA and Dimatar Savov come on the heels of loses in both the US and Bulgarian judicial systems on claims made regarding ownership of the Zhabilov Trust Patents, termination in 2021 of all contractual relationships between Dimatar Savov and IMMB BG.

As previously stated above on July 26, 2024, ENZC issued a press release in support of Virogentics, Inc efforts to inform the public regarding Mr. Savov erroneous and malicious asserted claims to ITV-1 in his apparent attempts to mislead the investing public and to harm the shareholder value of Sagaliam Acquisition Corp. (SAGA) the Parent of the exclusive license holder of this intellectual property, Virogentics, Inc.  

On August 18, 2024, NIKA reported that based on the recommendation of Clifford Redekop, an officer and director  (and the Company to its best of its knowledge, believes is a shareholder and source of funding) believed it was in Nika’s best interest to cancel the acquisition of Nika Pharmaceuticals, Ltd., UIC: 175420503 that was made effective on May 9, 2024 and disclosed via Form 8-K on May 10, 2024. The procedure to return the 100% to Dimitar Slavchev Savov, who is an officer and director of Nika Pharmaceuticals, Inc. as well as being general manager of Nika Pharmaceuticals, Ltd., was initiated on August 19, 2024, and was made effective on August 23, 2024, resulting in Nika Pharmaceuticals, Ltd. no longer being a wholly owned subsidiary of Nika Pharmaceuticals, Inc.  Nika Pharmaceuticals, Inc. no longer practically owns 99.99% in Nika Europe, Ltd. and is no longer the beneficial owner of the factory building and land disclosed in the aforementioned Form 8-K dated May 10, 2024.

Immediately following the cancelation of the Nika Pharmaceutical Ltd. transaction, on August 21, 2024, NIKA’s independent accountant Fruci & Associates II, PLLC tendered its resignation. NIKA claims that it discovered that the accounting firm no longer has the necessary expertise to prepare the Company’s quarterly and financial reports due to the increased complexity.

Furthering Dimatar Savov and Nika Pharmaceutical, Inc.’s desperate attempts to gain some semblance of ownership of the Zhabilov Trust Intellectual Property in late August, presumably after the August 18^th cancellation move, a meeting of the owners of IMMB BG was called buy Dimatar Savov for the week September 16, 2024, to expel IMMB USA as a 49% owner of IMMB BG. The sale from ENZC to IMMB has been contested by Savov on multiple occasions.  Savov has lost all of these cases, he signed off on the original agreement, but he continues to maintain the sale never happened.  Savov obtained shares of ENZC as a direct result of this asset sale and ENZC believes those shares have been liquidated into the market.

On September 11, 2024, Nika Pharmaceuticals, Inc. signed a production agreement with Nika Europe, Ltd., under which Nika Europe will produce ITV-1 for an estimated framework price of $580 per set once the pharmaceuticals factory is completed. In this way, Nika Europe, Ltd. will allegedly organize and bear the costs of production for ITV-1, whilst Nika Pharmaceuticals, Inc. will receive the same expected profit of around $1,120 per set that it has previously estimated.  NIKA does not have the rights, nor the ability to produce ITV-1.  This continued claim is not only false and is misleading, but also  is in direct violation of regulatory rules by the medical agencies in the countries in question.

The IMMB BG meeting called by Dimitar Savov was held the week of September 16, 2024, and IMMB USA and ENZC were represented by Bulgarian counsel who has filed the necessary paperwork to protect the Company’s Shareholder Value against the unfounded assertions in the public market by Dimitar Savov.  Savov was ruled to be unfit to stand trial or act as a witness in Bulgarian court in the late 1990s and early 2000s in the case where he was accused of fraud by the Bulgarian government. Savov continues to allow NIKA to claim ownership of an ownership of intellectual properties that they do not possess, exhibiting the same kind of erratic behavior he has shown in the past and rising to the standard of a vexatious litigant regarding this matter.

The Company intends to pursue all legal remedies including reporting these actions to the Security and Exchange Commission, FINRA and OTC Markets.

Enzolytics will continue to update investors as it continues to investigate and pursue this matter.

Steve Sharabura, CEO of Enzolytics, commented, “With so much positive results on the polypeptide complex of lyophilized pepsin and its active ingredient IPF as well as the introduction of the Bulgarian Academy of Science resources and facilities it is a distraction from reaching our end goals but a commitment necessary to continue to defend and protect our assets from these bad actors.  I and the Board of Directors are still steadfastly aligned with SAGA to bring to an end this travesty and continue the protection of both entities shareholder value.”

About Enzolytics, Inc.

Enzolytics, Inc. is transitioning from solely a drug development company committed to commercializing its proprietary proteins and monoclonal antibodies to treat debilitating infectious diseases to include the additional contracted service areas of sales, marketing and distribution focusing on medical devices, medical testing and nutraceutical products.

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

Enzolytics, Inc.

Steve Sharabura, Chief Executive Officer

1101 Raintree Circle, Suite 130
Allen, Texas 75013

Tel: (845) 925-4597

 X/Twitter: @EnzolyticsInc