Aquasearch Becomes Mera PharmaceuticalsAquasearch Becomes Mera Pharmaceuticals

Aquasearch Becomes Mera Pharmaceuticals

SAN DIEGO--Aquasearch Inc. (OTCBB:AQSEQ) completed its proposedmerger with Mera Pharmaceuticals Inc. The merged company will be known as MeraPharmaceuticals Inc., with all of Aquasearch's directors continuing in theirroles with Mera. Aquasearch stock will now beome Mera stock; existingshareholders do not need to exchange their Aquasearch certificates because theywill be honored as Mera certificates.

"The merger is another step in completing the Aquasearch plan ofreorganization that was confirmed last month [June 18] in U.S. Bankruptcy Courtin Hawaii," said Richard Propper, M.D., chairman of the board of the mergedcompany. "We are no longer operating under the supervision of thebankruptcy court. ... All of our reorganization financing is in place orcommitted, and we have begun the process of paying creditors' claims inaccordance with the plan." He added that the company name-change is meantto reflect the company's increased emphasis on pharmaceutical discovery and moreaggressive marketing of its nutraceutical line."