International Surf Resorts to acquire BioZone Laboratories

International Surf Resorts, Inc., (OTCBB:ISFR), to be renamed BioZone Pharmaceuticals, Inc., today announced a binding option and letter of intent with BioZone Laboratories, Inc. and related companies.

BioZone Laboratories, a specialty pharmaceutical company founded in 1989, has a robust drug pipeline addressing unmet medical needs in potential billion dollar markets. BioZone Laboratories develops, manufactures and markets drugs using its patented QuSome^TM technology platform, which improves drug solubility as compared to alternative drug delivery systems.

BioZone Pharmaceuticals entered an exclusive option to purchase all of the issued and outstanding common shares of the BioZone Laboratories family of companies in exchange for 31 million common shares of BioZone Pharmaceuticals (subject to customary 12 month lockup agreements), pending satisfactory completion of due diligence and other customary conditions to closing, which are expected to be completed by March 31, 2011.

BioZone Laboratories co-founder and CEO Brian Keller stated, "Our goal is to maximize the commercial potential of our novel QuSome^TM technology platform by manufacturing and marketing our own proprietary products and entering into strategic relationships. Aided by the strong support of BioZone Pharmaceuticals, we hope to achieve our goal rapidly and apply our QuSome^TM delivery system to a large number of pharmacological products."

BioZone Laboratories co-founder and Executive Vice President Dan Fisher stated, "In merging BioZone Laboratories with BioZone Pharmaceuticals, we are joining with an ideal strategic partner with the vision and portfolio acquisition potential to assist us in plans to rapidly expand our portfolio and relationships."

Recently, International Surf Resorts has redirected its activities to the acquisition and development of bio-pharmaceutical related businesses. The Company has approved a recapitalization under which the Company will implement a 10:1 forward stock split. The Company will adopt a new name, BioZone Pharmaceuticals, Inc. to reflect its new direction and anticipated acquisition of BioZone Laboratories.

The option terminates on March 31, 2011, unless extended, and a breakup fee of $1 million is payable to a third party in the event that BioZone Pharmaceuticals and BioZone Laboratories do not complete the transactions. The agreement creates an irrevocable and binding option for BioZone Pharmaceuticals; however, the option may not be exercised for reasons associated with due diligence, failure to agree to any terms or conditions, covenants or agreements, or for no reason.

Source: International Surf Resorts, Inc