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Settlement Agreement

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Title:

Settlement Agreement

Entities:

Biotherapies Inc.; Genesis Bioventures, Inc.

Date:

2004

Size:

Preview shows 4KB of 18KB total

Price:

$33

ID:

#306672

► Legal ► Settlement Agreements
► Biotechnology & Drugs
► Biotech & Drugs ► Medical Laboratories

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                          UNITED STATES DISTRICT COURT

                          EASTERN DISTRICT OF MICHIGAN

                                SOUTHERN DIVISION







BIOTHERAPIES,  INC.,

a  Michigan  Corporation                      Civil  Action  No.  03-74679



and,                                          Magistrate Judge. R. Steven Whalen



PAUL  R.  ERVIN,  JR.  PRESIDENT              District  Judge  AVERN  COHN

A  Michigan  Corporation

     Plaintiffs  and  Counter-Defendants

v



GENESIS  BIOVENTURES,  INC.,

A  NEW  YORK  CORPORATION,



and,



E.  GREG  McCARTNEY,  PRESIDENT



     Defendants  and  Counter-Plaintiffs



Garcile  E.  Bailey  (P32601)

Attorney  for  Biotherapies,  Inc.

P.  O.  Box  8341

Ann  Arbor,  Michigan,  48107

(303)  923-1461



PAUL  ERVIN,  Pro  Se

3447  Cummings  Road

Ann  Arbor,  Michigan,  48105





WILLIAM  M.  DONOVAN  P12892

Attorney  for  Defendants

420  West  University  Drive

Rochester,  Michigan,  48307

(Tel)  248-601-4284

(Fax)  248-656-5751





                              SETTLEMENT AGREEMENT

                              --------------------





{PAGE}



     This  Settlement  Agreement  is made effective as of June ___, 2004, by and

among  Biotherapies,  Inc.,  a  Michigan  Corporation  ("Biotherapies"); Paul R.

Ervin,  Jr.  ("Mr.  Ervin,"  and  together with Biotherapies, the "Plaintiffs");

Genesis  Bioventures,  Inc., a New York Corporation ("Genesis Bioventures"); and

E.  Greg  McCartney  ("Mr.  McCartney");



     WHEREAS,  there  is  presently pending in the United States District Court,

Eastern  District  of  Michigan, Southern Division, Case No: 03-74679, an action

entitled  Biotherapies,  Inc,  and  Paul  R.  Ervin,  Jr.  as  Plaintiffs  and

Counter-Defendants  and  Genesis  Bioventures,  Inc.  and  E.  Greg  McCartney,

Defendants  and  Counter-Plaintiffs  (the  "Action");  and



     WHEREAS,  the parties hereto have arrived upon a basis of settlement of the

Action and certain other matters, all in accordance with the following terms and

conditions.



NOW,  THEREFORE,  this  Settlement  Agreement  provides  as  follows:



IN  CONSIDERATION  of the promises, covenants and undertakings herein contained,

the  adequacy  of  which  is  hereby  confessed  and acknowledged by each of the

parties  hereto,  and  with  the  knowledge  that there is a pending Amended and

Restated  Agreement  and Plan of Merger between Genesis Bioventures and Corgenix

Medical  Corporation  (the  "Merger  Agreement"),  the parties agree as follows:



     1.     All  of  the  parties will immediately and contemporaneously dismiss

their claims Without Prejudice in the form as the attached Stipulation and Order

to  Dismiss  (Exhibit  A).



2.     Upon  execution  of this Settlement Agreement and the Stipulated Order to

Dismiss, Biotherapies shall be permitted to sell and transfer any and all of the

common  stock  of  Genesis  Bioventures that it owns; provided that Biotherapies

shall not sell or offer to sell more than Two Hundred Thousand (200,000) Genesis

Bioventures  common  shares  in  any  one  (1)  month;  provided,  however, that

beginning  on  the  date  that is six (6) months after the Effective Time of the

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