BioZone Labs, Equalan in default on $2.04 million of promissory notes

Default stems from acquisition of all stock by Biozone Pharmaceuticals

By Devika Patel

Knoxville, Tenn., Aug. 18 - BioZone Laboratories, Inc. and Equalan, LLC are in default under $2.04 million of promissory notes, according to an 8-K filed Thursday with the Securities and Exchange Commission.

The default arose due to BioZone Pharmaceuticals, Inc.'s acquisition of all the stock of BioZone Labs and Equalan, which resulted in a change of ownership of the companies' common stock.

On Aug. 15, the investor holding the four notes declared the entire principal and interest immediately due.

Biozone Pharmaceuticals is a Henderson, Nev., company that has redirected its activities to the acquisition and development of bio-pharmaceutical related businesses.

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