News Coverage - 2004

Calvert Holdings Adds Two Businesses

Cary, NC - January 1, 2004: Calvert Holdings, Inc. announced today the formation of Calvert Research Institute, IXC, a subsidiary operation focused on project management capabilities for its emerging development clients. The unit will focus on helping young, entrepreneurial pharmaceutical, biotechnology, nutraceutical and medical device companies manage the early stages of compound development, including preclinical evaluations, analytical support, compound manufacture and regulatory support criteria. The unit will coordinate these critical components of IND preparation using the company's in house resources and strategic alliances currently in place.

Calvert Holdings also announced the acquisition of Carolina Securities, Inc., a NASD/SPIC registered investment banking operation based in Raleigh, North Carolina. The securities firm, headed by Andrew G. Burch, focuses on assisting small, entrepreneurial companies looking for early stage capital. The firm provides financial advisory services, arranges for private placements of capital, assists in mergers and acquisitions, sales and divestitures, leveraged and management buyouts and has served as advisor to companies considering an Initial Public Offering.

"Calvert Research Institute will focus on earliest stage development technologies that need services to 'get them out the gate' when funding and service resources are scarce or non-existent. We will use our Calvert Labs to do the early toxicology and analytical support work for these companies, and if additional areas are needed in support of an IND, we will arrange these services through a series of strategic alliances that we have established. Coupled with the fund raising capabilities of Carolina Securities, we believe we can help many entrepreneurial organizations move their technologies along to a point where true valuation increases are evident, without losing control of either their technology or ownership too early."

Don Brown, (former) President of Calvert Research Institute, also stated "We have assembled all the tools needed for traditional drug development and are willing to use these resources to help our clients develop their technologies at a much lower cost than through standard Equity series financing."

Both Calvert Research Institute, LLC and Carolina Securities, Inc. are located in the Calvert Holdings offices in Cary, North Carolina.

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