SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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Cortech, Inc.
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(Name of Registrant as Specified In Its Charter)
Asset Value Fund Limited Partnership
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(032796DTI)
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Vol. 1 No. 1 August 17, 1998
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THE ASSET VALUE
NEWS
All the News You Need to Vote
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MORE RED INK AT CORTECH
<S> <C> <C>
Cortech Announces Loss of Pure World, Led by the LET THE RECORD
$1,431,000 for June Quarter; Koethers, Announces Record SPEAK FOR ITSELF
Total Losses Now $87,469,000 Revenues and Earnings for
the Quarter Ended June Koether Leadership Makes Good Cents
Paul Koether, the manager of Asset
Value, Cortech's largest stockholder, Paul Koether, the CEO of Pure Cortech's management, we believe,
stated that you don't have to be a World, a public company trading on does not want to run on its own
scientist to understand that these NASDAQ, symbol PURW, said that record and we can understand why.
losses must be stopped as soon as the Company earned over $2 million In all but one of the past five years,
possible for Cortech to survive. on revenues of $6.8 million in the CEO Bert Fingerhut has been
Mr. Koether expressed his hope that quarter ended June 30, 1998. Pure Chairman of Cortech, a period when
stockholders would elect as directors World extracts a whole line of Cortech has lost over $71 million. A
the four nominees proposed by Asset standardized botanical extracts, such dollar invested in Cortech five years
Value, which in his view, would as St. John's Wort, kava, goldenseal, ago, is now worth less than $0.03.
change this negative trend. echinacea and black cohosh. By comparison, that same dollar
invested in Pure World, would now
OUR VISION OF THE FUTURE Koether Brings Science to Pure World be worth $6.41. Management has
"We're going to take a careful look quoted the L.A. Time article titled
at Cortech's technology," Koether Pure World is noted in the dietary "Shell Company's Fate Rests With
said, "to assure that any future value supplement industry for its high level Dissidents". Pure World was that
is preserved for the stockholders. At science. Its five Ph.Ds keep Pure shell company. Its fate is now well
the same time, we have to be realistic World at the cutting edge of known and speaks for itself.
that every test in the past has failed technology in the dietary supplement
and that Cortech has limited industry. Several new products have THANKS FOR YOUR SUPPORT
resources to continue to support the been introduced by Pure World in the We believe that our candidates will
technology on its own. That is why past year and early next year it best represent the interests of
our nominees will try to further expects to open its high tech stockholders. We promise that we
reduce expenditures even while they purification extraction facility. will pursue a transaction with a
aggressively look for merger partners successful operating company using
and seek creative ways to capitalize Koether said "We believe that one of the help of an independent
on Cortech's technology without our strengths as business people is investment banker and will try to find
further diminishing its cash the ability to select top flight a way for stockholders to benefit
resources." scientists and, based on their from any value in the Cortech
VOTE FOR ASSET VALUE discoveries, to develop and sell new technology without further eroding
- ------------------------------ products at a profit. We think that we Cortech's cash assets.
can bring this skill to Cortech." Asset Value has pledged not to
CONTENTS benefit from any transaction except to
the same extent as other stockholders
Cortech Announces that losses for VOTE FOR A BETTER FUTURE We will not sell until a deal is done
the Quarter ended June VOTE FOR ASSET VALUE and our nominees will take no fees.
exceeded 1,400,000...............1
VOTE FOR ASSET VALUE...............1 VOTE THE GREEN BALLOT VOTE FOR A BETTER FUTURE
VOTE FOR ASSET VALUE
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TIME IS RUNNING OUT!
A PICTURE IS WORTH A THOUSAND WORDS
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COMPARISON OF
CORTECH'S STOCK PERFORMANCE (NASDAQ SYMBOL-CRTQ)
TO
THE NASDAQ BIOTECHNOLOGY INDEX (IXBT) AND THE
AMERICAN STOCK EXCHANGE BIOTECHNOLOGY INDEX (BTK)
[GRAPH THE ABOVE]
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Cortech IXBT BTK
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<S> <C> <C> <C>
1993 $18.25 197.88 115.78
1994 14.25 161.40 82.06
1995 3.65625 304.30 133.77
1996 3.8125 314.48 144.56
1997 2.03125 304.89 163.28
7/17/1998 .50 335.15 144.16
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NOT A PRETTY PICTURE!
SAVE CORTECH
SEND IN THE GREEN PROXY BALLOT
VOTE YES TO INCREASE THE BOARD
VOTE FOR ALL OF ASSET VALUE'S NOMINEES!
IMPORTANT
If your shares are held in "Street Name" only your bank or broker can vote
your shares, and only upon receipt of your specific instructions. Please contact
the person responsible for your account and instruct them to execute a GREEN
PROXY BALLOT as soon as possible.
If you have any questions or need further assistance in voting, please call
John W. Galuchie, Jr., of Asset Value Fund Limited Partnership collect at (908)
234-1881, or our proxy solicitor:
BEACON HILL PARTNERS, INC.
90 BROAD STREET
NEW YORK, NEW YORK 10004
(800) 253-3814
