Advitech Inc. ("Advitech" or the "Corporation") (TSX Venture Exchange: AVI) announced today that it has completed, in escrow, subject to the approval of the TSX Venture Exchange Inc. (the "TSX-V"), the previously announced acquisition of all the issued and outstanding shares of Botaneco Specialty Ingredients Inc. ("Botaneco") held by Avrio Ventures Limited Partnership ("Avrio") and SemBioSys Genetics Inc. ("SemBioSys") (the "Transaction"), an equity financing in the amount of $2,515,000 with, among others, Agechem L.P Venture ("Agechem")and Avrio (the "Equity Financing") and the redemption of the 58,083,333 pre-Consolidation common share purchase warrants held by AgeChem (the "Redemption of the AgeChem Warrants"). The Transaction will be more fully described in a subsequent press release upon receipt of the approval of the TSX-V which is the only condition to be satisfied for the release of the escrow.
Consolidation of Common Shares
On November 19, 2009, the Corporation has filed articles of amendment to effect the consolidation of its issued and outstanding common shares on the basis of a ratio of eight pre-Consolidation shares for every one post-Consolidation share (the "Consolidation").
The Consolidation was approved by shareholders at the Corporation's special meeting of shareholders held on April 16, 2009. Prior to the Consolidation, the Corporation had 227,717,204 common shares issued and outstanding but as a result of the Consolidation, it will have 28,464,650 common shares issued and outstanding. After completion of the Consolidation, the Transaction, the Equity Financing and the Redemption of the AgeChem Warrants, the Corporation will have a number of 73,063,653 issued and outstanding common shares.
Letters of transmittal with respect to the Consolidation were mailed to all of the Corporation's registered shareholders on November 19, 2009. To receive share certificates representing the consolidated shares, a registered shareholder must send the certificate representing pre-Consolidation common shares, along with a properly executed letter of transmittal, to the Corporation's registrar and transfer agent, Computershare Investor Services Inc. in Toronto, Ontario, and otherwise comply with the instructions set out in the letter of transmittal. Additional copies of the letter of transmittal can be obtained from Computershare Investor Services Inc. at 100 University Avenue, 9th Floor, Toronto, Ontario, M5J 2Y1.
Further details of the Consolidation, and the reasons therefore, are contained in the management information circular of the Corporation dated March 13, 2009, which can be found on SEDAR at www.sedar.com.
Further details of the Transaction, the Equity Financing and the Redemption of the AgeChem Warrants and the reasons therefore, are contained in a press release of the Corporation dated October 19, 2009, which can be found on SEDAR at www.sedar.com.
Advitech is a health sciences and technology company with a mission to discover and commercialize proprietary and evidence-based natural health products. Effective and safe, these products play a role in the prevention of immune-mediated inflammatory disorders, such as psoriasis and inflammatory bowel disease. Advitech produces Dermylex® for the treatment of mild-to-moderate psoriasis. Advitech has drawn up a research program to develop new applications related to wound healing. This development is derived from both its XP-828L and IM technological platforms. More information is available and can be accessed at www.advitech.com.
About Botaneco Specialty Ingredients Inc.
Botaneco is the global developer and marketer of innovative Oleosome-based ingredients to the personal care and OTC topical markets. As a technologically driven provider of high performance, proprietary Oleosome-based ingredients, Botaneco is committed to developing innovative ingredients that offer multifunctional, tangible and documented benefits to both formulators and consumers. Botaneco's head office and manufacturing facility is located in Calgary, Canada and its satellite office in Bensalem, PA. More information is available and can be accessed at www.botaneco.ca.
The AgeChem Venture Fund L.P. is currently investing in companies developing therapeutics targeting age-related diseases. The range of diseases and chronic conditions associated with aging provides a breadth of attractive investment opportunities. AgeChem's principals have been active in the healthcare sector for over 15 years having made investments in several private and public entities. In addition to AgeChem, some of the principals are also managing the GeneChem Technologies Venture Fund L.P. and the GeneChemTherapeutics Venture Fund L.P. (www.genechem.com).
Avrio Ventures Limited Partnership is one of Canada's leading venture capital funds focused on investing in commercialization to growth stage companies developing food and/or agricultural technologies that address global challenges in the areas of health, wellness and sustainability. Avrio's portfolio includes a number of investments in the food processing, natural personal care and natural industrial products sectors. Avrio is a limited partnership created under the laws of Ontario, which is managed by its general partner, Avrio Ventures General Partner Ltd. The Avrio team also manages FCC Ventures, a fund focused on the agricultural sector. For more information about Avrio, visit www.avrioventures.com.
SemBioSys, a corporation incorporated under the laws of Canada, is focused on leveraging its unique proprietary platform to manufacture high-value proteins and oils. SemBioSys' seed-based protein production system can provide for its partners product enablement, exceptionally low cost and unprecedented scalability. SemBioSys is applying the platform with high selectivity to products with tremendous clinical promise and value potential. SemBioSys' current pharmaceutical development programs include insulin (SBS-1000, regulated as a biosimilar in Europe) and Apo AIMilano, a next-generation cardiovascular therapy. SemBioSys is listed on the Toronto Stock Exchange under the ticker SBS. More information is available at www.sembiosys.com.
This press release contains forward-looking statements, which reflect the Corporation's current expectations regarding future events. The forward-looking statements involve risks and uncertainties. Actual results could differ materially from those projected herein.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.