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Press releases
Vinson Biotech Inc. Changes Name to Kane Biotech Inc.
New Trading Symbol on TSX Venture Exchange: “KNE”
Vinson Biotech Inc. Completes Acquisition of Kane Biotech Inc.
WINNIPEG, Manitoba (September 25, 2003): Vinson Biotech Inc. (the "Corporation"), a capital pool company that trades on the TSX Venture Exchange (the "TSXV") under the symbol "VIN.P", is pleased to announce that on September 24, 2003 pursuant to a share exchange agreement dated September 24, 2003, it completed the acquisition of all the issued and outstanding shares of Kane Biotech Inc. ("Kane") (the "Acquisition").
Kane is a biotechnology company engaged in the research and development of products to prevent and disperse bacterial biofilms. Kane was formed in 2001 around technology discovered by Dr. Tony Romeo, a pioneer in biofilm research, and licensed from the University of North Texas Health Science Center in Fort Worth, Texas. Kane’s technology includes patent protected targets, methods and processes involved in the formation of biofilms.
The Corporation acquired 1,000 common shares of Kane in exchange for 7,500,000 common shares of the Corporation at a deemed price of $0.425 per common share for a total deemed payment of $3,187,500. The Corporation is
awaiting the final approval of the TSXV for the Acquisition as the Corporation's Qualifying Transaction. Upon final approval from the TSXV, the Corporation will be listed on the TSXV as a Tier 2 Research and Development Issuer.
The Acquisition and certain other matters were approved by the shareholders of the Corporation at the annual general and special meeting (the "Meeting") of the shareholders of the Corporation held on September 24, 2003 in Winnipeg.
The Corporation further announces that articles of continuance will be filed to continue Kane as a federal company. Once Kane has been continued as a federal company, the Corporation and Kane will amalgamate pursuant to section 184(1) of the Canada Business Corporations Act and continue as one company under the name "Kane Biotech Inc.". Upon completion of the amalgamation of the Corporation and Kane, and the receipt of all necessary regulatory approvals, the Corporation will commence trading under its new name with a new trading symbol that is yet to be assigned.
The three current directors of the Corporation, Dr. Albert Friesen, Peter de Visser and David Filmon, were elected directors of the Corporation at the Meeting. Dr. George Zhanel and Kelvin Maloney, current directors of Kane, were also elected as directors of the Corporation.
Wellington West Capital Inc. ("Wellington") acted as sponsor in connection with the Qualifying Transaction. The Corporation paid Wellington $10,000 to act as sponsor and reimbursed Wellington for its reasonable expenses incurred while acting as sponsor, including the fees of its legal counsel.
For further information please contact Marcus Enns, Secretary of the Corporation, at (204) 487-2328.
The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.
