VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 4, 2011) - ALDA Pharmaceuticals Corp. (TSX VENTURE:APH) (OTCQB:APCSF) (the "Company" or "ALDA") announces the signing of a non-binding term sheet (the "Term Sheet") to purchase substantially all of the assets and undertakings of Seavan Health & Beauty Partnership ("SHBP") which is operating a manufacturing facility in Vancouver, British Columbia with approvals to sell pharmaceutical, nutritional and personal care products in Canada and the USA. The proposed acquisition provides ALDA with the direct ability to manufacture its own T36® products, to continue the manufacture of SHBP's own related product lines, which it will retain, and the capacity for future expansion.
Pursuant to the Term Sheet , ALDA will pay $1 Million in cash and, subject to applicable securities laws and the policies of the TSX Venture Exchange, issue 3,000,000 common shares (subject to adjustment based on the average trading price of ALDA's shares prior to closing).
Dr. Terrance Owen, President & CEO states, "On completion of this acquisition, the Company attains a long-standing goal of controlling the manufacturing of T36® products, increases its revenue stream and allows management to focus its energies on the therapeutic applications of the T36® technology. It will also be beneficial for ALDA to have its own approved facility for manufacturing products required for anticipated clinical trials of T36® infection-control therapeutics".
The Term Sheet is non-binding and contains a list of key terms and conditions precedent for the establishment of commercial arrangements between the parties. Definitive agreements will be negotiated and prepared after further due diligence, anticipated to be completed by March 11, 2011, is conducted by the Company. Completion may occur any time up August 8, 2011 and is subject to a number of conditions, including but not limited to, execution and delivery of all requisite definitive agreements by the respective parties thereto; applicable regulatory approvals and/or acceptance; and, if applicable, requisite director and shareholder approval. There can be no assurance that the proposed acquisition will be completed as proposed or at all.
About ALDA Pharmaceuticals Corp.
ALDA is focused on the development of infection-control therapeutics derived from its patented T36® technology. The company trades on the TSX Venture Exchange under the symbol APH and on the OTCQB under the symbol APCSF. The Company was the Official Supplier to the Vancouver 2010 Olympic Winter Games and the Vancouver 2010 Paralympic Winter Games and is the Official Supplier to the Canadian Olympic Committee, the 2010 Canadian Olympic Team and the 2012 Canadian Olympic Team for antiseptic hand sanitizer, disinfectant and disinfectant cleaning products. The Company was also selected as one of the TSX Venture 50 companies in the Technology and Life Sciences sector for 2010.
Terrance G. Owen, Ph.D., MBA, President & CEO
ALDA Pharmaceuticals Corp.
Cautionary Note Regarding Forward-looking Statements: Information in this press release that involves ALDA's expectations, plans, intentions or strategies regarding the future are forward-looking statements that are not facts and involve a number of risks and uncertainties. ALDA generally uses words such as "outlook," "will," "could," "would," "might," "remains," "to be," "plans," "believes," "may," "expects," "intends," "anticipates," "estimate," "future," "plan," "positioned," "potential," "project," "remain," "scheduled," "set to," "subject to," "upcoming," and similar expressions to help identify forward-looking statements. The forward-looking statements in this release are based upon information available to ALDA as of the date of this release, and ALDA assumes no obligation to update any such forward-looking statements. Forward-looking statements believed to be true when made may ultimately prove to be incorrect. These statements are not guarantees of the future performance of ALDA and are subject to risks, uncertainties and other factors, some of which are beyond its control and may cause actual results to differ materially from current expectations.
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.