Biosenta Inc.
CNSX : ZRO

Biosenta Inc.

June 24, 2014 16:06 ET

Biosenta Announces Critical Improvements to Intellectual Property Ownership

Reduces Shares Outstanding by 4.8 Million

TORONTO, ONTARIO--(Marketwired - June 24, 2014) - Biosenta Inc. (CSE:ZRO) -

Highlights

  • Corporate Advisor Bassett Financial negotiates Intellectual Property Consolidation
    • Intellectual Property to be owned by Biosenta, not licensed
    • Royalties on Sales payable to Insiders is Eliminated
    • $625,000 of debt payable to Directors is Eliminated
    • Reduction of Shares Issued for IP by 4.8 million Common Shares

BIOSENTA INC. ("Biosenta" or the "Company") is pleased to announce that, through the efforts of its Corporate Financial Advisor, Bassett Financial Corporation ("BFC"), the Company has negotiated a complete change in how the Intellectual Property used and being developed by Biosenta, is owned and managed.

Under the direction of BFC, the parties have agreed to suspend the Amended License Agreement and enter into a new Agreement that includes the following:

  • All patents, rights and know-how related to patent numbers WO 2013/053064 and WO 2014/036659 are assigned to Biosenta Inc. with the provision that such assignment can be revoked only if sufficient funding for the Parry Sound facility (expected to be approximately $5 million) has not been raised prior to December 31, 2015.
  • Marcus Martin will be employed by Biosenta and will continue to be involved in a new project team that will also include BFC that will work diligently to complete the development and construction of the Parry Sound facility on an organized and fast- track basis.
  • A net amount of 4,800,000 shares owned and in escrow pursuant to the Amended License will be immediately cancelled.
  • The Royalties to be paid under the Amended License are terminated.
  • The Amended License is terminated and Biosenta will now own the patents.

"This is a huge win for all of the shareholders of Biosenta," says Bassett Financial CEO Matthew Bassett. "While not part of our original mandate, we recognized from our earliest days after we became involved with Biosenta that not having all parties equally aligned was a long term impediment for this Company. Among the several other improvements we have helped the Company achieve, consolidating the Intellectual Property ownership into the Company was the biggest change that needed to be made and we are proud to have led this change on behalf of the company and more importantly its shareholders."

"We are pleased that this important step has been completed and that we can bring value to all shareholders," said Biosenta CEO Chris Bilz. "This is an important chapter in the development of this company and we are looking forward to a renewed, and refocused development effort being deployed immediately to get the Parry Sound facility completed and operational."

About Biosenta Inc.

Biosenta Inc.'s line of retail anti-microbial products will effectively kill mould, bacteria and fungi on contact and prevent re-growth. These products address the demand created by the mounting health and environmental concerns. Mould can affect the immune system, nervous system, liver, kidneys, blood and can cause brain damage.

On behalf of the Board of Directors of Biosenta Inc.

Chris Bilz, CEO & President

The CSE has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved of the contents of this press release. Neither the CSE nor its Regulation Services Provider (as such term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Biosenta Inc.
    Chris Bilz
    CEO & President
    (416) 410-2019

    Investor Cubed Inc.
    Neil Simon
    Investor Relations
    647-258-3311
    888-258-3323
    info@investor3.ca