TORONTO, ONTARIO--(Marketwire - Oct. 5, 2012) -
NOT FOR DISSEMINATION IN THE UNITED STATES OR OVER UNITED STATES NEWSWIRE SERVICES
On October 5, 2012, Lions Investment Ltd. ("Lions") disposed of ownership and control of 970,888 common shares of EcoSynthetix Inc. (the "Company") pursuant to longstanding agreements which granted a passive undivided participating interest in Lions' entire venture capital portfolio on certain terms and conditions. The subject securities were transferred in accordance with agreement provisions that stipulated that if any element of the portfolio became securities in a listed public company, the participating interest therein would be determined, settled, and severed from the Lions' holdings upon the expiry of any lock-up or similar restriction.
As a result of this transaction, Lions owns and controls 12,345,734 common shares of the Company, representing approximately 26.28% of the currently issued and outstanding common shares of the Company.
The common shares of the Company held by Lions are held for investment purposes. Lions may, depending on market and other conditions, increase or decrease its beneficial ownership, control or direction over, or exercise its current rights to acquire, common shares or other securities of the Company through market transactions, private agreements or otherwise.
A copy of the report relating to this acquisition may be found on the Company's profile at www.SEDAR.com or may be obtained from Andrew Needham, Senior Manager, CIBC Bank and Trust Company (Cayman) Limited at 1.345.914.9427 or at Lions Investment Ltd., 11 Dr. Roy's Drive, P.O. Box 694, Grand Cayman, KY1-1107, Cayman Islands.
The issuance of this news release is not an admission that an entity named in the news release owns or controls any described securities or is a joint actor with another named entity.