Mr. Edward Ierfino

September 01, 2015 16:30 ET

Edward Ierfino Files Early Warning Report

MONTREAL, QUEBEC--(Marketwired - Sept. 1, 2015) - Pursuant to the terms of a private share purchase transaction between BIOflex Medical Magnetics, Inc. ("BMMI") and Mr. Edward Ierfino, completed on September 1, 2015 (the "Closing Date"), Mr. Ierfino has acquired direct ownership (the "Acquisition") of an aggregate of 1,000,000 common shares (the "Acquired Shares") in the capital of BIOflex Technologies Inc. (the "Issuer").

The Acquisition was carried out pursuant to the terms of a share purchase agreement, dated August 31, 2015 (the "Purchase Agreement"), entered into between Mr. Ierfino and BMMI. Under the terms of the Purchase Agreement, Mr. Ierfino acquired the Acquired Shares at a price of $0.098 per share, representing an aggregate purchase price of $98,000.

The Issuer had 38,388,466 common shares issued and outstanding (the "Common Shares") prior to, and upon completion of, the Acquisition.

Prior to the Closing Date, Mr. Ierfino is deemed to have had: (i) direct ownership and control of 1,615,000 Common Shares (including securities convertible into 1,000,000 Common Shares); and (ii) indirect ownership and control of an additional 3,720,000 Common Shares (including securities convertible into 860,000 Common Shares), through his wholly owned holding company, EGI Holdings Corporation ("EGI"), which collectively represented 12.20% of the Issuer's issued and outstanding Common Shares on a partially diluted basis (or 9.05% on an undiluted basis).

As a result of the Acquisition, Mr. Ierfino is now deemed to have: (i) direct ownership and control of 2,615,000 Common Shares (including securities convertible into 1,000,000 Common Shares); and (ii) indirect ownership and control of an additional 3,720,000 Common Shares (including securities convertible into 860,000 Common Shares), through EGI, which collectively represents 14.16% of the Issuer's issued and outstanding Common Shares on a partially diluted basis (or 11.66% on an undiluted basis).

The Acquired Shares are subject to a four-month plus one-day hold period from their initial date of distribution by the Issuer, expiring December 8, 2015, pursuant to applicable Canadian securities laws and the policies of the TSX Venture Exchange.

The Acquired Shares are being held for investment purposes. Mr. Ierfino may from time to time increase or decrease his holdings of the Issuer's securities, depending on market and other conditions.

An early warning report of Mr. Ierfino (the "Early Warning Report") containing additional information with respect to the Acquisition will be filed under the Issuer's SEDAR profile at www.sedar.com.

Further information or a copy of the Early Warning Report may be obtained by contacting:

Edward Ierfino
1000 Sherbrooke Street W.
Suite 2700
Montreal, Québec H3A 3G4
Tel: 514-562-1374

Contact Information

  • Edward Ierfino
    514-562-1374