Inflazyme Pharmaceuticals Ltd.
NEX BOARD : IZP.H

Inflazyme Pharmaceuticals Ltd.

August 19, 2008 05:01 ET

Inflazyme Shareholders Approve Matters Necessary to Set New Direction and Completion of a $300,000 Non-Brokered Private Placement

Company to change its name to EACOM TIMBER CORPORATION and Appoints New Management

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 19, 2008) - Inflazyme Pharmaceuticals Ltd., (NEX:IZP.H) today announced that at its AGM and Special Meeting, shareholders approved a number of resolutions that will allow the Company to set a new direction. The Company intends to target the lumber and forestry sector. Inflazyme shareholders voted in favor of the $300,000 non-brokered unit Private Placement which closed in escrow on June 30, 2008, including the other matters on which the completion of the Private Placement was conditioned.

The Private Placement consisted of a 15,000,000 unit offering with each unit consisting of one common share and one common share purchase warrant. After the consolidation, the number of units issued was 3,750,000. The offering price was $0.02 per unit (pre-consolidation) and $0.08 per unit (post consolidation). The offered securities are subject to a four month hold period. The warrants have an exercise price of $0.025 pre-consolidation and $0.10 post consolidation and they expire on the first anniversary of the closing on the Private Placement out of escrow.

Mr. Jeremy Curnock Cook, Chairman of Inflazyme's Board said, "We are pleased with today's outcome and we wish to thank the shareholders for their vote of confidence in our Board and Management as we move to advance the Company in the forestry sector." Mr. Rick Doman, Inflazyme's CEO and President added, "I am very excited about looking to grow the Company in the forestry sector which offers tremendous opportunities."

The matters approved affecting the future of the Company included a reconstitution of the Board of Directors to add strength specifically in the forestry sector. Mr. Doman and Mr. Rick Collins were elected as new Directors, and Mr. Jeremy Curnock Cook, Mr. Alan Savage and Mr. Michael Liggett were re-elected. Each of the independent directors were granted the following options: Mr. Curnock Cook and Mr. Savage 650,000 (162,500 post consolidation) and Mr. Liggett 400,000 (100,000 post consolidation). Mr. Rick Doman was appointed as CEO and President and granted 3,000,000 options (750,000 post consolidation) and Mr. Rick Collins was appointed Chief Operating Officer and granted 2,000,000 options (500,000 post consolidation). All option grants are subject to NEX approval and were granted at a price of $0.03 ($0.12 post-consolidation).

"On behalf of Inflazyme's Board, I wish to welcome our new Board members and members to our Management team. At the same time, I wish to extend my gratitude to Mr. Lou Drapeau, who made sterling contributions to the Company, especially during this transition period. Mr. Drapeau has resigned from our Board and as Chair of the Audit Committee since Inflazyme is no longer targeting the biopharmaceutical sector," commented Mr. Curnock Cook.

In order to better position the Company for the future, the shareholders also approved a 4:1 consolidation of the common shares. Before completion of the Private Placement Offering, the Company had 131,181,375 common shares outstanding. As a result of the 4:1 common share consolidation, the number of outstanding common shares is 32,797,344, excluding the Private Placement. Taking into consideration the Private Placement, the number of common shares outstanding will be 36,547,344.

Escrow release of the Offering to the Company was subject to Inflazyme shareholders voting in favor of the Offering itself.

The Company's implementation of a new option plan and proposed reduction of stated capital were not approved by the shareholders.

Inflazyme will change its name to EACOM Timber Corporation, and it will create a new corporate identity to reflect its new focus.

About Inflazyme

Further information on the Company may be obtained from its website at www.inflazyme.com.

This news release contains certain "forward-looking statements" and "forward-looking information" which may include but is not limited to statements in respect of our future financial position or operations. Words like "believe", "intend", "may", "expect", "anticipate", "plan", "should" and other similar expressions are forward-looking statements that involve a number of risks and uncertainties. By their nature, forward-looking statements involve numerous factors, assumptions and estimates, some but not all of the factors that could cause actual results to differ materially from those projected in our forward-looking statements include among others: risks associated with the new strategy and direction of the Company's; our ability to obtain financing; our financial and technical resources relative to those of our competitors; our ability to enforce our intellectual property rights and protect our proprietary technologies; the ability to obtain and develop partnership opportunities; and other risk factors identified from time to time in the Company's regulatory filings. For a further description of the principal risks affecting the Company, see our regulatory filings. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. The Company disclaims any obligation to update any such factors or to publicly announce the result of any revisions to any of the forward-looking statements.

The TSX Venture Exchange (NEX) does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Inflazyme Pharmaceuticals Ltd.
    Gregory Chow
    Toll Free: 1-800-315-3660 or (604) 279-8511 ext 173
    (604) 279-8711 (FAX)
    Website: www.inflazyme.com