CALGARY, ALBERTA--(Marketwire - Nov. 9, 2011) - Life Sciences Institute Inc. (TSX VENTURE:LSN) (the "Company") is pleased to announce that it has received final TSX Venture Exchange (the "TSXV") which includes the acceptance of the non-arm's length acquisition (the "Acquisition") of certain oil and gas related assets (the "Assets") followed immediately by the disposition (the "Disposition") of all the assets and liabilities used in, or otherwise relating to, the education business currently carried out by the Company (the "Education Assets").
Partial consideration for the Acquisition included the issuance of an aggregate of 2,175,000 common shares in the capital of the Company.
The Company has also completed the Disposition of the Education Assets to the current management of the Company at a price of $998,502 with the purchase price being paid as to $734,326 by way of assumption of all indebtedness and liabilities of the Company relating to the Education Assets and $264,176 by way of assumption of promissory notes related to the Acquisition.
The Company anticipates that trading will commence as an "oil and gas issuer" at the open of trading on Thursday, November 10, 2011 and the Company's shares will continue to trade under the symbol "LSN". The Company's COB was previously approved by shareholders at a meeting held June 3, 2010.
The board of directors of the Company now consists of Leonard Van Betuw, Jeffrey Decter, Scott Reeves, Dan Harding and Leonard Zaseybida. The management team comprises Leonard Van Betuw as President and Chief Executive Officer and Dan Harding as Chief Financial Officer.
Pursuant to an escrow agreement dated September 28, 2011 among the Company, the Company's transfer agent and certain Company principals, 4,025,000 common shares of the Company held by Company principals will be subject to escrow, with 10% released on the issuance of the final Exchange Bulletin and an additional 15% released each six months thereafter for 36 months.
This news release includes forward‐looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward‐looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward‐looking statements. Factors that could cause actual results to differ materially from those in forward‐looking statements include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward‐looking statements.
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.
Contact Information:
Leonard Van Betuw
President and Chief Executive Officer
403-984-3917