Lifebank Corp.
TSX VENTURE : LBK

Lifebank Corp.

May 07, 2009 19:49 ET

Lifebank Grants Stock Options

BURNABY, BRITISH COLUMBIA--(Marketwire - May 7, 2009) - Lifebank Corp. ("Lifebank" or the "Company") (TSX VENTURE:LBK) announces that, under its stock option plan, it has granted incentive stock options to directors and officers of the Company to purchase up to a total aggregate of 450,000 Common shares in the capital stock of the Company at a price of $0.175 per share. The options are exercisable until May 7, 2014.

Ernest Stacey, of 13589 25th Avenue, Surrey, BC, V4P 1Z7, President and a Director of the Company, received 75,000 of the options, which together with an additional 167,500 shares that Mr. Stacey and his wife, Sharon Stacey, have acquired beneficial ownership of, represent approximately 2.5% of the issued and outstanding shares of the Company (assuming exercise of the options and that no other Common shares of the Company are issued). The additional shares were purchased on the TSX Venture Exchange at $0.14 and $0.15 per share.

After giving effect to the acquisitions referred to above, Mr. Stacey beneficially owns 2,201,504 Common shares and options to purchase in aggregate 375,000 Common shares, which, if no other outstanding convertible securities of the Company were converted, would represent approximately 25.5% of the issued and outstanding Common shares of the Company (assuming exercise of Mr. Stacey's options). Mrs. Stacey beneficially owns an additional 142,000 Common shares and options to purchase in aggregate 30,000 Common shares. The combined holdings of Mr. and Mrs. Stacey would represent approximately 27.2% of the issued and outstanding Common shares of the Company (assuming exercise of the Staceys' options and no other outstanding convertible securities were converted).

The shares were acquired for investment purposes. Mr. Stacey may, depending on market and other conditions, increase or decrease his beneficial ownership, control or direction over common shares or other securities of the Company through market transactions, private agreements, treasury purchases, exercise of convertible securities or otherwise.

Mr. Stacey will file a report describing the above transactions with applicable securities regulators, a copy of which will be available from Lifebank at 604-738-2722 and under Lifebank's profile at www.SEDAR.com.

Lifebank is a biomedical service company that provides processing and cryogenic (ultra low temperature) storage of umbilical cord blood stem cells. It is an AABB accredited, Health Canada inspected and FDA registered facility. Lifebank has successfully stored stem cell samples for clients in Canada, the United States, Europe, Asia, the Middle East and the Caribbean. Lifebank is dedicated to providing its clients with the finest cord blood stem cell processing, analysis and cryogenic storage services available in the world. Lifebank strives to work closely with physicians and public institutions in order to provide life saving cord blood services to any and all persons in need.

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.

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