Toxin Alert Inc.

Toxin Alert Inc.

March 20, 2008 16:15 ET

Toxin Alert Inc.: TSX-V Issues Notice to Comply

TORONTO, ONTARIO--(Marketwire - March 20, 2008) - Toxin Alert Inc. ("Toxin")(TSX VENTURE:TOX) announced that it has been placed on Notice to Comply by the TSX Venture Exchange Inc. (the "Exchange").

The Exchange has found that Toxin had contravened several of the Exchange's policy requirements including but not limited to:

- The completion of a 114,723 common share private placement in 2004 without Exchange acceptance;

- The issuance of 100,000 common shares in 2006 for the acquisition of certain patents without Exchange acceptance and without the required hold periods;

- The failure to file two Investor Relations agreements in 2006 for Exchange acceptance and issue the applicable disclosure; and

- The improper granting and exercising of stock options in 2006 pursuant to the Investor Relations Agreements.

Toxin was also in contravention of the Exchange's policies on internal controls such as the number of signatures on each cheque, the form of Treasury Direction used by Toxin and other matters. The Exchange also noted the absence of written corporate policies on some matters.

The Exchange has advised that any further violations of Exchange requirements may result in a review of the acceptability of the officers and directors of Toxin to act as an officer or director, or perform any functions similar to those normally performed by an individual occupying the position of director or officer, or be an employee, agent or consultant of an Exchange listed company.

Toxin has remedied most of these deficiencies to the satisfaction of the Exchange by filing the required submission for Exchange approval in addition to using its best efforts, with the assistance of the Exchange, to develop the required written policies as soon as possible and develop the required internal controls.

Toxin regrets the contraventions of the Exchange's policies and requirements and will use its best efforts to ensure that they will not occur again.

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

Contact Information

  • Toxin Alert Inc.
    Mr. W. T. Bodenhamer
    President and CEO
    (905) 678-6946