Yaterra Ventures Corp.
OTC Bulletin Board : YTRV

November 09, 2010 19:07 ET

Yaterra Ventures Corp.: Corporate Update

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 9, 2010) - On November 4, 2010, Yaterra Ventures Corp. (the "Company") (OTCBB:YTRV) entered into a letter of intent with Healthcare of Today ("HOTI") and Organ Transport Systems, Inc. ("OTS") with respect to entering into a proposed business combination of the Company and OTS, a wholly-owned subsidiary of HOTI. OTS is the owner of patented technology for the transportation of human organs and has developed a product for portable perfusion of the heart known as LifeCradle™.

Under the terms of the letter of intent, HOTI will own 60% of the common shares of the Company that will be outstanding following completion of the business combination. In addition, HOTI will receive a class of voting preferred shares which will permit it to maintain 51% voting control of the Company. The preferred shares will also have dividend and liquidation preferences.

The parties have agreed to use reasonable commercial efforts to prepare and execute formal documents for the business combination within 15 days of the date of the letter of intent (the "Due Diligence Period").

OTS and HOTI have agreed that during the Due Diligence Period, they will not agree, negotiate or discuss with any other party a sale of shares of OTS or business combination of OTS other than the business combination contemplated by this letter of intent.

Completion of the transaction is subject to completion of due diligence and the parties entering into a formal agreement. There is no assurance that the transaction will be completed on the terms contemplated or at all.

This news release may contain, in addition to historical information, forward-looking statements. These forward looking statements are based on management's expectations and beliefs, and may involve known and unknown risks and uncertainties and other factors that may cause the actual results to be materially different from the results implied herein. Readers are cautioned not to place undue reliance on the forward-looking statements made in this news release.

"David K. Ryan"
___________________________________
Yaterra Ventures Corp.
David K. Ryan, Vice President, Finance

Contact Information

  • Yaterra Ventures Corp.
    David K. Ryan
    Vice President, Finance
    (360) 510-8998