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Lifeline Biotechnologies, Inc. Authorizes Stock Exchange Program to Shareholders
8:31 AM ET - BusinessWire
Lifeline Biotechnologies, Inc. (Pink Sheets:LBTN) today announced the Company is offering a share exchange program to its common stock shareholders. Lifeline Biotechnologies, Inc. will offer to exchange its Series B Convertible Preferred Stock, to be valued by the Company at $1.00 per share, for common shares of stock held by its shareholders as of the record date, which the Company is valuing at $.001 per share, a premium to the current market price. This means for every 1,000 shares of common stock submitted to the Company for exchange, shareholders will receive one share of Series B Convertible Preferred Stock valued at $1.00 for future conversion purposes.
Current shareholders must have their shares into OTC Corporate Transfer Service Company by May 4, 2007, unless extended by the Company, in order to qualify for the exchange of common shares to Series B Convertible Preferred Shares. In order to qualify for the exchange, shareholders must submit a minimum of 100,000 shares of common stock. The Series B Convertible Preferred Stock will be protected from any future stock restructuring by the Company. For the complete terms and conditions of the stock exchange program, the Company will be posting particulars on its website www.lbtn.com. In addition, the Company will prepare and mail to its shareholders of record an Information Statement disclosing the terms and conditions of the exchange.
"We are very pleased to be able to offer our shareholders this exchange program. With the program announcement today, we are reaffirming our confidence and optimism in the long-term future of the Company. As more information becomes available, it will be provided on our website and/or through press releases," stated Jim Holmes, President of Lifeline Biotechnologies, Inc.
About Lifeline Biotechnologies, Inc.
Lifeline Biotechnologies, Inc. is a company with innovative medical technologies committed to the improvement of the quality of life through exceptional health care systems. These technologies focus on prevention, early detection, diagnosis and quick recovery of disease conditions. The Company's technologies, designed to assist in the early detection of cancers, deal with cutting-edge innovation to assist practicing physicians in the delivery of quality medical care. The First Warning System(TM), a process for assisting in the early detection of breast cancer, is continuing to be developed by the Company. More information is available at the company's website: www.lbti.com.
Safe Harbor: This release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 27E of the Securities Exchange Act of 1934. Statements contained in this release that are not historical facts may be deemed to be forward-looking statements. Investors are cautioned that forward-looking statements are inherently uncertain. Actual performance and results may differ materially from that projected or suggested herein due to certain risks and uncertainties, including, without limitation, the ability to obtain financing and regulatory and shareholder approval for anticipated actions.
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SOURCE: Lifeline Biotechnologies, Inc.
Lifeline Biotechnologies, Inc. Rodney Marvel, Investor Relations, 1-866-THE-APPL(E) www.lbtn.com
