LBTN News:
Lifeline Biotechnologies, Inc. Extends Stock Exchange Date
Thursday , April 26, 2007 09:00 ET
RENO, Nev., Apr 26, 2007 (BUSINESS WIRE) -- Lifeline Biotechnologies, Inc. (Pink Sheets:LBTN) today announced the Company is extending the date that its common shareholders can submit their common stock certificates pursuant to its exchange program. Lifeline Biotechnologies, Inc. is offering to exchange its Series B Convertible Preferred Stock, which the Company is valuing at $1.00 per share, for common shares of stock submitted to the Company's transfer agent by May 18, 2007, which the Company is valuing at $.001 per share, a premium to the current market price. This means for every 1,600 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 to OTC Corporate Transfer Service Company by May 18, 2007, unless extended by the Company, in order to qualify for the exchange of common shares to Series B Convertible Preferred Shares. 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 our 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. has recently reacquired the First Warning System(TM) which it had sold in 2006. The Company will focus on completing the development of the First Warning System(TM), designed to assist in the early detection of breast cancer. The underlying technology, upon which the First Warning System(TM) is based, holds the possibility of eliminating over 90% of unnecessary breast biopsies performed each year. The potential savings could reach $2.8 billion annually. Additionally, the First Warning System(TM) could conceivably eliminate the need for suggested MRIs, a savings of another $1.3 billion. Upon successful completion of the development of the First Warning System(TM), conducting clinical trials and obtaining FDA pre-marketing clearance, Lifeline will commence marketing its breast cancer early detection system. Of the approximately $138 billion spent on cancer each year, Lifeline could potentially save the healthcare industry up to $4.1 billion annually. More information is available at the Company's website: www.lbtn.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 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, 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
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