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Lifeline Biotechnologies, Inc. Nears Finalization of Terms For Its First Warning System(TM) Development



Last Update: 9:40 AM ET Jun 8, 2007


RENO, Nev., Jun 08, 2007 (BUSINESS WIRE) -- Lifeline Biotechnologies, Inc. (Pink Sheets:LBTN) today reported that it is nearing final negotiations for what is expected to be the final development of the computer software system and the related technology which is the basis for its First Warning System(TM). The First Warning System(TM) is designed to assist in the early identification of breast cancer.
Jim Holmes, Lifeline's CEO, stated "Though it has taken longer than hoped, progress leading to a final agreement and terms, for what is expected to be, the last phase of the technical development for our First Warning System's interpretative capabilities is nearing a favorable conclusion. Once the agreement is in place expectations are the development should move ahead quickly. Once completed, the system is designed to identify breast cancer at a very early stage. With the interpretative capabilities completed, further clinical trials and FDA marketing clearance will be required in order to commence a commercial rollout of the product."
Share Exchange, Series B Convertible Preferred for Common Shares
The cut-off date, for the previously announced exchange of series B preferred stock for common stock, for shareholders to submit their common shares to Lifeline's Transfer Agent, OTC Corporate Stock Transfer, Jericho, NY, has been extended to June 15, 2007. The exchange is for one share of preferred, valued at $1.00 each for each 1600 shares of common stock submitted. The value of the common stock is $.000625 per share, a premium over the current market price. To qualify for the exchange, shareholders must submit a minimum of 25,000 common shares and are of record May 21, 2007 . The Series B Preferred Stock is valued at $1.00 per share for future conversion purposes. The Company has sent an Information Statement disclosing the terms and conditions of the exchange. In addition, particulars concerning the exchange have been posted on Lifeline's website www.lbtn.com.