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Lifeline Biotechnologies Comments on DTC Notice Resulting from SEC Administrative Action Against Leeb Brokerage Services, Inc.

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Press Release Source: Lifeline Biotechnologies, Inc. On Wednesday May 5, 2010, 4:31 pm

RENO, Nev.--(BUSINESS WIRE)--Lifeline Biotechnologies, Inc. (Pink Sheets: LLBO - News) has learned that the U.S. Securities and Exchange Commission has filed an administrative action against employees of New York brokerage Leeb Brokerage Services Inc. (Leeb) for facilitating illegal penny stock sales. As a consequence of the SEC action, Depository Trust Company (DTC) has suspended all services, except custody services, for Lifeline Biotechnologies shares.

Lifeline is one of a number of companies whose shares were allegedly utilized in the activities of the brokerage firm Leeb. According to an SEC administrative action in 2006, Leeb conducted possible illegal trading for clients holding shares of Lifeline and other companies. Lifeline’s CEO, Jim Holmes, stated, “Lifeline has no knowledge of, or association with, Leeb or any of its affiliates or employees, and was in no way a party to the actions of the broker, its employees or affiliates. We are in contact with DTC to clear Lifeline’s name of the matter and to remove the suspension of services on the shares of Lifeline as soon as possible. We will follow up with news on the state of affairs as soon as it is known.”

To learn more about this matter and read the case of administrative action, please see the following links:

DTC Notice: http://www.dtcc.com/downloads/legal/imp_notices/2010/dtc/ope/6676-10.pdf

SEC Administrative Action: http://www.sec.gov/litigation/admin/2010/33-9121.pdf

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, the ability to obtain financing, successful development of the Company's product or market acceptance of the product and regulatory and shareholder approval for anticipated actions.

Contact:

Lifeline Biotechnologies, Inc., Reno
Jim Holmes, 775-324-1933
[e-mail]
www.lbti.com