LLBO NEWS..Lifeline Biotechnologies Comments on Depository Trust Services
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Press Release Source: Lifeline Biotechnologies, Inc. On Thursday May 27, 2010, 1:39 pm EDT
RENO, Nev.--(BUSINESS WIRE)--Lifeline Biotechnologies, Inc. (Pink Sheets: LLBO - News) announced today that it has provided information to Depository Trust supporting share issuances.
Jim Holmes, Lifeline’s CEO, said, “Due to the SEC action against Leeb Brokerage Services and several of its associates involving the trading in Lifeline’s shares, Depository Trust Company (DTC) has suspended services pending clarification on the issuance of shares by the Company. DTC is the clearing agency for many brokerage firms. The suspension of services has affected the public trading in Lifeline’s shares due to brokerage firms not being able to clear trades. We have provided DTC with information supporting our share issuances in compliance with regulatory requirements. We are hopeful DTC, after reviewing the information, will re-establish their services for Lifeline Biotechnologies and are awaiting their response. The company cannot determine when the issue will be resolved and is working diligently with DTC to provide all necessary documentation and requests for information. We believe the DTC suspension of services is the major cause of the recent decline of our stock price. We would expect with the re-establishment of DTC services, the share price and volume should be positively affected.”
Holmes went on to say, “We have no association or knowledge of Leeb, its counterparts or their activities concerning the trading of Lifeline’s shares.”
The Company remains focused and its priority is the preparation and submission of a First Warning System™ medical device 510(k) application to the FDA.
Lifeline’s website (www.lbti.com) has been comprehensively updated providing extensive information on the company, its history and current affairs.
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.
Jim Holmes, 775-326-9614
jholmes@lbti.com
www.lbti.com
