NEWS....(hot damn- time to recoup losses?)..........
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 4, 2011) - ALDA Pharmaceuticals Corp. (TSX VENTURE:APH - News; OTCQB:APCSF) (the "Company" or "ALDA") announces the signing of a non-binding term sheet (the "Term Sheet") to purchase substantially all of the assets and undertakings of Seavan Health & Beauty Partnership ("SHBP") which is operating a manufacturing facility in Vancouver, British Columbia with approvals to sell pharmaceutical, nutritional and personal care products in Canada and the USA. The proposed acquisition provides ALDA with the direct ability to manufacture its own T(3)6® products, to continue the manufacture of SHBP's own related product lines, which it will retain, and the capacity for future expansion.
Pursuant to the Term Sheet , ALDA will pay $1 Million in cash and, subject to applicable securities laws and the policies of the TSX Venture Exchange, issue 3,000,000 common shares (subject to adjustment based on the average trading price of ALDA's shares prior to closing).
Dr. Terrance Owen, President & CEO states, "On completion of this acquisition, the Company attains a long-standing goal of controlling the manufacturing of T(3)6® products, increases its revenue stream and allows management to focus its energies on the therapeutic applications of the T(3)6® technology. It will also be beneficial for ALDA to have its own approved facility for manufacturing products required for anticipated clinical trials of T(3)6® infection-control therapeutics".
The Term Sheet is non-binding and contains a list of key terms and conditions precedent for the establishment of commercial arrangements between the parties. Definitive agreements will be negotiated and prepared after further due diligence, anticipated to be completed by March 11, 2011, is conducted by the Company. Completion may occur any time up August 8, 2011 and is subject to a number of conditions, including but not limited to, execution and delivery of all requisite definitive agreements by the respective parties thereto; applicable regulatory approvals and/or acceptance; and, if applicable, requisite director and shareholder approval. There can be no assurance that the proposed acquisition will be completed as proposed or at all.
About ALDA Pharmaceuticals Corp.
