QUEBEC CITY, QUEBEC--(Marketwire - July 21, 2010) - NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Advitech Inc. (TSX VENTURE:AVI)("Advitech" or the "Corporation") announces it has completed today the previously announced non-brokered private placement with AgeChem Venture Fund, LP ("AgeChem") and Avrio Ventures Limited Partnership ("Avrio"), each an insider of the Corporation, for total gross proceeds of $1,500,000 (the "Private Placement"). As part of the Private Placement, each of AgeChem and Avrio have acquired from the Corporation a total of 15,000,000 units of Advitech (the "Units") at a price of $0.05 per Unit for respective aggregate amounts of $750,000. Each Unit is composed of one common share of Advitech (the "Common Shares") and one Common Share purchase warrant (the "Warrants"). Each Warrant entitles its holder to purchase one Common Share at a price of $0.10 until the date that is twenty four (24) months after the date of issuance of the Warrants.
The Common Shares comprised in the Units and the Common Shares underlying the Warrants issued as part of the Private Placement are subject to a four-month statutory hold period.
The Corporation will use the proceeds of the Private Placement for its working capital and general corporate purposes.
Advitech, which includes its subsidiary Botaneco Specialty Ingredients Inc. since November 20, 2009, is a health sciences and technology company developing, manufacturing and marketing proprietary natural ingredients and formulations for oral and topical applications that have been clinically proven to be safe and effective for improving skin health and well being. The Corporation's products are based on three technological platforms which are: i) a superior multi-functional emulsification delivery system derived from plant seed oleosomes for formulation application in the topical cosmetic, OTC, Rx and natural personal care specialty ingredient markets, ii) XP-828L for immune mediated inflammatory disorders, and iii) IM for anti-aging and wound healing. Advitech produces Hydresia™, a natural plant derived specialty ingredient which offers immediate moisturization advantages, formulating cost savings and excellent product aesthetics in a variety of product applications, Dermylex® for the treatment of mild-to-moderate psoriasis, and Nudremyl™ which acts on skin reconstruction, cellular regeneration and skin structure. More information is available and can be accessed at www.advitech.com and www.botaneco.ca.
The AgeChem Venture Fund, LP is currently investing in companies developing therapeutics targeting age-related diseases. The range of diseases and chronic conditions associated with aging provides a breadth of attractive investment opportunities. AgeChem's principals have been active in the healthcare sector for over 15 years having made investments in several private and public entities. In addition to AgeChem, some of the principals are also managing the GeneChem Technologies Venture Fund L.P. and the GeneChemTherapeutics Venture Fund L.P. (www.genechem.com).
Avrio Ventures Limited Partnership is one of Canada's leading venture capital funds focused on investing in commercialization to growth stage companies developing food and/or agricultural technologies that address global challenges in the areas of health, wellness and sustainability. Avrio's portfolio includes a number of investments in the food processing, natural personal care and natural industrial products sectors. Avrio is a limited partnership created under the laws of Ontario, which is managed by its general partner, Avrio Ventures General Partner Ltd. The Avrio team also manages FCC Ventures, a fund focused on the agricultural sector. For more information about Avrio, visit http://www.avrioventures.com/.
This press release contains forward-looking statements, which reflect the Corporation's current expectations regarding future events. The forward-looking statements involve risks and uncertainties. Actual results could differ materially from those projected herein.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.