QUEBEC CITY, QUEBEC and WINCHESTER, ONTARIO--(Marketwire - Sept. 30, 2011) - Advitech Inc. ("Advitech" or the "Corporation") (TSX VENTURE:AVI) and Natunola Health Biosciences Inc. ("Natunola") (TSX VENTURE:NHI) are pleased to announce that all conditions precedent for the completion of their proposed merger transaction (the "Transaction") under the terms of the merger agreement entered into between Advitech and Natunola on June 29, 2011, including closing of a private placement with minimum aggregate gross proceeds of at least $3,500,000 are currently expected to be fulfilled on or around October 7, 2011 since confirmations of subscriptions totalling at least $3,500,000, the minimum amount required to complete the concurrent private placement, have been received. Advitech and Natunola therefore anticipate completion of the Transaction on or around that date subject to the satisfaction of all necessary regulatory approvals and other closing conditions.
About Advitech Inc.:
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. More information is available and can be accessed at www.advitech.com
About Natunola Health Biosciences Inc.:
Natunola and its manufacturing plant are located in Winchester, Ontario. Natunola is a manufacturer and researcher in the field of flax seed derived omega -3 fatty acids, flax protein, flax lignans, specialty natural products, bio-nutrients and functional supplements for human and animal care markets. Natunola also produces canola oil gels and other natural ingredients for the cosmetic and personal care industry. Natunola has a retail health product line under the brand name of Natunola® Health's Delight. Natunola was the winner for the National Canadian Agri-Food Award of Excellence for Innovation for the year 2008. www.natunola.com
This news release contains forward-looking statements and information ("forward looking statements") within the meaning of applicable securities laws relating to the proposal to complete the proposed plan of arrangement and associated transactions (including the private placement financing), including statements regarding the terms and conditions of the proposed plan of arrangement and associated transaction. Readers are cautioned to not place undue reliance on forward-looking statements. Actual results and developments may differ materially from those contemplated by these statements depending on, among other things, the risks that the parties will not proceed with the proposed amalgamation and associated transactions, that the ultimate terms of the proposed amalgamation and associated transactions will differ from those that currently are contemplated, and that the proposed amalgamation and associated transactions will not be successfully completed for any reason (including the failure to obtain the required approvals or clearances from regulatory authorities or to complete the concurrent financing). Furthermore, the forward-looking statements contained in this document are made as of the date of this document and, except as required by applicable law neither Advitech nor Natunola undertakes any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.