TORONTO, ONTARIO and BURNABY, BRITISH COLUMBIA--(Marketwire - Oct. 1, 2012) - Insception Biosciences Inc. and Lifebank Corp. (TSX VENTURE:LBK) are pleased to announce that Insception has acquired an additional 982,420 common shares in the capital of Lifebank by way of compulsory acquisition following Insception's previously announced offer to acquire all of the issued and outstanding common shares of Lifebank. Insception now owns 11,313,361 common shares of Lifebank, representing 100% of its issued and outstanding common shares.
Insception made its offer on August 20, 2012 when it mailed a take-over bid circular to the shareholders of Lifebank. The deposit period under the offer expired at 5:00 p.m. (Vancouver time) on September 25, 2012. Insception now intends to apply to de-list the common shares of Lifebank from the TSX Venture Exchange and to apply to securities regulatory authorities for Lifebank to cease to be a reporting issuer.
"The acquisition of Lifebank by Insception is an industry first. It creates Canada's only truly national family cord blood bank and brings service, quality and stability to a new level for Canadian families", said Richard Lockie, Inception's President and Chief Executive Officer. "Our commitment remains unchanged; we will continue to be the vigilant stewards of cord blood stem cells for Canadian families long-term."
Insception is the largest cord blood program in Canada, with over 39,000 cord blood units banked. Insception is a private company owned by Argosy Partners, Mount Sinai Hospital, management and its scientific founders. By continuing to partner with leading Canadian medical facilities such as Toronto's Mount Sinai Hospital, the Insception Cord Blood Program is able to provide every Canadian family with security, state of the art processing and storage, financial stability and long term professional governance. For more information, visit www.insception.com.
Started in 1996, Lifebank is a leading national company in the biomedical field based at the British Columbia Institute of Technology campus in Burnaby. Lifebank provides processing and cryogenic storage of umbilical cord blood stem cells for families in Canada and worldwide. With proven quality systems, Lifebank provides informed parents with the comfort that their children's cord blood stem cells are processed and stored by an experienced, professional and dedicated organization. Lifebank's website can be found at www.lifebank.com.
Certain statements made herein are forward-looking statements that involve risks and uncertainties. Often, but not always, forward looking statements can be identified by the use of words such as "plans", "expects", "expected", "scheduled", "estimates", "intends", "anticipates", or "believes", or variations of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. These forward-looking statements reflect Insception's and Lifebank's best judgment based on current information, factors and assumptions, and although the parties base these statements on circumstances that the parties believe to be reasonable when made, there can be no assurance that future events will not affect the accuracy of such forward-looking information. As such, the forward-looking statements are not guarantees of future performance or actions, and actual performance and actions may vary materially from the actions and expectations discussed in this press release.
Each of Insception and Lifebank disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law.
This news release does not constitute an offer to buy or an invitation to sell, or the solicitation of an offer to buy or invitation to sell, any of the securities of Lifebank. Such an offer may only be made pursuant to an offer and take-over bid circular filed with the securities regulatory authorities in Canada.
Neither the 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.