LOS ANGELES, May 19, 2004 (PRIMEZONE) -- TecScan International, Inc. (OTCBB:BLFE) announced completion of the merger with Nevada corporation Bio-life Laboratories Corporation, with Bio-Life surviving as a wholly owned subsidiary of TecScan.
As consideration for the merger, TecScan issued 35,000,000 shares of its common stock to the shareholders of Bio-Life in exchange for all the outstanding Bio-Life shares. As a result of the transaction, the former Bio-Life shareholders hold approximately 74% of the outstanding shares of TecScan.
As indicated on April 5, 2004 when the definitive merger agreement was announced, the merged company has adopted Bio-Life's business strategy, and will be headed by a management team including Bio-Life's President and Chief Executive Officer Nancy LeMay; Executive Vice President and Chief Financial Officer Joe McGhie, L.L.B., M.B.A.; and Executive Vice President and Chief Medical Officer David Karam, M.D., Ph.D.
"Completing the merger with TecScan was an important milestone in Bio-Life's corporate development plan," said Ms. LeMay. "Bio-Life now has the strategic, operational, and financial flexibility that comes with being a publicly traded company. We intend to move forward aggressively to implement our business plan and to maximize value for our shareholders".
Corporate Name Change
To more accurately reflect the business of the company following the merger, the board of directors has approved a change from the TecScan corporate name to Bio-life Labs, Inc. Effective as of the opening of the markets today, the new trading symbol for the Company's common stock on the OTC Bulletin Board has changed from TSCN to BLFE.
About Bio-Life
Bio-Life, Labs, Inc. is a research-driven biotechnology company focused on discovery, development, and commercialization of breakthrough treatments for Cancer, Diabetes Mellitus, and Hepatitis C. The Company's first product Carcinoderm is a topical ointment that management believes has destroyed skin cancer cells in FDA-conforming clinical trial patients who have been diagnosed with Basal Cell Carcinoma, Squamous Cell Carcinoma, and Melanoma, using a single application that does not harm surrounding healthy tissue.
Bio-Life labs, Inc. cautions you that statements included in this press release that are not a description of historical facts are forward-looking statements. The inclusion of forward-looking statements should not be regarded as a representation by Bio-Life labs, Inc. that any of its plans will be achieved. Actual results may differ materially from those set forth in this release due to the risks and uncertainties inherent in Bio-Life labs, Inc.'s business including, without limitation, statements about: difficulties or delays in research, development, testing, obtaining regulatory approval, producing and marketing its technologies and products; unexpected adverse side effects or inadequate therapeutic efficacy of its products that could delay or prevent product development or commercialization, or that could result in recalls or product liability claims; the scope and validity of patent protection for its products; its ability to meet product development objectives; competition from other pharmaceutical or biotechnology companies; its ability to obtain additional financing to support its operations; its ability to attract and retain experienced scientists and management; as well as other risks detailed in Bio-Life labs, Inc.'s Securities and Exchange Commission filings. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement and Bio-Life labs, Inc. undertakes no obligation to revise or update this news release to reflect events or circumstances after the date hereof.