LAKE MARY, Fla., Sept. 9, 2010 (GLOBE NEWSWIRE) -- Pole Perfect Studios, Inc. (OTCBB:PPFT) (the "Company"), announced that it has signed a Letter Of Intent ("LOI") to execute a share exchange transaction with LumiGene Technologies, Inc. ("LumiGene"), whereby PPFT will acquire all of the issued and outstanding shares of LumiGene in a share exchange transaction commonly known as a Reverse Acquisition. Upon completion of the Reverse Acquisition, the operations of LumiGene will become the Company's primary business.
Upon execution of the LOI, the Company and LumiGene began a fifteen day due diligence period in which each company will complete inspection and review of the business and records of the other party. The closing date for the share exchange is anticipated to be on or before October 15, 2010.
Dan Stolarchuk, Chief Science Officer of LumiGene, stated, "Entering the U.S. publicly traded market is a great opportunity for LumiGene. Being publicly traded will provide alternative means to raise capital for the research and development of innovative technologies that will benefit health care professionals and their patients across the globe."
ABOUT LumiGene Technologies, Inc.
LumiGene is a private biomedical company headquartered in Mississauga, Ontario that specializes in the development of point of care products that are designed to rapidly diagnose infectious diseases. LumiGene's future products will include the POSiChek™ Diagnostic System that employs a nucleic acid (DNA or RNA) testing system that automates the process of preparing and amplifying nucleic acid in order to detect disease causing pathogens (i.e. bacteria or viruses) within 30 to 60 minutes. LumiGene's corporate website is www.lumigene.ca
FORWARD LOOKING STATEMENTS
The information contained in this news release, other than historical information, consists of forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. These statements may involve risks and uncertainties that could cause actual results to differ materially from those described in such statements. Such forward-looking statements involve known and unknown risks and uncertainties, including all business uncertainties relating to product development, marketing, market acceptance, future capital requirements, competition in general and other factors that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. The Company is under no obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements whether as a result of new information, future events or otherwise.