TORONTO, April 8, 2013 (GLOBE NEWSWIRE) -- Gemoscan Canada, Inc. ("Gemoscan" or the "Company") – (TSX-V:GES), (MUN:1GE) announces that, further to its press releases of September 12, 2012 and February 6, 2013, it is seeking approval from the TSX Venture Exchange ("TSXV") to revise an existing shares for service application (the "Submission"), which on February 14, 2013 was extended by the TSXV. The extension was effective December 6, 2012 for an additional five month period (the "Extension Period"). Under the current terms of the Submission and Extension Period the Company pays a consulting fee to a firm (the "Consultant") in exchange for the provision of certain strategic advisory services of Cdn.$7,500 per month of which, Cdn.$4,000 per month is satisfied through the issuance of Class A Shares ("Shares") in the Company. Subject to regulatory approval, the Company and Consultant have agreed to also satisfy the cash portion of the Consultant's monthly consulting fee (Cdn.$3,500/month) through the issuance of Shares to the Consultant for the entire period contemplated by the Extension Period. The number of Shares to be issued to the Consultant each month will be determined by using the closing price of the Shares on the TSXV on the first trading day of the month following the month for which the services were rendered by the Consultant.
The revision to the Submission and Extension Period are subject to approval by the TSXV and to compliance with all applicable regulatory requirements.
ABOUT GEMOSCAN CANADA, INC.
Gemoscan is an industry leader in food intolerance management and maintains a first-to-market position with Canada wide distribution through select retail partners. Founded in 2003, using its proprietary patented technology; Gemoscan develops, owns and markets comprehensive food sensitivity and dietary management solutions for consumers, including the HEMOCODETM Food Intolerance System, a personalized naturopathic nutritional program that promotes well-being. Gemoscan is the first and only provider to commercialize a food intolerance management solution directly to consumers in partnership with retailers, and today offers the most comprehensive services available.
Gemoscan Canada, Inc. trades its shares on the Toronto Venture Exchange (TSX-V) under the symbol GES and is quoted on the Munich, Frankfurt and Stuttgart Stock Exchanges under the symbol 1GE.
Forward-Looking Information
This news release contains certain "forward-looking information". All statements, other than statements of historical fact that address activities, events or developments that Gemoscan believes, expects or anticipates will or may occur in the future. These forward-looking statements reflect the current expectations or beliefs of Gemoscan based on information currently available to Gemoscan. Forward-looking statements are subject to a number of significant risks and uncertainties and other factors that may cause the actual results of Gemoscan to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on Gemoscan. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, Gemoscan disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although Gemoscan believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.
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.
Company website: www.gemoscan.com