CALGARY, ALBERTA--(Marketwired - July 22, 2013) -
NOT FOR DISTRIBUTION TO UNITED STATES WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
PACEpartners Inc. (TSX VENTURE:PIA) (the "Corporation") is pleased to announce that shareholders overwhelmingly approved all resolutions placed before them by management at the Corporation's annual and special meeting for Class A Common and Class B Common shareholders (the "Shareholders"), which was held on July 18, 2013 (the "Meeting").
At the Meeting, a special resolution was passed to change the name of the Corporation from PACEpartners Inc. to Vivione Biosciences Inc. The Corporation's new ticker symbol will be "VBI" and trading under the new name and symbol will begin on July 23, 2013. Kevin Kuykendall, Chief Executive Officer, commented: "Since completing the merger with PACEpartners Inc. and funding of the maximum $6 million raise on April 19, 2013, we are pleased that our Shareholders have supported management's objectives at our first Shareholder meeting. We look forward to executing our business strategy and building our corporate brand under the new name Vivione Biosciences Inc. This new name better reflects the nature of our business and will allow us to expand upon the existing relationships our operating subsidiary, Vivione Biosciences, LLC, has established with the scientific and business community."
Shareholders re-elected Kevin Kuykendall, Ted Moskal, Philip Tuttle, Lal Narang and Ian Gallie as directors of the Corporation, and elected Glenn Smith and Dr. James Hendren as new directors. The Corporation received shareholder approval of its stock option plan and the Amended and Restated By-Law No.1 of the Corporation, which was adopted by the board of directors on June 19, 2013.
A special resolution was also passed at the Meeting approving an amendment to the Corporation's Articles of Incorporation to include what are commonly referred to as "coat-tail provisions" in the share structure of both the Class A Common Shares and Class B Common Shares. The coat-tail provisions require that a take-over bid offer (subject to certain qualifications) must be made to both the holders of Class A Common Shares and Class B Common Shares, and cannot be made to only one class of these common shares. In due course, the Corporation will file a copy of its revised share structure on SEDAR, which can be obtained at www.sedar.com.
Business of the Corporation
The Corporation's business is centered on the commercialization of the RAPID-B diagnostic system, which is an integrated system of hardware, software and chemical reagents that tests bacteria in key environments. This technology could have potentially diverse applicability from food safety to clinical diagnostics, by identifying and quantifying microorganism levels more rapidly and with greater precision than currently employed techniques.
FORWARD-LOOKING INFORMATION
This news release contains "forward-looking statements" within the meaning of applicable securities laws. Although the Corporation believes that the expectations reflected in its forward-looking statements are reasonable, such statements have been based on factors and assumptions concerning future events that may prove to be inaccurate. These factors and assumptions are based upon currently available information to the Corporation. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking statements. In particular, this press release contains forward-looking information relating to the expected date the Corporation will begin trading under a new name and ticker symbol and the commercialization of RAPID-B. Readers are cautioned to not place undue reliance on forward-looking statements. The statements in this press release are made as of the date of this release and, except as required by applicable law, the Corporation does not undertake 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 Corporation undertakes no obligation to comment on analyses, expectations or statements made by third-parties in respect of the Corporation or its financial or operating results or (as applicable), its securities.
The securities mentioned herein have not been and will not be registered under the United States Securities Act of 1933, as amended, or the securities laws of any state, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. This press release does not constitute an offer to sell or the solicitation of any offer to buy these securities in any jurisdiction.
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.
Contact Information:
Kevin Kuykendall
Chief Executive Officer
(214) 886-5733