Gemoscan Announces Revision to Shares for Service Agreement
April 08 2013 - 4:12PM
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
CONTACT: Gemoscan Canada, Inc.
Brian Kalish
Director, President and CEO
(416) 650-1200
Email: bkalish@hemocode.com