Advitech to consolidate operations
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
TSX VENTURE EXCHANGE: AVI
QUEBEC CITY, Feb. 17 /CNW Telbec/ - Advitech Inc. ("Advitech" or the "Corporation") (TSX Venture Exchange: AVI) announces today its intention to close its office on boulevard Lebourgneuf in Quebec City. Advitech's business operations will be transferred to its subsidiary in Calgary, Botaneco Speciality Ingredients Inc. ("Botaneco"). Following the merger of Advitech and Botaneco in November 2009, this is a significant step towards integrating and optimizing operations of the combined entity.
"This move will help realize expected synergies between Advitech and Botaneco in consolidating our operations, aligning sales and marketing efforts and reducing costs to better serve our customers" noted Michael Stangel, President and Chief Executive Officer of Advitech.
Ongoing research programs and regulatory affairs would continue to be performed from Quebec as scheduled.
Stock option grant ------------------
Advitech announces that pursuant to the Corporation's stock option plan, it has granted a total of 1,250,000 stock options to employees and a consultant. These options have an exercise price between $0.10 and $0.16 per share and may be exercised during a period of five (5) years. This grant of options is subject to appropriate regulatory approvals.
ABOUT ADVITECH INC.
Advitech, which includes its subsidiary Botaneco Specialty Ingredients since November 20, 2009, is a health sciences and technology company developing, manufacturing and marketing proprietary natural ingredients and formulations for oral and topical applications that have been clinically proven to be safe and effective for improving skin health and well being. The Corporation's products are based on three technological platforms which are: i) a superior multi-functional emulsification delivery system derived from plant seed oleosomes for formulation application in the topical cosmetic, OTC, Rx and natural personal care specialty ingredient markets, ii) XP-828L for immune mediated inflammatory disorders, and iii) IM for anti-aging and wound healing. Advitech produces Hydresia(TM), a natural plant derived specialty ingredient which offers immediate moisturization advantages, formulating cost savings and excellent product aesthetics in a variety of product applications, Dermylex(R) for the treatment of mild-to-moderate psoriasis, and Nudremyl(TM) which acts on skin reconstruction, cellular regeneration and skin structure. More information is available and can be accessed at www.advitech.com and www.botaneco.ca.
This press release contains forward-looking statements, which reflect the Corporation's current expectations regarding future events. The forward-looking statements involve risks and uncertainties. Actual results could differ materially from those projected herein. 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.
%SEDAR: 00021006EFFor further information: Michael Stangel, President and Chief Executive Officer, Advitech Inc., (215) 604-0631