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TORONTO, March 12, 2014 /CNW/ - SQI Diagnostics Inc. ("SQI" or the "Company") (TSX-V: SQD), a life sciences and diagnostics company that develops and commercializes
proprietary technologies and products for advanced microarray
diagnostics, today announced it has filed and received a receipt for a
preliminary short form prospectus in connection with a proposed
offering of units of the Company. Each unit will be comprised of one
common share and a fraction of up to one common share purchase warrant.
The offering will be pursued on a best efforts basis pursuant to an
agency agreement to be entered into between the Company and Euro
Pacific Canada Inc. (the "Agent") in each of the provinces of Ontario,
British Columbia and Alberta. The number of units to be distributed
under the offering, the price and composition of each unit and the
exercise price of each common share purchase warrant will be determined
in the context of the market by the Company and the Agent prior to
filing the final short form prospectus.
SQI intends to use the net proceeds to fund the Company's product
development and commercialization programs, sales and marketing and for
general working capital purposes.
The securities described herein have not been, and will not be,
registered under the United States Securities Act of 1933, as amended
(the "U.S. Securities Act") or any state securities laws and
accordingly may not be offered or sold within the United States or to
"U.S. persons", as such term is defined in Regulation S promulgated
under the U.S. Securities Act ("U.S. Persons"), except in compliance
with the registration requirements of the U.S. Securities Act and
applicable state securities requirements or pursuant to exemptions
therefrom. This news release does not constitute an offer to sell or a
solicitation of an offer to buy and of the Company's securities to, or
for the account of benefit of, persons in the United States or U.S.
About SQI Diagnostics
SQI Diagnostics is a life sciences and diagnostics company that develops
and commercializes proprietary technologies and products for advanced
microarray diagnostics. The Company's proprietary microarray tests and
fully-automated systems are designed to simplify protein and antibody
testing workflow, increase throughput, reduce costs and provide
excellent data quality. For more information, please visit www.sqidiagnostics.com.
This news release contains certain forward-looking statements,
including, without limitation, statements containing the words "will",
"to be" and other similar expressions which constitute "forward-looking
information" within the meaning of applicable securities laws.
Forward-looking statements reflect the Company's current expectation
and assumptions, and are subject to a number of risks and uncertainties
that could cause actual results to differ materially from those
anticipated. The forward-looking statements in this news release
include without limitation, statements with respect to the use of
proceeds of the offering and the completion of the proposed offering,
which may not be completed. These forward-looking statements involve
risks and uncertainties including, but not limited to risks related to
market conditions for the offering, the failure to obtain necessary
regulatory approvals, general economic and market segment conditions,
and international risk and currency exchange, agreements and future
agreements to sell our products, the success of our Diagnostic Tools
and Services business and our intent to build near-term revenue streams
from this business, the successful regulatory filing and receipt of
regulatory approvals for our later stage quantitative diagnostic kits ,
the acceleration of our revenue ramp, general economic and market
segment conditions, competitor activity, technology changes and
regulatory approvals. Such statements reflect the current views of the
Company with respect to future events and are subject to certain risks
and uncertainties and other risks detailed from time-to-time in the
Company's ongoing filings with the securities regulatory authorities,
which filings can be found at www.sedar.com. Actual results, events,
and performance may differ materially. Readers are cautioned not to
place undue reliance on these forward-looking statements. The Company
undertakes no obligation to publicly update or revise any
forward-looking statements either as a result of new information,
future events or otherwise, except as required by applicable laws.
This news release does not constitute an offer to sell or a solicitation
of an offer to sell any of the securities in the United States. The
securities have not been and will not be registered under the U.S.
Securities Act or any state securities laws and may not be offered or
sold within the United States or to U.S. persons unless registered
under the U.S. Securities Act and applicable state securities laws or
an exemption from such registration is available.
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.
SOURCE: SQI Diagnostics Inc.
For further information:
Chief Executive Officer
416.674.9500 ext. 229
VP Corporate Development
416.674.9500 ext. 241