NORTH CHARLESTON, SC, May 11 /CNW/ - The Jerry Zucker Revocable Trust
(the "Trust") announced today that it has entered into private agreements to
purchase from five persons an aggregate of 2,758,308 common shares of Galvanic
Applied Sciences Inc. ("Galvanic") (TSX-V:GAV) at a price of $0.3500 per
common share payable in cash. The Trust will purchase such shares in reliance
upon the "private agreement" exemption from the formal take-over bid
requirements under applicable provincial securities laws, as the purchases are
being made from not more than five persons at a price not exceeding 115% of
the market price of the Galvanic common shares.
The 2,758,308 common shares that the Trust will purchase represent
approximately 17.52% of the issued and outstanding common shares of Galvanic.
Prior to entering into agreements for these purchases, the Trust owned or
exercised control over approximately 19.65% of the issued and outstanding
common shares of Galvanic. As a result of the transactions, the Trust will own
5,852,108 common shares, or approximately 37.18% of the issued and outstanding
common shares of Galvanic.
The common shares of Galvanic were acquired for investment purposes. The
Trust does not presently intend to acquire additional shares of Galvanic.
For further information:
For further information: Robert Johnston, 4838 Jenkins Avenue, North
Charleston, South Carolina 29405, (843) 744-5174