VANCOUVER, BC and MESA, AZ, June 14, 2013 /CNW/ - Avidus Management
Group Inc. ("Avidus" or the "Company") (TSX-V: AVD, OTC: ASNHF) is
pleased to announce that, further to its news release dated May 22,
2013, the Company has completed its previously announced non-brokered
private placement of 13,030,000 units (the "Units") at a price of $0.05
per Unit for gross proceeds of $651,500 (the "Offering"). Each Unit
consists of one common share of the Company (a "Share") and one common
share purchase warrant (a "Warrant"). Each whole Warrant entitles the
holder to purchase an additional common share (a "Warrant Share") at an
exercise price of $0.10 per Warrant Share until June 13, 2016. All
securities issued under the private placement are subject to a
four-month statutory hold period.
In connection with the Offering, the Company issued a total of 284,800
non-transferrable brokers warrants (the "Broker's Warrants") and paid
cash finder's fees equal to $49,240. Each Broker Warrant entitles the
holder thereof to purchase one common share of the Company at a price
of $0.10 per share for a period of two years. Proceeds from the
Offering will be used for general working capital purposes.
The Company is also pleased to announce that effective June 13, 2013,
Douglas Ridley has been appointed President of the Company. Mr. Ridley
has previously been an advisor to the Company during its turn-around in
2011 and 2012. Doug has over 25 years of experience in network
marketing and brings a track record of performance, leadership, and
demonstrable results. Doug led another network marketing start-up to
$125 million annual sales in less than three years, with $20 million in
profit. As a successful distributor Doug led a field organization of
over 10,000 people that generated $25 million in annual sales volume.
CEO, Dan Lundell stated, "As an advisor, Doug has been a valuable asset,
as President he brings a lifetime of experience, credibility and power,
which will be fully leveraged for growth and a long successful future."
Mr. Ridley said, "I'm pleased to be an official part of a great team.
Avidus represents a marvelous opportunity for me to bring the sum of my
experience and relationships to bear to execute our plans for growth
and success. I'm passionate about network marketing, especially done
right; and I welcome the challenge to build something special."
Subject to the approval of the TSX Venture Exchange, the Company has
granted Mr. Ridley 1,500,000 incentive stock options. 500,000 of such
options vest immediately, while the balance will vest quarterly over
three years. In addition, the Company has granted 230,000 options to
officers and directors, 110,000 options to Sequoia Partners Inc. and
200,000 options to other consultants and employees. The options
granted to Sequoia Partners Inc. are for fiscal advisory and investor
relations services and are subject to a quarterly vesting schedule in
accordance with the policies of the TSX Venture Exchange. All of such
options have a five-year term and are exercisable at a price of $0.12
Neither the 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.
Avidus Management Group Inc. (www.asantae.com) (TSX-V: AVD, OTC: ASNHF) is a producer and marketer of innovative
nutritional products through direct and network marketing channels. The
ingredients in Avidus' products have been shown to reduce chronic
low-grade inflammation and oxidative stresses which, according to
scientific and medical research, are the underlying conditions for most
modern epidemic diseases (diabetes, heart disease, obesity, stroke,
This news release may contain forward-looking statements relating to the
Company's operations or to the environment in which it operates. Such
statements are based on operations, estimates, forecasts and
projections. They are not guarantees of future performance and involve
risks and uncertainties that are difficult to predict and may be beyond
the Company's control. A number of important factors could cause actual
outcomes and results to differ materially from those expressed in
forward-looking statements, including those set forth in the Company's
regulatory filings. In addition, such statements relate to the date on
which they are made and the Company disclaims any intention or
obligation to update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise, save and
except as may be required by applicable securities laws.
SOURCE: Avidus Management Group Inc.
For further information:
For further information respecting the Company please contact:
Avidus Management Group, Inc.
Dan Lundell, CEO/COO
10153 E Hampton Ave, Ste 101, Mesa, AZ, 85209 USA
P: 480-278-8712 / F: 480-383-6147
Sequoia Partners Inc.