BELLEVILLE, ON, June 28, 2013 /CNW/ - Bioniche Life Sciences Inc. (TSX:
BNC) (ASX: BNC), a research-based, technology-driven Canadian
biopharmaceutical company, today responded to the latest tactics of a
dissident shareholder group that is seeking to take control of the
Board of Directors and Company.
The dissidents' latest initiative involves setting an August date for a
shareholder meeting, an inappropriate and invalid step given that the
Company has already set its shareholder meeting date for November 5,
2013 (after receiving two deficient meeting requisitions from the
dissidents). Although these shareholders have already initiated court
proceedings against the Company to try and force a meeting date for
earlier than November, with a court date set for July 18th, they have
proceeded with announcing an August meeting date in total disregard for
the court process.
These latest tactics are not surprising as the Company recognizes that
the dissident shareholders are attempting to derail the Company's
value-creating efforts, which include the divestment of its Animal
Health business. This is an asset that the dissidents wish to control
and exploit for their own benefit. Conversely, the Company's plan is to
proceed with its plans to maximize shareholder value for all shareholders.
Nothing precludes the dissidents from participating in the Animal Health
divestment process and the Company is prepared to treat them on equal
terms with other bidders as the process unfolds. Any proposed sale of
Animal Health will be subject to shareholder approval.
The ongoing and increasingly aggressive public attacks against the
Company have the potential to jeopardize the very important initiatives
underway to maximize the Company's asset value and to undermine
shareholders' rights for a fair and thorough analysis of all options
prior to a vote.
About Bioniche Life Sciences Inc.
Bioniche Life Sciences Inc. is a research-based, technology-driven
Canadian biopharmaceutical company focused on the discovery,
development, manufacturing, and marketing of proprietary and innovative
products for human and animal health markets worldwide. The
fully-integrated company employs more than 200 skilled personnel and
has three operating divisions: Human Health, Animal Health, and Food
Safety. The Company's primary goal is to develop and commercialize
products that advance human or animal health and increase shareholder
For more information, please visit www.Bioniche.com.
Except for historical information, this news release may contain
forward-looking statements that reflect the Company's current
expectation regarding future events. These forward-looking statements
involve risk and uncertainties, which may cause, but are not limited
to, changing market conditions, the successful and timely completion of
clinical studies, the establishment of corporate alliances, the impact
of competitive products and pricing, new product development,
uncertainties related to the regulatory approval process, and other
risks detailed from time to time in the Company's ongoing quarterly and
SOURCE: Bioniche Life Sciences Inc.
For further information:
Jennifer Shea, Vice-President, Communications, Investor & Government Relations
Bioniche Life Sciences Inc.
Telephone: (613) 966-8058; from Australia: 0011 1 613-966-8058
Cell: (613) 391-2097; from Australia: 0011 1 613-391-2097